Posted by Pierces Notary Services on 12/5/06 6:38pm
Msg #164092

People's Choice Home Loans - waiting on payment

Does it make sense that if I am on the HUD that I have to wait for the mortgage to be recorded and sent back to them before I receive my fee? /That's what Raul at People's Choice Home Loans told me today. Je said they disburse the loan after they get the mortgage back from being recorded. I know that is a bunch of horse hockey. I did this closing for a friend and this is the 2nd time. The title co. was LFC but I was not hired by them. She gave the loan company my name and number. We did the closing on the 22nd and the loan funded on the 28th. Still no check.

Reply by Ernest__CT on 12/5/06 6:47pm
Msg #164095

Yes, sorry, it DOES make sense!

They need to be sure that the docs DO record without problems before paying you.

No, it isn't horse hockey.

Reply by Pierces Notary Services on 12/5/06 7:01pm
Msg #164103

Re: Yes, sorry, it DOES make sense!

thanks - I have never heard of that before.

Reply by MikeC/NY on 12/5/06 8:01pm
Msg #164134

Re: Yes, sorry, it DOES make sense!

Are you sure about that? I've been listed on the HUD a couple of times, and payment was made as soon as the loan funded - whether or not the docs recorded was not an issue.

Reply by Ernest__CT on 12/5/06 8:17pm
Msg #164138

Yes, I'm sure.

Will every firm make aeach of us wait until the docs have been recorded?r No. Some recorders (and some firms) are pickier than others. Check the Posts here for the LA County recorder who rejects docs for what would seem to us to be trivial things.

Will some firms use every possible excuse to delay paying us?r Sure!

Maybe the recorder in the locality for the loan that was being discussed is known to be especially picky?r

Reply by Gary_CA on 12/6/06 1:31am
Msg #164184

Oh me oh my oh me oh me oh my....

You are 13 calendar days past the signing. 5 business days past the loan funding.

I wouldn't call it bad debt just yet.