Posted by Art_MD on 12/14/06 4:42pm
Msg #165979

RESPA and cancellations

Just playing "devil's advocate".

You receive overnite docs and the closing is cancelled (8 hrs before scheduled time).

There is no money coming to you - the contract has been cancelled.

What is your obligation under respa ? You have private info in your possession, which, because the contract has been cancelled, you have no "right" to have.

Art

Reply by ZeeCA on 12/14/06 4:59pm
Msg #165983

they pay the package fee to have them returned. and I charge a processing fee.

if I have contacted the B/O and set up an appt I charge for that if no docs have been sent or printed.

my time is worth something... and the time to drive it to a drop box also...

but if a good client than I take that into consideration

Reply by David Kral on 12/15/06 6:28pm
Msg #166166

Inside Information

On Wall Street, it is not illegal to have inside information

(investment bankers have it all the time, key managers may know how the quarter is performing but they cannot tell until it is public disclosed).

HOWEVER, it is illegal to use inside information.

Here you have the info, you just cannot use it.

I know you are a pro Art. You will either shred it or return it.