Posted by Jamar Moore on 7/24/06 11:22am
Msg #134977

Fees for loan signings not closed

Can anyone tell me what is the standard practice for fees collected for loan signings that were completed that didn't close due to the borrower's fault? I have worked with one signing agency and also a title company and both situations the loan didn't close. Am I able to still charge for this? In one particular situation I had to make two trips over 50 miles one way because the borrower was not ready. Your help is appreciated. Thanks.

Reply by Life Saving Services - Doug on 7/24/06 11:26am
Msg #134979

If the loan did not close, unless you agreed to less in advance, you should be paid your full fee's for services rendered.

Reply by MistarellaFL on 7/24/06 11:29am
Msg #134980

Your contract with the hiring party (or the confirmation, if no contract)
should outline their particular policy on that.
If you are still unsure, be sure to contact the hiring party.
They will be the best resource for that information.
Good luck!

Reply by Charm_AL on 7/24/06 11:29am
Msg #134981

Always verify this info over the phone during the initial contact with a new service or TC and ask for an e-mail confirmation of such.

On the second trip out to the same borrower, the company should have been made aware of and probably would have agreed to an addional trip charge. The lines of communication need to be kept open.

Reply by John_In_Utah on 7/25/06 3:47pm
Msg #135213

I've always charged full rate unless the appointment was never made. If I'm going to block 3 hours in my schedule for 100 mile round trip signing, they're going to pay for it. Otherwise they're are taking away time that I could be earning that same money.

Exceptions may be made for the exceptional customer. (i.e., pays on time, easy to work with and such)