Posted by AngelinaAZ on 6/22/06 1:57pm
Msg #127621

Ridiculous Question about Title Companies...

In this business.. nothing much is absolute but, when a loan is cancelled by the borrower with the RTC, does the TC get paid for their time? Do they get their own 'trip fee' or anything from the Lender?

Reply by Becca_FL on 6/22/06 2:44pm
Msg #127632

It depends on the deal the TC has worked out with the lender.

When I worked for an atty. owned TC here in FL, we never charged anyone if a deal went south for whatever reason. While working for a mega TC in CA, I learned that it all depended on the deal that was worked out. Most deals were paid by searches ordered not loans closed.

Reply by NCLisa on 6/22/06 4:49pm
Msg #127645

When I worked for TC's in CA, if the order came from an escrow office and they didn't sign, cancelled etc, we didn't get paid for even the title search. It was in the "lender" dept. or subescrow dept. it depended on that the tc worked out with the lender. All the business on my desk was from RE Agents or Mortgage Brokers, and they paid nothing if it cancelled.

Reply by Janlee_MI on 6/22/06 8:34pm
Msg #127678

In Ohio, Wisconsin, Indiana and in Illinois at TC we never received anything except the search fees.

Reply by JanetK_CA on 6/22/06 8:55pm
Msg #127682

I bet they factored that risk into their fees, though!

Reply by TitleGalCA on 6/22/06 9:14pm
Msg #127687

One word....No. n/m