Posted by SamIam_CA on 5/2/06 8:50pm
Msg #117328

Broker Wars

Got a call from a title company on Monday to do e-docs later that same day. A few minutes later they called and changed the day to Friday.

I show up on Friday and the borrower signs the RTC and rescinds the loan on the spot. So then I get called today to go out again with a new set of loan docs. After 15 minutes on the phone the borrower cancels again.

He tells me that he has two mortgage brokers and each time he gets the HUD from one the other comes back with a better deal.

I wonder how long he can keep this up? The title company must be going nuts!

Reply by Sher_AZ on 5/2/06 11:19pm
Msg #117346

I had a similar situation last month. Seems the borrower(s) are starting to use their negotiations skills in getting a better deal for themselves. Signer cancelled within minutes of presentation of the loan doc's and went back to negotiating with other lenders. Never did sign with any of them (yet) He has another month (another day) to keep up negotiations until he gets the terms set the way he wants. Fortunately the SS I work with always pays a cancellation fee.

Reply by BrendaTx on 5/3/06 9:10am
Msg #117376

Re: Broker Wars - What kind of a cancellation fee?

Enough to actually pay for time and expenses?

Reply by SamIam_CA on 5/3/06 4:39pm
Msg #117535

Re: Broker Wars - What kind of a cancellation fee?

I billed them $35 for printing and $25 for travel - the first time.
The second time I billed $35 for printing, $25 for travel and $20 for wait time. ($60 an hour)

Luckily borrower lives less than two miles from me and docs were printed in a snap from e-mail AND I didn't miss any jobs because of them. Next time out I'm billing the $150 regardless of him signing or not.