Posted by mtcwgrl on 11/6/06 6:57pm
Msg #157598

Richmond Title (sorry kinda long)

I need to vent!!

Last week I had to wear my Mortgage Broker hat. Not one of my favorite things to do. I had a loan that I sent to Richmond Title because they have a relationship with the company I am a broker for. I had done a signing for them a couple of months ago so I thought, hey I will give them a try.

What a flipping nightmare. I closed the loan last Monday so of course RTC was up Thursday midnight. Disbursement on Friday. First this wonderful title co...and I use the term losely...said they did not get funds until too late to wire borrowers money to her account and would do a Sat. delivery FedEx. (Funny how that happens on a Friday and they can keep the money all weekend.) We all said fine. Oh and did I mention this happens to be one of my best customers. Well Sat comes and no FedEx. So bright and early Monday morning we call and Richmond Title tells us no Sat. delivery in your area. HUH? Are you kidding me...I get Sat. delivery all the time. The closer said he talked to the borrower and she knew this...wrong again. Then Richmond Title calls my borrower and screams at her and insinuates in the conversation that she is a liar. Now I say all this to say I looked back at the confirmation I got months ago from Richmond Title and they had on there that they deduct money from my fee if things are wrong.

Where can I deduct from what they got paid? They were so unprofessional and did all kinds of things wrong. No I can not and I am the LO. When I talked to them and told them that out of their enormouse fees they needed to compensate the borrower a little for good will...well guess what...they would not!!!

Thanks for letting me vent...that is really all I wanted to do.

Reply by Charm_AL on 11/6/06 7:15pm
Msg #157602

wow! that's quite a story! I'm shocked, Richmond has always been great for me.

Reply by Charles_Ca on 11/6/06 7:48pm
Msg #157612

I prefer 1st American and Chicago Title myself. Call your rep and talk with them, you are in the drivers seat, most title cos fall all over themselves to service LOs and real estate agents. Have you checked out Broker Outpost? You can get a lot of good info there. I'm not sure why you don't like your Mortgage Broker Hat, I enjoy the business, I have great clients, good lenders and its easy money. If you want to chat about your LO work feel free to e-mail, I've liked the business and I've made a lot of money at it, I do about 8 deals a month in the $500k to 3M range! Selling money is about the easiest work I've found.

Reply by mtcwgrl on 11/6/06 9:19pm
Msg #157623

How do you do 8 deals a month and this signing business too...and I thought I was organized. WOW!! I have been doing mortgages for 16 years and now that it has gotten so compliant heavy I am getting burned out fast. I usually use local title co's but they really cater to the sellers in this town. But believe me tomorrow some body is going to hear about this.
Thanks

Reply by Charles_Ca on 11/7/06 1:58am
Msg #157706

The signing business is just an accommodation for my clients. I get typically $150 for a signing, I get about $5000 for a typical loan. Where do you suppose I'm going to expend the majority of my my effort. TitleGal knows what she is talking about and I would shop around for a title company who will work with you. I use a loan processor to handle my loan's paperwork and I concentrate on marketing and closing, the processor handles the paper work and you need to have a title company who is on-board with their end of it. I know that TitleGal handles her end of the work and knows whereof she speaks. I definitely would shop around and get a title company who will work with you. If I was in TitleGals area I would use no one else but her. TitleGal's advice is always spot on! You can literally take it to the bank!

Reply by TitleGalCA on 11/6/06 9:22pm
Msg #157624

Charles_CA said:

****** Call your rep and talk with them, you are in the drivers seat, most title cos fall all over themselves to service LOs and real estate agents***

This statement is absolutely true. Many times to the detriment of the title company and the employees, but true nonetheless even for less-than-professional (read: low life, rude and less than no-scruples-whatsoever) RE agents and LO's.

It's too bad you didn't use a LandAmerica company. They have a guarantee. If for any reason whatsoever, the borrower is not satisfied with their escrow experience, FOR ANY REASON, the borrower can request a total refund of their escrow fee.

Even First American and Chicago don't offer that.

(Note for the record: this is the first time I've ever posted about the benefits of a company I work for so no one can accuse me of stumping or advertising. I do so in this instance simply because the integrity of the brand extends to more than advertising - it's putting your money where your mouth is. They will refund your (borrowers) escrow fee - no questions asked, and in this case, it could have done a great deal of good).

That aside...if a title company called my borrower and "screamed at her and insinuates in the conversation that she is a liar...." I'd never, ever under any circumstance work with that title company again.

Reply by mtcwgrl on 11/6/06 10:00pm
Msg #157650

Thanks for that info. I did not know that about LandAmerica. I like doing signings for them. I will defiantly keep that in mind.

Reply by mtcwgrl on 11/6/06 10:00pm
Msg #157651

Thanks for that info. I did not know that about LandAmerica. I like doing signings for them. I will defiantly keep that in mind.

Reply by Charles_Ca on 11/7/06 10:48am
Msg #157771

LandAm ~ Definitely one of the good guys! n/m