Posted by susana on 4/6/07 1:50pm
Msg #183981
Loan officer asked for a fee reduction
I was following up on an overdue fee. When I finally got the loan officer on the phone (the person who originally contacted me and accepted my fee), he informed me that the loan had cancelled during recission. The borrower had decided to do a second mortgage instead of a full refinance. He then asked me who I thought was responsible for payment. I replied that usually either the lender or Title company; however, since he was the one who contacted me, I assumed his company was responsible. He then asked me if I had billed the borrower. I was floored. In three years in business for myself, I have never even once considered billing a borrower. He then said he would contact the borrower and try to get the borrower to split the fee with him. If that didn't work, how much of our agreed upon fee would make me happy? I have never been asked to reduce my fee for a loan that rescinded. He made it sound as if it were a common occurance. Has this happened to anyone else? What would you do? PS. I did use the orange search button. Thanks in advance for your comments.
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Reply by MsMatilde_FL on 4/6/07 1:57pm
Msg #183984
Speak to his manager or contact the title company directly.
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Reply by DellaCa on 4/6/07 2:55pm
Msg #183997
The only time I have reduced my fee for a signing that did not close was for a company that i work with a LOT, other wise they need to pay me.
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Reply by susana on 4/6/07 3:13pm
Msg #183999
I agree. If it were a client who gave me a lot of work, I would consider it due to the relationship. However, this is a first time client.
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Reply by PAW on 4/6/07 3:45pm
Msg #184004
I'm going through that right now. The LO hired me, the loan fell through. The LO has ignored my email and faxes and phone calls since telling me I had to contact the borrower for payment! My contract was with the LO and the LO will soon need to answer to a small claims court directive.
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Reply by kmo on 4/6/07 4:18pm
Msg #184008
Go Paul. I cannot believe the mentality some of these LO have. By the way, I really like your website, very informative and helpful. Thank you.
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Reply by PAW on 4/6/07 10:25pm
Msg #184054
Thank you. n/m
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Reply by AQN on 4/7/07 10:51am
Msg #184097
Re: Loan officer asked for a fee reduction....Liars
First there are Liars.
Then, there are damned liars.
Finally, there are Loan officers and Mortgage Brokers.
He'll tell you anything to get you to reduce your fee. You did the work. GET PAID!
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