Posted by cassiewi on 8/6/07 4:27pm
Msg #204170

Update on Madison Credit and FNP Document

Madison Credit paid me for a signing done on 6/22/07. AP previously said that their computer shut down for 2 weeks and they were behind. She said that a check would be sent last week and it arrived today.

I did a signing for FNP on July 14, payment received today. However, it looks like they used a Jan. invoice to pay me for and they had already paid me for that. Plus, it was $75 over the invoice amount. I tried to call and let them know, we'll see. Worse case, I'll cash it and send them the check for $75.00.

Reply by Lee/AR on 8/6/07 4:33pm
Msg #204173

Actually... this getting 'wrong amount' was discussed a day or so ago & somebody (apologies to that party) suggested cashing it and issuing them a credit. Hey, I like it. That's the way it's been handled in every other business I've ever worked with. Why should we do it differently?

Reply by SueW/Tn on 8/6/07 4:42pm
Msg #204175

Agree with Lee 150%! n/m

Reply by dickb/wi on 8/6/07 5:56pm
Msg #204202

when you do that don't forget to........

show in your bookeeping records that you had a pay out of the amt you sent back....example:..you do a closing for $150.......they send you $250.......you want to send #100 back........they will report $250 on your 1099 [whether youi get a copy of it or not]....you then have to expense the $100 you sent back so you don't pay taxes on it......hope i made this clear and not confusing...

Reply by pan/nd on 8/6/07 11:42pm
Msg #204232

Say Cassie,

Why don't you send FNP that $75 overage back to them.

Then, they can pay me all but $25 of the $100 they gyped me out of. LOL

Long story.

Short version:

Loan signed fully...next day borrower recinded.

Called FNP.

Next day FNP called me about doing the loan again with same lender but with different figures. I said fine. They said we'll pay you for both. OK.

Had to wait 6 months and after many unanswered e-mails and unreturned phone calls they paid $100..and that was it.