Posted by Burton Georgia Loan Closers.com on 1/11/08 12:12pm
Msg #230234

PAYMENT POLICIES

Typically, when a closing falls through, we pay 75% to the person who met with the borrower. If we are paid 100% we pay 100%. We clearly communicate at the outset that we expect 50% compensation when a closing falls through, regardless! We cannot afford to drive 2 hours one way without receiving compensation.


If we are fined due to our error, we still pay the notary 100%. If the notary made the error, we may deduct a small amount; however, we seldom ask the notary to waive their fee.

Conversely, if we ship documents late, we often waive our fees entirely for goodwill. I sometimes feel taken advantage of, but it is all part of the business. I prefer to maintain good relationships when possible.

When a company asks that I waive my fees but they offer a small fee for my inconvenience, I typically waive the entire fee. Sometimes, it just doesn't feel right to accept payment when there is a "keep your damn money" feeling inside your gut!

Smile and keep moving forward...