Posted by goodgirl on 9/15/08 5:25pm
Msg #264284

Archer Land Title

Did a closing over a month ago and was not paid. I contacted them when pmt was not received 30 days after the closing, and received an e-mail today advising me that they were behind with their August invoices and asking me to give them a couple more weeks.
With loan closings as slow as they are, how could there have been so many loans that they are that far behind.
Has anyone else had this problem with them - thanks.

Reply by CJ/Alaska on 9/15/08 6:18pm
Msg #264289

I'm sure their employees get paid on Payday too.

Reply by Lee/AR on 9/15/08 6:49pm
Msg #264292

Seems to be a good indicator that they're having a cash flow problem.

Reply by Cari on 9/15/08 6:57pm
Msg #264293

$100,000 e&o policy requirement!

I remember signing up with them last year and they were asking if I had a 100,000 e&o policy...hmmm I wonder.....

Reply by Becca_FL on 9/15/08 7:38pm
Msg #264301

Re: $100,000 e&o policy requirement!

Great. Just great. I have been closing deals for Archer for years and have never had payment issues. I did one for them last Friday so we'll see. Now that scheduling and payments are being processed through their corporate office, I'm sure things have changed quite a bit. One change I did notice was on their CO/Invoice. They will only pay $50 if you have a no close at the table and their ID certification doc now asks for your E&O information. I found that very strange.

Reply by Lee/AR on 9/15/08 7:41pm
Msg #264302

Re: $100,000 e&o policy requirement!

$100k E&O = big target.

Reply by claudine osborne on 9/15/08 8:03pm
Msg #264303

Re: $100,000 e&o policy requirement!

I work for Archer and they have never asked me for such a high E & O. Never had a payment problem either!

Reply by Stamper_WI on 9/15/08 8:17pm
Msg #264306

Are these requests for ACE lending? RESPA packages as well as Loans?

Reply by Dawn/PA on 9/16/08 12:38pm
Msg #264355

I did one on September 2nd and received the check yesterday which was dated for the 8th (disbursement date). Around here they haven't been using Notaries for the RESPA signings, they are being sent directly to the borrower.

Reply by IndyCloser28 on 9/16/08 12:40pm
Msg #264356

I have done many closings and RESPAs for them. The closings I get paid for right away however the RESPAs take a little longer. It use to be weekly payments but now its not. I dont have $100k E & O either. I dont think they require that anymore and if they do I do not have it.

Reply by goodgirl on 9/16/08 1:07pm
Msg #264357

This was a RESPA closing for Ace. Since there were no notarizations, I honestly wondered why they called a Notary. I know for a fact the woman didn't want the loan after she saw the terms (which OF COURSE... were not discussed with her by her LO PRIOR to the signing...)
However, the borrower went ahead and signed everything and planned to check with some other lenders and her bank before jumping headfirst into this loan with HORRENDOUS closing costs. She needed to come up with $15K for some major repair work on the house, and the closing costs were $14K!!! She said her bank would give her a HELOC for $15K with a much lower monthly payment, and there were no closing costs.