Posted by lmb/CA on 4/2/10 2:00pm
Msg #330133
CA SA's: Loan modification app question
I got a request to cover a loan mod app, and while I know that I cannot collect upfront fees from the borrower, I can't seem to find anything on collecting a voided check for a specific amount. Seems to me that if it's voided, then it's not an upfront fee.
I've tried contacting the AG office, however, can't get through to a live person. I checked the orange search button, but can't find anything that specifically discusses voided checks, and my last alternative will be to contact the NNA.
If any CA SA's out there can provide me with additional insight, or suggestions to additional search options, I would really appreciate it.
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Reply by A S Johnson on 4/2/10 3:39pm
Msg #330142
I would be asking myself the question, " why a void check with any amount"?
Possibly that check could run thru method of electronic funds transfer. off the check is the bank routing #and thier bank account #.
No I would not do it.
I am cautious when accepting blank "VOID" check for ACH mortgage payments.
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Reply by lmb/CA on 4/2/10 3:43pm
Msg #330144
It was supposed to be a $3K check that was voided. I looked at the docs when they came in, but they didn't mention anything about voiding a check. The docs themselves actually had the BO submitting the check to escrow to be delivered at milestone completion intervals. Within the spirit I think of payment for services rendered, but I just don't know enough about it to be comfortable.
I turned it down.
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Reply by Lee/AR on 4/2/10 4:13pm
Msg #330146
Post dated check, maybe?? n/m
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Reply by Doris_CO on 4/2/10 4:42pm
Msg #330148
These companies keep finding ways to collect the up-front fees. Whether it's picking up post dated checks, getting a credit card account number in order to charge the fee to the credit card, or a voided check so the fee can be electronically deducted from the borrowers account, it's still soliciting up-front fees. JMO
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Reply by John Schenk on 4/2/10 6:34pm
Msg #330154
Go sign it, have her fill out the check and write "VOID" on it, and tell her to get out her scissors and cut off the account number and routing number at the bottom. LOL How much more "VOID" can you make one?
JJ 
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Reply by LKT/CA on 4/2/10 11:26pm
Msg #330174
<<<.......and my last alternative will be to contact the NNA.>>>
I believe the better last alternative would be to contact the CA department of real estate.
http://www.dre.ca.gov/gen_contact.html
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