Posted by Alz on 12/6/10 7:48pm
Msg #364165

This is a first for me. Has anyone

ever had a BO show up to the signing appt. with cash and expected you to accept the cash? Mind you, the signing took place at the bank. Needless to say, the BO was upset that I would not take the cash and that a cashier check had to be acquired. The BO fussed at the banker telling him that I am making them get a cashier check. Yites!

Reply by Isabel Stevens on 12/6/10 7:55pm
Msg #364166

If you can give them a receipt for the cash they paid you AND have them sign a duplicate receipt acknowledging the cash pmt, why the need for a cashier check?

Reply by JulieD/KS on 12/6/10 8:16pm
Msg #364167

DUH! To keep the cash from being stolen! Cashiers check is a must. The signing agent is never to collect cash.

Reply by Isabel Stevens on 12/6/10 9:59pm
Msg #364181

WOW JulieD. No need for the DUH. geez.

I thought she meant to pay her FEE, not the borrowers money to close that will be sent on to escrow.

Why do people get so snarky around here??

Reply by Moneyman/TX on 12/6/10 10:09pm
Msg #364184

Isabel, I missed this post before I posted my reply below :)

I thought you were saying that one could provide a receipt for the funds due at closing.

We're all good

Reply by Isabel/CA on 12/6/10 10:12pm
Msg #364186

Re: Isabel, I missed this post before I posted my reply below :)

No prob. Your post wasn't snarky in the least!!

Reply by JulieD/KS on 12/7/10 7:31am
Msg #364201

If a post gives completely ludicrous information, as yours did, it warrants a DUH. Never accept cash.

Reply by Isabel/CA on 12/7/10 11:59am
Msg #364224

Have a wonderful holiday Julie.

Reply by Linda_H/FL on 12/7/10 7:45am
Msg #364204

She said "BO", so obviously a closing/signing - and since when are we paid at the table? I know *I've* never had that luxury ... sure would be nice though, as I've said for over 4 years.

I took your post just as Julie did - I, for once, just kept my mouth shut. And I'm sure we're not the only two people who took it that way...

Reply by jba/fl on 12/7/10 8:18am
Msg #364205

You are not the only two. Little thin-skinned, are we? n/m

Reply by JanetK_CA on 12/7/10 2:25pm
Msg #364232

My advice, Isabel, is to just chalk it up to a learning experience. Since it's extremely rare for the borrowers to be the ones to pay us, I suspect that the vast majority here interpreted your post the same as JulieD/KS. (I know I did.) Posters here tend to dash out quick posts saying exactly what they're thinking (and perhaps what a lot of others are thinking, too). Although that isn't always the nicest way to go, it may be the most honest, which can be very useful.

We've all probably been wire-brushed here a time or two, and as I've said before, I got some of my best lessons from posts like that. Being defensive doesn't do anyone any good, but the thick skin developed in the process can be invaluable to you in this business when dealing with some borrowers - and some clients, too!

Reply by Isabel/CA on 12/8/10 5:06pm
Msg #364386

Thanks Janet. Good advice.

And truly, I'm not a "thin-skinned" person at all. Its just not my style to call a stranger on a message board "ludicrous" or say "duh" to someone in a forum like this. Seems so unprofessional, but I know everyone is different.

Lesson learned.

Reply by Moneyman/TX on 12/6/10 10:06pm
Msg #364183

Accepting cash from borrower at close is a no, no

There are several reasons you would not want to accept cash from a borrower for closing funds.

First and foremost, you would be placing yourself in a position to assume a great deal of risk. So the main reason not to do this is to protect you and your own business. If you loose the money, or it is stolen, YOU must now pay the funds to TC out of your own funds.

If it is short, you again have to make up the difference. If the borrower handed you counterfeit cash, you are on the hook to replace it. It could be a situation where the borrower may or may not know it is counterfeit.

The second main reason is that if the borrower has a check for the funds due at closing they have a way to track it should it be lost or if TC claims they never received the funds.

"why the need for a cashier check?"

I don't care if you give the borrower 10 receipts, if the person that opens the pkg at TC is working their last day, what is to stop them from pocketing the money on the way out the door?

And if all the above reasons were not enough, according to banking regulations, which mtgs fall under, payments cannot be accepted in the form of cash (someone mentioned they worked at the TC when that happened - I don't know, but I think it is the same for them). The regulation is to help prevent commingling of funds as well as having a record of all money transactions. As a result the regs in this area also serve as a form of protection for the consumer, agents and lenders.

Reply by jba/fl on 12/7/10 8:21am
Msg #364206

Counterfeit? Get screwed twice!

Took a counterfeit $10 bill once - lost my $9 change given, plus bank took the $10 and sent the Treasury Dept. to visit me. Not fun!

Reply by MW/VA on 12/7/10 9:16am
Msg #364210

Re: Counterfeit? Get screwed twice!

I heard a story from a friend recently. Bought a pool table, $900 cash. Dealer called him to tell him one of the bills had been "washed". He got them from the bank. To settle it, he gave them another $100. I wouldn't have & think the dealer was the one running the scam. Once the money is out of your hands, who knows what happens to it.

Reply by Moneyman/TX on 12/7/10 3:53pm
Msg #364251

Re: Counterfeit? Get screwed twice!

My area seems to be a "testing" ground for counterfeit $20 & $100 bills, sometimes 1-2 times a year in the last 4 or 5 years.

It's the ultimate shell game. Whoever ends up discovering they are holding the fake bill loses. The only exception seems to be banks. If they pass it out and a customer tries using it to pay for coffee, the bank doesn't have to pay the money back. If someone deposits it into the bank and they discover it the depositor is out. Who knows, some banks may discover it too late and decide to pass it along just so they don't get stuck. Not saying that they are doing this, but someone out there might.

Reply by Art_MD on 12/8/10 8:10am
Msg #364296

"good for all debts, public and private"

Isn't this printed on all $$ ?

Art

Reply by MW/VA on 12/6/10 9:02pm
Msg #364171

I've heard of it, but would never accept the responsibility

of handling cash. I think the confusion comes from the use of the term "cash to close".
The LO should have explained that a cashiers check is required.

Reply by Dennis_IN on 12/6/10 9:29pm
Msg #364175

When I worked at a TC I had a good o boy brought in several thousand dollars to his closing. Being the TC is one thing, being a NSA is another. NO way am I accepting cash. I would have them send a cashiers check to TC.

Reply by Claudine Osborne on 12/6/10 10:01pm
Msg #364182

Re: Happened to me

This actually happened to me a few months ago..Bo brings $800.00 to close. Luckily we were at a bank and manager took care of this..Bo told me she bought a new car bringing cash to the dealership..Hmm wonder if they took it?

Reply by James Dawson on 12/7/10 12:34am
Msg #364191

I Absolutely must have Docs two hours before scheduled appointment. Otherwise it goes back period. Traffic is soooo bad here that it takes an hour to go anywhere during commute hours. I don't do oops sorry Docs are late, totally unprofessional. IMO

Reply by James Dawson on 12/7/10 12:35am
Msg #364192

Sorry wrong thread! n/m

Reply by Susan Fischer on 12/7/10 12:37am
Msg #364194

Probably a repeat here, but there's an old saying: "Don't

Send Cash."

Much higher degree of chain of custody, so to speak...

Getting a cashier's check at the bank? Oh, the Humanity!

Reply by ReneeK_MI on 12/7/10 5:19am
Msg #364197

Happened to me on a PURCHASE - I still giggle about it

Really can't remember if it was 20,000-ish or 40,000-ish, but the gentleman brought dollars and cents! When I told him he'd need to turn that into a cashier's check, he pointed to the bottom of the HUD, bewildered, and said "But it SAYS RIGHT HERE - CASH FROM BUYER!"

Reply by Moneyman/TX on 12/7/10 3:55pm
Msg #364252

"But it SAYS RIGHT HERE - CASH FROM BUYER!"

At least you knew that you were dealing with a signer that had actually read the HUD.

Reply by ReneeK_MI on 12/7/10 3:57pm
Msg #364253

And he'd tried soooo hard! Poor guy =) n/m

Reply by CopperheadVA on 12/7/10 6:33am
Msg #364200

I agree with the others

Never accept cash because it would be too much liability for the NSA. But also remember that if the package gets lost by FedEx or UPS, that cash is GONE. Shipping cash is not insured through FedEx and UPS.

Reply by CaNotarygirl on 12/7/10 10:51am
Msg #364215

Re: I agree with the others

I agree 100%.