Posted by DD/OR on 1/3/10 2:56pm
Msg #316483
Opinion wanted
Happy New Year, everyone. I would like an opinion on something. I did an application for a reverse mortgage in the first part of Nov. I was told I was going to do the loan signing as well. So far I haven't heard anything from the company regarding the loan. I've done applications/loans before and I don't think it took this long for the application to be approved. I don't know wheather to bill the company for the application now or just wait. If I decide to wait, how long should I wait? Thanks! DD
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Reply by Linda_H/FL on 1/3/10 3:02pm
Msg #316484
That happens to me all the time - there's no guarantees...
When I do RESPA's I send my invoice when I've completed the job, net 30 days (though most times it takes longer to get paid) ...I don't wait for the loan to close to bill - what if they don't get approved? It's two separate jobs, and my payment for the application is not conditioned on the loan closing and funding.
I wouldn't wait - invoice the company for the past due amount. You might also want to check the recorded documents to see if it did close and if it did you might point that out to them.
MHO
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