Posted by 101livescan on 11/19/10 9:30am
Msg #361958
Double Lending!
I did a signing last week for a retired gentleman who was for 35 years Vice President of a local college in my area. He insisted that he had signed loan docs recently to refi his home, he is 86 years old and quite lucid. None the less, the loan officer insisted it must have been the appraiser who visited his home and not a notary helping borrower to sign his docs.
Turns out, a bank we all know well snuck in behind the broker lender's back and loaned the client the funds to refi at about 3/8 percent lower! So, when escrow tried to get payoff prior to funding to close this week, the payoff department said there was no loan to pay off...WHAT THE HECK?
Of course, the broker lender is crazy off the chart incensed madder than hell and now the lenders are trying to get the other loan cancelled and renegotiated lower interest rate with the broker lender for his client. Mr. Borrower completely understands what is going on now, and he's laughing like hell because now the lender needs to bend over backwards to accommodate the broker lender and get him an even better rate for the massive inconvenience. Borders on elder financial abuse (taking advantage of borrower and abusing the broker lender). ETHICS, what do ethics have to do with anything?
Is this the craziest business? Have you ever heard of anything so bizarre. In my 43 years as a notary and the last 25 in escrow, I've never heard of anything so ridiculous.
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