Posted by LeeA on 2/1/11 3:40pm
Msg #370886

LSI

I just got a note from LSI, that the are docking me $3.50 from my check because the borrower did not have the funds. He was given wiring instructions to wire the funds because we didn't have docs in time for him to go to the bank to get certified funds.

Just thought everyone would want to know.

Reply by Pam/NM on 2/1/11 3:44pm
Msg #370888

I've never had them dock me, but for STC loans I either include a note stating that the borrower will be wiring funds or I put the funds in an envelope I've created that has red/white stripes on it and states "FUNDS" on it in huge letters.

Reply by Yoli/CA on 2/1/11 5:09pm
Msg #370913

Just did an LSI package on Saturday morning with funds due. Wiring instructions were included and borrowers were to wire funds. Guess I'll see how that plays out.

I, too, do quite a few LSI signings. The vast majority with funds due prefer to wire rather than get cashier's check. No problem. Have been paid as agreed.

Reply by Cari on 2/1/11 3:56pm
Msg #370891

Does LSI deduct petty amounts like that? Wha??

I'm sorry this is happening to you.

IMPO, its the responsibility of the LO or settlement agent from the TC, to inform the BO to have a certified check ready to bring to their closing.

If the BO is not prepared i.e., doesn't have the certified check ready for you to send back with the signed docs, then how in the heck is that your fault and why should YOU be penalized with a shortage on your check?

Seriously, if I were you, I'd ask LSI this very question!

Reply by LeeA on 2/1/11 4:00pm
Msg #370892

Re: Does LSI deduct petty amounts like that? Wha??

They just started this program if you miss anything they will deduct money from your check. I never had this happened before either. I have closed over 1000 loans for LSI. I just wanted to give everyone a heads up.

Reply by Linda Juenger on 2/1/11 4:01pm
Msg #370893

Tell me again HOW this is OUR fault that the borrower does

not have the funds ready!!! I'm a pretty calm person, but I would be putting on my ugly hat for this one. I do though make sure they have wire info, or let Title know the circumstance. And... how many times have you gotten the HUD and the amt due is Different than what the borrowers were told?

Reply by Frank/NC on 2/1/11 4:28pm
Msg #370898

Sounds to me like they had someone new come on board who is going to save the company money and now has to prove it by nickel and diming good notaries who know and car about what they are doing. The e-mail we received a short time ago just about told the story of a new one in charge who is now going to be their savior.
I started doing their work 6-7 years ago and at that time was dealing with friendly people there who made it a pleasure talking with them. Now it's all business with them.
I'll bet that within not too long a time it will even be worse with them offering lower fees and more nickel and diming.

Reply by C. Rivera Chicago Notary Services on 2/1/11 4:40pm
Msg #370901

seems to me they'll soon turn into NREIS OR FASS! n/m

Reply by CopperheadVA on 2/1/11 4:44pm
Msg #370904

I sure hope not... they already get my rock bottom fee and I have to limit them to my zip code. Their packages are NOT small. I just cannot see going any lower for them.

Reply by Moneyman/TX on 2/1/11 4:32pm
Msg #370899

Did you charge them for the docs being late? Even if they were just passing along the docs when they received them it is the same thing as you being responsible for the BO not having a check ready, IMHO.

Reply by CopperheadVA on 2/1/11 4:42pm
Msg #370903

Oh boy, that's ridiculous!!! I would be steaming mad!!!

Reply by MikeC/NY on 2/1/11 5:24pm
Msg #370920

Does LSI really nickel and dime people like this?

I've never worked for LSI so I have no experience in dealing with them, but this would be enough for me to decide not to work for them again. The next thing you know they'll be docking you 50 cents for showing up too early or too late...

Reply by CopperheadVA on 2/1/11 5:37pm
Msg #370925

No, they have never done this in the past.

Reply by Lee/AR on 2/1/11 5:46pm
Msg #370927

They shouldn't be doing this now. It's just wrong. n/m

Reply by MikeC/NY on 2/1/11 5:51pm
Msg #370930

There's nothing like new management to screw up a well-oiled machine... Sounds like that's the case here...

Reply by LeeA on 2/1/11 6:41pm
Msg #370939

I asked for list of items they would be doing deductions for. This is the what I received from vendor management.



We will be issuing fee reductions on all types of notary errors. We sent an email notification to all LSI signing agents regarding this matter.

Reply by Dillon/NC on 2/1/11 6:51pm
Msg #370941

Again, how is this an error on the part of the notary?

Reply by garland/CA on 2/2/11 2:00pm
Msg #371038

Ever since I refused to perform an illegal act for LSI I have not received a single call from them to do any more signings. (the illegal act was to send in an acknowledgement they lost for a Deed they never recorded - one I did 9 months earlier for them!. They had a copy of my oroginal notary acknowledgment, but were now trying to record the Deed and could no longer find the original. They didn't want to "bother" the borrowers to have them re-sign a Deed).
Since I didn't get the email you are referring to, I see I am officially off their list.

I did like working for them, but I don't view them very highly anymore since this experience. Maybe they really are going downhill