Posted by pat/WA on 3/28/12 2:50pm
Msg #416350

need some advice

Documents came in today for a signing we have scheduled for tonight. They show a balance due of over $2,000 and a cashiers check will need to be available for pickup.
When I called the borrower he stated that no money was due. I advised him to call his lender and he said he can never get through to his lender and it takes at least 24 hours for her to return his call. I told him to leave a message telling her it is URGENT.

My problem, do I go to the signing knowing it is going to be canceled? I called the title company that hired me and they said that he needs to contact his lender. Other than that they offered no advice.

Reply by Pam/NM on 3/28/12 2:53pm
Msg #416351

as long as you've called title, they are aware. You have done your due diligence and should be paid if you go to the signing.

Reply by LKT/CA on 3/28/12 3:04pm
Msg #416352

If the borrower is willing to sign the docs and work out the funds due issue during the rescission period, then I'd go ahead and complete the signing. Hopefully, this is a refi rather than a purchase or investment loan. if truly there are funds due, escrow can provide wiring instructions to the borrower. I'd call the borrower and confirm whether he still wants to sign. No sense in wasting a trip if he's not going to sign.

Reply by Linda Juenger on 3/28/12 4:06pm
Msg #416363

Sometimes when going over the HUD, the borrowers realize why the money is due. It could be a payment that needed to be made and they didn't, or its escrow for taxes and ins. I'd go and let them decide at the table. When is this going to stop and the LO do their jobs?? This is NOT our responsibility.

Reply by Lee/AR on 3/28/12 4:11pm
Msg #416365

Now that the TC knows there's a problem, I'd TELL them that full fee is due if this is a no-sign and to please confirm this fact via e-mail.

That tends to get everyone moving OR at the very least, you'll know whether you'll get paid or contribute a freebie and then it's your call and you're not at the mercy of events beyond your control.

Reply by jba/fl on 3/28/12 4:13pm
Msg #416366

I agree with Lee. Protect yourself. n/m

Reply by LKT/CA on 3/28/12 7:29pm
Msg #416398

Excellent advice, Lee n/m