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Replies (19)
- shapiroamg
- Contributions:3058
You owe them nothing however if you like the effort they made for you:
-Offer to reimburse them for the appraisal fees which might come out of the LO's pocket.
-Gift Cert for a restuarant or store card
Best of all you can refer that LO any friend or family member who might need mortgage services. That would make up for a transaction that did not close.
-Offer to reimburse them for the appraisal fees which might come out of the LO's pocket.
-Gift Cert for a restuarant or store card
Best of all you can refer that LO any friend or family member who might need mortgage services. That would make up for a transaction that did not close.
- Andrew Adams, "203K Specialist"
- Contributions:9349
I agree with Shap. You owe them nothing but it would be nice if you re-imbursed them for appraisal fees if you haven't already.
- wetdawgs
- Contributions:26800
A massage certificate and valium?
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
This is very nice of you to even think about this. Very few do!
I recently had a commercial loan that I received a Letter of Interest (LOI) three times from lenders over a course of 2 months. We got close each time. But, didn't make it happen.
My borrower sent me a check for $2,500 with a note of appreciation. I was absolutely floored! What a guy! .... (FYI: For those that prefer not to do business with Asians - He is Asian, with a heavy accent.)
I feel this is a personal decision on your part. Remember, this is the season to be generous and jolly! .... Happy Holidays!
I recently had a commercial loan that I received a Letter of Interest (LOI) three times from lenders over a course of 2 months. We got close each time. But, didn't make it happen.
My borrower sent me a check for $2,500 with a note of appreciation. I was absolutely floored! What a guy! .... (FYI: For those that prefer not to do business with Asians - He is Asian, with a heavy accent.)
I feel this is a personal decision on your part. Remember, this is the season to be generous and jolly! .... Happy Holidays!
- Ken Kopper
- Contributions:1578
Rudi, be sure to declare that on your 09 returns. GVD knows lots of people at the IRS and is always looking to eliminate competition.
- plumcrazyrob
- Contributions:6
I think I have them cleared of any appraisal fees, however, I don't know
what if any other incidental expenses they may have incurred...I know I
have been in similar situations and gettting SOMETHING beats the heck out of zilch nada...you know, at least you didnt LOSE money conducting business...
I was thinking perhaps a check for $250...too much?? too little??? I also think it would be especially meaningful to have this "found money" arrive prior to Xmas
- plumcrazyrob
- Contributions:6
Oh and the massage etc....The broker and I BOTH need that at this point...wow, was this a crazy deal....!
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
PCR,
No amount is too much!
No amount is too much!
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Ken,
LOL!
GVD and I compete in different CA arenas. In fact, I have given him a few referrals, like I have given you. He has also returned the favor a few times.
GVD and I, now have a business relationship, based on mutual respect.
LOL!
GVD and I compete in different CA arenas. In fact, I have given him a few referrals, like I have given you. He has also returned the favor a few times.
GVD and I, now have a business relationship, based on mutual respect.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
At least you didn't come on Zillow and call them a lazy, uneducated, lying, worthless, thieving, and totally reprehensible cuss word, as some folks would have.
Your understanding speaks volumes. Sometimes stuff happens. These days, lots of stuff happens. $250 would cover incidentals. An easy referral, or two, would be nice, too.
Your understanding speaks volumes. Sometimes stuff happens. These days, lots of stuff happens. $250 would cover incidentals. An easy referral, or two, would be nice, too.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Keep the $250 and make sure you tell everyone you know how they went above and beyond...The business referrals.... at least for me would be appreciated.
- shapiroamg
- Contributions:3058
After the appraisals, we consider anything else (processing, credit, ect ) a cost of doing business. Cash is kind of tacky, if you must send a gift card to a favorite or popular restaurant.
Rudi with the great feel good story and knocking down cultural stereotypes at the same time!! :D
Rudi with the great feel good story and knocking down cultural stereotypes at the same time!! :D
- Greg Darlin, "Greg Darlin"
- Contributions:3238
You really owe her nothing, in legal terms. But, the kindness and understanding you show is pretty nice and often void in this market. I think everyone on this thread wishes we had more people out there like you.
It would be a good gesture to pay for the expenses of the appraisal, credit report and any title work. Other than that, a letter thanking her for not giving up on you and referring business is always welcomed.
Rudi: I don't think you are allowed to accept such a gift from a borrower. However, a nice gesture.
It would be a good gesture to pay for the expenses of the appraisal, credit report and any title work. Other than that, a letter thanking her for not giving up on you and referring business is always welcomed.
Rudi: I don't think you are allowed to accept such a gift from a borrower. However, a nice gesture.
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
Plumb, go with your heart.
Merry Christmas
Merry Christmas
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
What would you base that thought on Greg?
Thanks for the nice comment Shap!
Thanks for the nice comment Shap!
- shapiroamg
- Contributions:3058
Greg-anything goes on commercial, no hvcc, no respa, no div of banks looking over your shoulder. Suprised Rudi didnt charge up front as that is a common practice.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
I would be upset if someone sent me a token amount of money after not closing a loan I worked hard on. I agree a strong referral or two would be the best way to "repay" the debt for time used without compensation.
- plumcrazyrob
- Contributions:6
OK, I think you all have me convinced that an Xmas card with a simple thank-you and promise of referrals at any chance I get, restaurant or store gift card, and a glowing review left here would be best. I better get on the move on sending the card.
Thanks for your advice. I know having one strike at a deal and having it fall thru is probably hardly unusual, but this person tried 2-3 times so I was not sure what to do...
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Welcome PCR,
You are a kind person! .... Happy Holidays! ... Rudi
You are a kind person! .... Happy Holidays! ... Rudi
Broker leaps tall buildings, loan never completely closes....compensation???
A broker from here and I tried for 5 months to refi my 2nd home...
Briefly, here's the refi attempts and a summary of what transpired..
1) TBW...first HVCC appraisal came low (from out of town idiot, 91% LTV), broker successfully argued my case and convinced TBW to order a review appraisal which came out more appropriate (60% LTV), signed closing, then TBW failed prior to funding..
2) Provident...got an even higher appraisal this time (55% LTV), they sat on the app
for a month, then sent a rejection letter simply saying they don't want/do this type of loan...
If you're still with me, at this point I briefly lost contact with the broker for about a week, and during that time the current lender offered realistic terms on a 5/1 ARM, which will work for my situation, so we kicked this off (and its closing, cross your fingers...) The broker had also opened up a 3rd application for me with another bank it turns out once I got ahold of her again...
This person was always responsive and worked tirelessly on my behalf, answered 100s of emails, etc...and got nothing in return. Realize, I just summarized 5 months of work in a paragraph so fill in the blanks...
Brokers/Lenders, would you expect compensation if this were you, and if so how much???
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