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bamortgage
186 Posts |
 Posted - 07/29/2008 : 3:15:31 PM
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| I know everyone on here seems to know all the laws (or act like they do) but I have a broker telling me he wants .5 points to release a FHA case# I know it ***** to lose loans and I am not one to try to steal them.. But in this case the customer came to me and I am offering a better deal before I even knew he existed now is it or is it not illegal for him to ask for a fee to release the FHA case# I want to report this guy and he hung up on me when I went about it professionaly. |
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TheBigGuy
392 Posts |
Posted - 07/29/2008 : 3:15:59 PM
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| Not Legal |
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AK__47
745 Posts |
Posted - 07/29/2008 : 3:16:47 PM
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| He cannot charge you to realease the case #. |
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MortgageBoarder
4015 Posts |
Posted - 07/29/2008 : 3:17:35 PM
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| Report him now, not 5 minutes ago. No point in arguing, but you do need to email the request to him because it has to be documented. Then, once he refuses to comply, you can report him to HUD and mention the fact that he is demanding a fee for Case# release. |
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bamortgage
186 Posts |
Posted - 07/29/2008 : 3:18:34 PM
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quote:
Originally posted by MortgageBoarder
Report him now, not 5 minutes ago. No point in arguing, but you do need to email the request because to him because it has to be documented. Then, once he refuses to comply, you can report him to HUD and mention the fact that he is demanding a fee for Case# release.
Thank you done! |
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mortgagegirl1010
203 Posts |
Posted - 07/29/2008 : 4:34:45 PM
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If client wants to go through you and prior broker will not release, get a written letter from borrower and you will need to fax that into HUD 404-331-4032 and it will take anywhere from a few up to 7 days to release. I just had to do that today for a file per HUD's instructions.
No fee is ever involved, I transferred case numbers in the past. Takes 2 minutes. |
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CoralSnake
10880 Posts |
Posted - 07/29/2008 : 5:26:05 PM
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Why doesnt the guy just match your deal?
Thats what you need to do sometimes these days to save deals cuz they all count. |
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Hopland
2089 Posts |
Posted - 07/29/2008 : 5:28:23 PM
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4-2 TRANSFERS OF CASE NUMBERS BETWEEN LENDERS.
A. New Lender. Lenders are expected to cooperate in the transfer of case numbers. At the request of a borrower, the case number is to be assigned to the new lender using the Case Transfer function in FHA Connection. The transferring lender is not entitled to a fee for the transfer of a streamline refinance case number, regardless of the stage of processing the loan is in. The transferring lender may be entitled to any lock-in fee collected from the borrower at the time of application. The transferring lender is required to provide the new lender with the appraisal but is not required to provide any processing documents. If processing documents are transferred, the fee for providing these documents is to be negotiated between the lenders. No separate charge to the borrower is authorized for this transfer. |
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johnnyboy38109
3057 Posts |
Posted - 07/29/2008 : 5:51:07 PM
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quote:
Originally posted by mortgagegirl1010
If client wants to go through you and prior broker will not release, get a written letter from borrower and you will need to fax that into HUD 404-331-4032 and it will take anywhere from a few up to 7 days to release. I just had to do that today for a file per HUD's instructions.
No fee is ever involved, I transferred case numbers in the past. Takes 2 minutes.
Spectacular.........I wish you processed for me.....!!! |
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lunarhamster
4032 Posts |
Posted - 07/29/2008 : 5:56:07 PM
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| Tell that jerk to kick rocks, nice try though. He cant do it. |
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mortgagegirl1010
203 Posts |
Posted - 07/29/2008 : 6:06:30 PM
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quote:
Originally posted by johnnyboy38109
quote:
Originally posted by mortgagegirl1010
If client wants to go through you and prior broker will not release, get a written letter from borrower and you will need to fax that into HUD 404-331-4032 and it will take anywhere from a few up to 7 days to release. I just had to do that today for a file per HUD's instructions.
No fee is ever involved, I transferred case numbers in the past. Takes 2 minutes.
Spectacular.........I wish you processed for me.....!!!
I wish I did as well! Keep me in mind for the future :) |
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benjamin
2278 Posts |
Posted - 07/29/2008 : 7:23:16 PM
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| Hopland , you rock! |
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bamortgage
186 Posts |
Posted - 07/29/2008 : 8:14:34 PM
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quote:
Originally posted by mortgagegirl1010
If client wants to go through you and prior broker will not release, get a written letter from borrower and you will need to fax that into HUD 404-331-4032 and it will take anywhere from a few up to 7 days to release. I just had to do that today for a file per HUD's instructions.
No fee is ever involved, I transferred case numbers in the past. Takes 2 minutes.
Yeah I know how it works was just wondering if there was a law on asking or trying to collect a fee thanks for your input though |
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bamortgage
186 Posts |
Posted - 07/29/2008 : 8:15:39 PM
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quote:
Originally posted by CoralSnake
Why doesnt the guy just match your deal?
Thats what you need to do sometimes these days to save deals cuz they all count.
not sure he will not |
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bamortgage
186 Posts |
Posted - 07/29/2008 : 8:17:58 PM
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Thanks this is exactly what I was looking for the answer
[quote]Originally posted by Hopland
4-2 TRANSFERS OF CASE NUMBERS BETWEEN LENDERS.
A. New Lender. Lenders are expected to cooperate in the transfer of case numbers. At the request of a borrower, the case number is to be assigned to the new lender using the Case Transfer function in FHA Connection. The transferring lender is not entitled to a fee for the transfer of a streamline refinance case number, regardless of the stage of processing the loan is in. The transferring lender may be entitled to any lock-in fee collected from the borrower at the time of application. The transferring lender i |
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rtrefflich
3414 Posts |
Posted - 07/29/2008 : 11:55:40 PM
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Why work when you can get some unsuspecting fool to send you .5 for doing nothing at all
quote:
Originally posted by CoralSnake
Why doesnt the guy just match your deal?
Thats what you need to do sometimes these days to save deals cuz they all count.
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