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#1579526 - 07/18/11 08:42 PM Adding fees to payoff
Bec Offline
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Bec
Joined: Jul 2010
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The Great White North
We have a situation where a customer went through the entire loan application process and racked up some pretty considerable fees in that there was a pair off fee etc. A couple of days before signing the note they decided that they were going somewhere else. They have their current mortgage with us, when the "somewhere else" calls to get their pay off statement, are we allowed to recoup those fees on the pay off?
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#1579530 - 07/18/11 08:46 PM Re: Adding fees to payoff Bec
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
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Bloomington, IN
Under what legal authority (contract) are you proposing to recoup those fee? They have absolutely nothing to do with the loan they are paying off.
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#1579550 - 07/18/11 09:07 PM Re: Adding fees to payoff Dan Persfull
Bec Offline
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Bec
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The Great White North
I see what you are saying, that would be a big fat no with adding the costs of a perspective loan with an already existing, one has nothing to do with the other loan.

Is there anyway that we can recoup these fees outside of the application deposit ?
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#1579551 - 07/18/11 09:03 PM Re: Adding fees to payoff Bec
rlcarey Offline
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rlcarey
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Galveston, TX
Not without a signed agreement.
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#1579563 - 07/18/11 09:18 PM Re: Adding fees to payoff rlcarey
Bec Offline
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Bec
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The Great White North
We do have a signed mortgage pricing agreement form that states

"I agree and commit to the interest rate quoted and accept the responsibility of any fees or costs the Bank may incur for my failure to close at the above stated rate on or before the Locked Expiration date"

We also have a signed Notice Regarding Your Loan Application.

Does that get us anywhere?
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#1579578 - 07/18/11 09:25 PM Re: Adding fees to payoff Bec
rlcarey Offline
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rlcarey
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Galveston, TX
Only your attorney can advise you on the sufficency of those documents to allow you to try to collect the fees you believe are owed.
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#1579581 - 07/18/11 09:31 PM Re: Adding fees to payoff rlcarey
Bec Offline
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Bec
Joined: Jul 2010
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The Great White North
Thank you
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