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#23396 - 07/10/02 09:20 PM Fees for Loan payoffs
Bear Collector, CRCM Offline
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Bear Collector, CRCM
Joined: Nov 2000
Posts: 1,830
District of Columbia
We receive a lot of "last minute" calls from settlement service providers saying "The closing is in 1 hour and we need loan payoff information immediately!" Our employee then has to drop everything and get this information out to the requestor. I was wondering if any of you charge third parties (not the customer) a fee for this service, and if so, how much do you charge and how do you handle it operationally?
Leslie
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General Discussion
#23397 - 07/10/02 09:57 PM Re: Fees for Loan payoffs
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,633
Galveston, TX
Of equal importance, how do you justify confirming that your customer has a loan with your bank and disclosing the current balance and still conform to your privacy policy?
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#23398 - 07/10/02 10:24 PM Re: Fees for Loan payoffs
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,502
On the Net
Quoting payoffs is an exception to complete a transaction. The question is to verify whom you are giving it too. And yes we'll charge a fee. I haven't looked at that in some time and don't know if we require a form up front with payment or set up accounts for those worth the credit, so to speak.
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#23399 - 07/10/02 11:04 PM Re: Fees for Loan payoffs
SJB Offline
Diamond Poster
SJB
Joined: Jun 2002
Posts: 1,210
California
We do not provide payoff information without a written "demand statement" and we do charge for it. Some states regulate how much you can charge your customer but if you federally regulated those provisions may be preempted and you can charge what you want.

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