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| T O P I C R E V I E W |
| jthorne |
Posted - 10/26/2008 : 2:20:19 PM
Here's the big question of the day, now mind you I have the answer of what a "tie in fee" meant several years back, but now it has a whole new meaning.
I would like to hear what you tell the client when they ask, "What is a tie in fee?" what is the response you give them?
I'll give you all a few days to respond and then I will reply back on Friday as to what the real reply should be.
Let's see how many of you get it right, it's not that easy as I received different answers from different Title and Escrow companies but there is a correct answer.
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| 8 L A T E S T R E P L I E S (Newest First) |
| Renee |
Posted - 11/11/2008 : 08:53:49 AM
 Can't believe I didn't notice before, but the original poster is, in fact, a loan officer! Too funny |
| PWinFL |
Posted - 11/10/2008 : 11:55:51 AM
The only time I have ever seen a "tie-in" charge was when the property had to be connected to the sewer system ("tied-in") before title could be cleared. When the county installed sewers, everyone had a certain length of time to tie-in. If a property was sold during the tie-in period, the county placed a construction lien on the property to prevent the property from being sold without hooking up. The seller or buyer could furnish proof of connection or contract to connect to the county and the lien would be removed, clearing title to the property.
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
| Shannon |
Posted - 11/02/2008 : 07:40:22 AM
I've never seen a "Tie-in" fee in over 6000 signings here in California.
I would personally get back with the T&E company and indicate that their answer was unacceptable. The borrower has a question and the question was not answered satisfactorily. I agree that it should not be placed upon the NSA to explain (a LO or an Escrow Officer-preferably the one that produced the estimate) what it is.
How about we call it a "widget fee"? Sounds about the same... some escrow officers are deal-killers! As NSA's, we are just along for the ride 
"A Quick Note"
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| LindaH |
Posted - 11/02/2008 : 05:18:00 AM
quote:
Originally posted by Renee
The "tie-in fee" might be a local-ism, or a particular settlement agent jthorne is working for. In over 11,000 closings, I've never seen it, either. Perhaps they use it on REO's to differentiate the cost between a cash purchase, and one with a loan? That would at least make sense, since there's a considerable difference in the labor involved.
As far as jthorne's comments regarding the strong-armed 'selection' of title agents, remember that HUD says the seller can not force the buyer to PURCHASE title INSURANCE from a particular source.
Typically/traditionally, & as part of the sales contract, the seller pays for the buyer's Owner's Policy. Therefore, the buyer is not being forced to PURCHASE the policy regardless of source.
If there's a Lender, then the lender will generally require a Lender's Policy, which the buyer will usually be paying for. THAT policy can be purchased from any agent the buyer prefers AND that the Lender approves, which may/may not be the same agent providing the Owner's Policy.
I do plenty of REO sales transactions involving a 'split' between two title agents - the seller's, and the lender/buyer's. The actual settlement service (closing, disbursement & recording) is still provided through the seller's title agent. In most of these, the seller (a bank, usually) provides their title agent with a POA, so they can facilitate these transactions most expediently.
In which case it's something that should be disclosed on the GFE right at the beginning and should be explained to the borrowers before the package hits the signing table. MHO
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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| Renee |
Posted - 11/02/2008 : 02:49:30 AM
The "tie-in fee" might be a local-ism, or a particular settlement agent jthorne is working for. In over 11,000 closings, I've never seen it, either. Perhaps they use it on REO's to differentiate the cost between a cash purchase, and one with a loan? That would at least make sense, since there's a considerable difference in the labor involved.
As far as jthorne's comments regarding the strong-armed 'selection' of title agents, remember that HUD says the seller can not force the buyer to PURCHASE title INSURANCE from a particular source.
Typically/traditionally, & as part of the sales contract, the seller pays for the buyer's Owner's Policy. Therefore, the buyer is not being forced to PURCHASE the policy regardless of source.
If there's a Lender, then the lender will generally require a Lender's Policy, which the buyer will usually be paying for. THAT policy can be purchased from any agent the buyer prefers AND that the Lender approves, which may/may not be the same agent providing the Owner's Policy.
I do plenty of REO sales transactions involving a 'split' between two title agents - the seller's, and the lender/buyer's. The actual settlement service (closing, disbursement & recording) is still provided through the seller's title agent. In most of these, the seller (a bank, usually) provides their title agent with a POA, so they can facilitate these transactions most expediently. |
| LindaH |
Posted - 11/01/2008 : 7:36:59 PM
And as a signing agent you need to know your role in the process - and it's not to explain what the terms are nor is it to explain why the fee is what it is - it's up the title or the LO to explain that to the borrowers. It *IS* our job to know our limits...and if it's an illegal charge? Then it's not up to me to explain this to the borrowers - it's up to their LO...
For the record - I've NEVER been asked that question nor can I say I've seen that fee.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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| jthorne |
Posted - 11/01/2008 : 4:12:30 PM
LindaH, You make take it as nonr of our business, but when you get hit with the quest on every package, and they call their loan offie and their loan officer doesn't know, who then calls the title company and the title company makes a statment "everyone charges it", that has take 10 mins of my time to get nowhere. I have been in lending 28 years, my signings last 30 to 45 mins and I am gone after going over every page of the documents.
I did find out from the California State Insurance Commisioner that the fee borders on illegal and there is no real act performed that would warrant a fee of that size. It's just another way the title companies are trying to make money off the transaction.
Just as speaking to HUD this week the banks selling REO's can not direct their sales to a specific title company because it is a RESPA violation and the buyer has a choice in escrow company. This would benefit al notaries because all sales functions would come bank to a local title company to be handed out rather than a signing service from far off town.
You have to remember who feeds you notaries.
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| LindaH |
Posted - 10/26/2008 : 6:32:54 PM
Here's one definition I found at an escrow company website:
"Escrow Loan-Tie-in Fee - the fee charged for signing and packaging the Buyers loan documents"
I also found elsewhere that it's a cost incurred when there's a concurrent first and second loan closed.
One thing I do know - it's not our concern....if that question is asked my answer is "let's put it on your list of questions for your LO and we'll call him"...:)
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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