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  1 person liked this post.
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Renee
Michigan
549 Posts |
 Posted - 02/28/2012 : 03:04:24 AM
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Thanks, Elizabeth! The EMD, of course - that would explain the $3,000!
I have to wonder if the whole RTC reference in this scenario was just a consequence of the re-telling. Could it have been that the RE Agents explained to the buyer the potential costs of simply "cancelling" the transaction, and the re-telling changed that referencing the RTC? |
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notarystat
California
1 Posts |
Posted - 02/27/2012 : 10:26:10 PM
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Having been an assistant escrow officer, my understanding is that the $3,000 most likely refers to a buyer losing their deposit if they choose to cancel. This is due to a clause in the Purchase Agreement wherein they usually have X number of days to remove all contingencies and commit to moving forward. If they cancel too late in the process, the seller keeps the buyer's deposit.
Obviously a NORTC doesn't apply in a purchase transaction. Sounds like a couple of inexperienced agents.
Elizabeth M. Hewes
Notary Public
www.notarystat.com |
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closer4u
Tennessee
14 Posts |
Posted - 02/24/2012 : 2:17:28 PM
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| On a purchase, there is no right to cancel |
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DianaNotary
California
171 Posts |
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LindaH
Florida
1754 Posts |
Posted - 02/06/2012 : 05:52:09 AM
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Redraw fees, yes - I've seen those and they're fees incurred independent of the transaction at hand...
The NORTC is relatively clear and I wonder if charging any fees for cancellations is a Reg-Z violation..
I got the impression from the original post that the agents were convinced the people would be on the hook for $3k if they signed their NORTC canceling teh loan...which just isn't the case as I understand the rescission provisions to be.
JMO
Linda
http://www.columbiacountynotary.webs.com |
Edited by - LindaH on 02/06/2012 05:52:41 AM |
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Renee
Michigan
549 Posts |
Posted - 02/06/2012 : 04:52:50 AM
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I wonder if, given these were Real Estate Agents, they were referring to fees that could be demanded by the title agent in the event of a cancelled purchase transaction?
I can't begin to explain the "...up to $3,000" amount, but when I worked for a title agent, they would charge cancellation fees as well as redraw fees - with some discretion. I've also seen lenders charge redraw fees, again with discretion.
That discretion was usually used to protect the innocent, but put the brakes on the PITA-types of buyers/borrowers who had absolutely no regard for the time/effort/costs of processing a transaction. There are those who will cancel or not show up multiple times, and think nothing of it. Redraw fee would run $250 - 400, never saw anything more than that. |
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CopperheadVA
Virginia
420 Posts |
Posted - 02/06/2012 : 04:52:46 AM
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| I thought that if they paid up front for an appraisal and an application fee, that those are not refunded. I could be wrong, but that is my understanding. |
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LindaH
Florida
1754 Posts |
Posted - 02/06/2012 : 03:26:30 AM
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No..it's not true. If borrowers cancel, there is no cost to them and they are refunded any monies paid prior to closing...as per the NORTC:
"If you cancel the transaction, the mortgage is also canceled. Within 20 calendar days after we receive your notice, we must take the steps necessary to reflect the fact that the mortgage on your home has been canceled, and we must return to you any money or property you have given to us or to anyone else in connection with this transaction"
Real estate agents are usually only involved in purchases and sales, in which the right to cancel doesn't even apply. IMO the only $3,000 these agents are worried about is their own commission that they probably don't get if the deal doesn't close.
JMO
Linda
http://www.columbiacountynotary.webs.com |
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notaryslife
California
348 Posts |
Posted - 02/05/2012 : 11:16:48 PM
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I came across a couple of real estate agents at a signing who told me the reason they chose to carefully read what they were signing was because they were aware the NORC would incur special fees up to $3,000. They told me the title company put in big bold letters if they choose to cancel these fees would be incurred, even if the loan had a mistake they weren't responsible for.
Has anyone ever heard of this before? I've used the fact there's a NORC so the borrowers wouldn't read all the fine print taking up an extraordinary amount of time. However, if this is true that they would be charged for the cancel then I can't rush them along any longer.
Sincerely yours,
Notary's Life |
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Notice of Right To Cancel - Fees to Cancel?
