Charging Mortgage Companies for Updated Decs

[insurance1822]

So everything we write is pretty much new home buyers. One problem that drives me completely insane is incompetent banks/lenders who will request updated dec pages multiple times. Closing dates change (I can understand that..) but when they call wanting the mortgagee clause updated to include an additional period/comma somewhere that THEY screwed up the first time, or they decide they want to see "WIND/HAIL" included & didn't indicate that on their initial request...I'm wondering if we can start charging them?

I'm sure they'd attempt to pass it to the buyer...but we're literally spending 45 minutes each day on this. Doesn't seem like alot of time...but time = money.

 

[CaptiveGuy]

Can you issue a binder without submitting the policy? For example, I can issue a binder with the mortgagee clause and an application without submitting it on the carrier site. If something changes I can update without having to endorse an existing policy. A temporary policy # or binder # shows up until I submit.

I went through the same thing as you last year.

 

[F150]

if it takes you THIS long to do that, you are doing something wrong.....

you can edit documents in this day and age of technology,

you can also NOT submit the policy yet so you can make the changes....

not rocket science and no way in hell you can charge the lender......you are already paid and usually pretty well, its called, DOING YOUR JOB.....

and to add, lenders refer us the more business, way to go to piss them off. you should be, when posisble, HAND DELIVER the EOI and make friendly with them, you know, so you can maybe get more business.....

 

[djs]

Hah, I always find this fun when I know what the mortgage broker is requesting (or title company) is wrong. They do frequently shortcut what the lender will eventually require. Or, the lender changes, and of course, you already know the closing date will change.

Start with what they request, and hopefully you have a list of lenders and how they want their insurance clause. I've gone so far as to send 2 at the same time, one with what they requested and the 'corrected' one based on what 'in my experience this branch of Wells Fargo normally wants to see' and just ask them to let me know which is correct (my version, 95% of the time).

Put yourself in their shoes. They have to submit packages, frequently with a lot of placeholder paperwork in the file, working towards completion. EOI's should be so routine that it isn't a problem for them to wait till the last day to request a change.

Roll with it, or they will send the business elsewhere.

Dan

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P.S. If you want some brownie points, copy the insured everytime you have to send a new EOI to the title company. This keeps you from being the scapegoat.

 

[Soaringagent]

I agree... roll with it and good to stay positive. Make it a better experience for the client and the lender = everyone wins

 

[INSUREGEEK]

I agree. On HO, just roll with it and do the best you can.

On Auto loans though where I get the 3rd-4th request and absolutely nothing has changed.....I generally respond with the EOI and the dates it was previously sent. I include a note that the next request will incur a $25 processing fee, and copy my customer.

 

[nyc2phi]

You may be dealing with a lot of the same vendors lately. Maybe compile a list of all the mortgagee clauses that you get so whenever that mortgage company comes up again you can reference you're list and not rely on the loan processor to get you the info (other then the closing date).