Thursday, November 03, 2011

KICKBACK disguised as "work share"

The previous post is an email I sent to our agency rep who is also responsible for the bank owned title agency.  She could not understand why we objected to this kind of treatment from this mortgage lender and wouldn't just close the deal.  If we walk away from the transaction we lose roughly $170 in out of pocket cash for the abstract and lien letters.  If we close the deal as proposed by FNB we net about $150 after paying for abstract and our closer.  None of this takes into consideration our overhead and other employee time.  It's a LOSS either way so I say forget it.  We quoted our fees at the outset.  The consumer had the opportunity to opt into Choose and Save and get a better deal.  This bank owned title agency wants money for nothing.  They perform no work under this "work share" arrangement other than to retype the title commitment we have already created.  I call this a KICKBACK.  What do YOU call it?

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