Thursday, March 29, 2007

Wise words from First American Title on good funds.

Wise words for the English comprehension deprived title agents who don't understand the simple phrase "goods funds required".

FATIC has thoughtfully expanded their explanation in an agency bulletin that says:

"DO NOT DISBURSE ANY FUNDS IN ANY TRANSACTION UNLESS YOU HAVE GOOD FUNDS IN YOUR ACCOUNT. Not even just this once. Not even for your best customer. Not even if the realtor, mortgage broker, next door neighbor, or borrower's brother's wife's father would like his check yesterday! NOT WITHOUT GOOD FUNDS!

Good funds means that you have confirmed with your bank that a wire has been transferred into your account and that the wire cannot be recalled, or that you have received a cashier's or certified check. Good funds does NOT mean that you have received a funding number from the lender. Good funds does NOT mean that the lender told you the money was wired, even with a Federal Reserve reference number."

Good job, FATIC.

In fact, the message is so clear I'm posting it on Radical Title Talk and Active Rain.

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