Ramhock Posted August 12, 2008 Share Posted August 12, 2008 I had a customer rescind on the same deal . . . twice! It was an FHA refi where they have a family friend in the biz and I guess they just needed me to show them how to do the loan. FHA has a rule that if someone comes for the case # and you had a CTC, that you are entitled to a point before you have to transfer the #. Is that the case when they rescind, as well? Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted August 12, 2008 Share Posted August 12, 2008 I had a customer rescind on the same deal . . . twice! It was an FHA refi where they have a family friend in the biz and I guess they just needed me to show them how to do the loan. FHA has a rule that if someone comes for the case # and you had a CTC, that you are entitled to a point before you have to transfer the #. Is that the case when they rescind, as well? You have their address, throw a rock through the biggest window in the house one night, impossible to pull finger prints off of rocks. Quote Link to comment Share on other sites More sharing options...
sundaynfl Posted August 12, 2008 Share Posted August 12, 2008 I had a customer rescind on the same deal . . . twice! It was an FHA refi where they have a family friend in the biz and I guess they just needed me to show them how to do the loan. FHA has a rule that if someone comes for the case # and you had a CTC, that you are entitled to a point before you have to transfer the #. Is that the case when they rescind, as well? With FHA if you have an approved loan and the borrower elects to use someone else you are entitled to a 1% origination fee; the case number will be valid for 6 months... I have never had it happen to me, but am pretty sure this is still the case! Why did they rescind the first time? Sounds like they are trying to play you! What was the reason for the second rescision? If you gave them a fair deal, walk and away and don't worry about it... if they were playing you, you may want to stick to your guns! But it is usually not worth the headache, just move on! Quote Link to comment Share on other sites More sharing options...
Ramhock Posted August 12, 2008 Author Share Posted August 12, 2008 With FHA if you have an approved loan and the borrower elects to use someone else you are entitled to a 1% origination fee; the case number will be valid for 6 months... I have never had it happen to me, but am pretty sure this is still the case! Why did they rescind the first time? Sounds like they are trying to play you! What was the reason for the second rescision? If you gave them a fair deal, walk and away and don't worry about it... if they were playing you, you may want to stick to your guns! But it is usually not worth the headache, just move on! 1st time they sd they didn't know there were 2 pts on the loan (which were disclosed on the initial paperwork). 2nd time, with points renegotiated to .75, no f'n idea. Quote Link to comment Share on other sites More sharing options...
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