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11-13-2004, 08:23 AM
| | Junior Member | | Join Date: Nov 2004
Posts: 6
| |  loan officer changed place of employment
we paid our loan officer an application fee while he was working for"a" mtg.co. since he changed jobs who are we obligated to the loan officer or his previous co? he did not give us a copy of the original papers that we signed .we live in missouri |
11-13-2004, 09:04 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by tenna we paid our loan officer an application fee while he was working for"a" mtg.co. since he changed jobs who are we obligated to the loan officer or his previous co? he did not give us a copy of the original papers that we signed .we live in missouri | **A: the fee you paid was for his mortgage company not to him personally. Therefore you work with the mortgage company unless the company agrees to transfer the fee to his new mortgage company. |
11-13-2004, 09:37 PM
| | Member | | Join Date: Sep 2004 Location: Philadelphia, PA
Posts: 363
| | Quote: |
Originally Posted by HomeGuru **A: the fee you paid was for his mortgage company not to him personally. Therefore you work with the mortgage company unless the company agrees to transfer the fee to his new mortgage company. | Or if you really trust your LO, see if he'll credit you the fee and continue to work with him at his new company, which he presumably thinks is better.
Read through your paperwork and be sure you have no contractual obligation to the old company if that is what you'd like to do. |
11-15-2004, 06:29 AM
| | Junior Member | | Join Date: Nov 2004
Posts: 6
| |  lo changed jobs
yes we did pay the lo. i think he was fired and im not sure who to trust he came to our home and was very persistent he said we would get our app fee returned at closing.his old boss says he is a big liar |
11-15-2004, 06:43 AM
| | Member | | Join Date: Sep 2004 Location: Philadelphia, PA
Posts: 363
| | Quote: |
Originally Posted by tenna yes we did pay the lo. i think he was fired and im not sure who to trust he came to our home and was very persistent he said we would get our app fee returned at closing.his old boss says he is a big liar | Ask the old boss to return your application fee. Then find another LO and another mortgage company. |
11-15-2004, 09:16 AM
| | Junior Member | | Join Date: Nov 2004
Posts: 6
| |  lo changed jobs
the mtg co said they didn't receive the money from the lo that he pocketed the money |
11-15-2004, 09:24 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by tenna the mtg co said they didn't receive the money from the lo that he pocketed the money | **A: then file a written complaint against the mortgage broker. |
11-15-2004, 10:10 AM
| | Member | | Join Date: Sep 2004 Location: Philadelphia, PA
Posts: 363
| | Quote: |
Originally Posted by tenna the mtg co said they didn't receive the money from the lo that he pocketed the money | Yep. What the loan officer did as an employee of the mortgage company is illegal and shows that the supervising broker of record did not have proper control. |
11-16-2004, 12:54 PM
| | Junior Member | | Join Date: Nov 2004
Posts: 6
| | | lo changed jobs
just wanted to say thanks for the advice |
11-16-2004, 12:55 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by tenna just wanted to say thanks for the advice | **A: so what are you going to do? |
11-18-2004, 11:02 AM
| | Junior Member | | Join Date: Nov 2004
Posts: 6
| |  lo changed jobs
i just talked to the owner of the second co and the lo has been fired. he says he is reimbursing the people whom this guy took advantage of and he assumes the other co will do the same. as of this time i have left a message and am waiting for his call.i intend to ask him what steps to take against this guy. |
11-19-2004, 08:42 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by tenna i just talked to the owner of the second co and the lo has been fired. he says he is reimbursing the people whom this guy took advantage of and he assumes the other co will do the same. as of this time i have left a message and am waiting for his call.i intend to ask him what steps to take against this guy. | **A: post again when you get your $$ back. |
11-20-2004, 09:48 AM
| | Member | | Join Date: Sep 2004 Location: Philadelphia, PA
Posts: 363
| | Quote: |
Originally Posted by tenna i just talked to the owner of the second co and the lo has been fired. he says he is reimbursing the people whom this guy took advantage of and he assumes the other co will do the same. as of this time i have left a message and am waiting for his call.i intend to ask him what steps to take against this guy. | The second broker is a good guy. Ask to work with one of his better LO's. |
11-22-2004, 10:34 AM
| | Junior Member | | Join Date: Nov 2004 Location: Minnesota
Posts: 9
| | | loan officer changed place of employment
Minnesota
#1 You should NEVER pay an application fee.
#2 The broker was representing the company, a decent company would refund your fee and still work hard to get your mortgage done.
#3 You should report him and his company to the commerce department of your state. They can pull both of their licenses if they scam customers. |
12-01-2004, 07:44 AM
| | Junior Member | | Join Date: Nov 2004
Posts: 6
| | | i sent a copy of the check to the dept of finance and they said they will try to get my money back | |
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