The map mailed Tuesday arrived at the lender today. All is good, except I did not include the LENDER'S MAILING ADDRESS in the Certification.
Have I been living under a rock all these years? Have you ever been asked to do this?
Not really a big deal, but why?
Ken
I put client's name and address on my drawings.
The more people that want to be included, the more I charge.
"can not ride the bus for free"
Unless the lender is paying for my services, their name is never on my drawing.
ALTA certifications may vary............
Ken Salzmann, post: 395049, member: 398 wrote: The map mailed Tuesday arrived at the lender today. All is good, except I did not include the LENDER'S MAILING ADDRESS in the Certification.
Have I been living under a rock all these years? Have you ever been asked to do this?
Not really a big deal, but why?
Ken
Never done that before... What happens when they move?
Jim in AZ, post: 395061, member: 249 wrote: Never done that before... What happens when they move?
never have i added, or been requested to Add a lenders Address to the cert. it is completely unnecessary IMHO.
Unless it was specifically required, I would calculate the cost of adding the address, multiply that by 2.2 and call you client to report that the lender wants to amend your contract and it will cost $X,XXX and will take two weeks to fit it into your schedule. This approach works for me every time. I am either off the hook or can take the truly unpleasant Mrs. PLS out to dinner.
Ken Salzmann, post: 395049, member: 398 wrote: The map mailed Tuesday arrived at the lender today. All is good, except I did not include the LENDER'S MAILING ADDRESS in the Certification.
Have I been living under a rock all these years? Have you ever been asked to do this?
Not really a big deal, but why?
Ken
It's a really big deal. Charge for your time. At least a $300 bill to change, print, mail. Get confirmation, new contract first. The why of it could be many things, but probably just represents a conflict of schedule wherein the attorney needs to delay closing, charge more, and blame it on someone else.
Duane Frymire, post: 395089, member: 110 wrote: It's a really big deal. Charge for your time. At least a $300 bill to change, print, mail. Get confirmation, new contract first. The why of it could be many things, but probably just represents a conflict of schedule wherein the attorney needs to delay closing, charge more, and blame it on someone else.
It is not such a big deal to add this, a small map for a new house in my subdivision. It is a big deal for the owners, as this is the step needed for the construction loan to get things started. The survey contract is already in place. Some phases are fixed fee, some, as this revision, are hourly, as they could not have been anticipated, or quantified initially.
When I spoke with the lender on the phone, I was told it had to be added for the loan. I countered with "after more than 40 years of maps, this has never been done," to hear "the underwriter required it." Sometimes it is easier to comply than argue.
Now, if they had asked for successors and assigns to the owners, that is a battle they would not have won!
Ken
Ken Salzmann, post: 395135, member: 398 wrote: It is not such a big deal to add this, a small map for a new house in my subdivision. It is a big deal for the owners, as this is the step needed for the construction loan to get things started. The survey contract is already in place. Some phases are fixed fee, some, as this revision, are hourly, as they could not have been anticipated, or quantified initially.
When I spoke with the lender on the phone, I was told it had to be added for the loan. I countered with "after more than 40 years of maps, this has never been done," to hear "the underwriter required it." Sometimes it is easier to comply than argue.
Now, if they had asked for successors and assigns to the owners, that is a battle they would not have won!
Ken
It may well be that a similar name is used by a lender in another state. More likely it is the way for the lender to know which lender's office is involved.
BTW, do you include the lender or title's agent policy number?
Paul in PA
Ken Salzmann, post: 395135, member: 398 wrote: It is not such a big deal to add this, a small map for a new house in my subdivision. It is a big deal for the owners, as this is the step needed for the construction loan to get things started. The survey contract is already in place. Some phases are fixed fee, some, as this revision, are hourly, as they could not have been anticipated, or quantified initially.
When I spoke with the lender on the phone, I was told it had to be added for the loan. I countered with "after more than 40 years of maps, this has never been done," to hear "the underwriter required it." Sometimes it is easier to comply than argue.
Now, if they had asked for successors and assigns to the owners, that is a battle they would not have won!
Ken
Yeah, all I'm saying is charge for it. In my area lenders and attorneys expect this kind of thing free, so surveyors must be doing it free. If I make a mistake on the wording I'll fix it free.
Duane Frymire, post: 395141, member: 110 wrote: Yeah, all I'm saying is charge for it. In my area lenders and attorneys expect this kind of thing free, so surveyors must be doing it free. If I make a mistake on the wording I'll fix it free.
Duane
We agree, my error, graciously corrected, no charge. Extra request, extra fee.
Ken