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Actually, I think this is the definition of being your fault.
  #1  
Old 07-29-2018, 03:19 PM
bankworking bankworking is offline
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Default Actually, I think this is the definition of being your fault.

Payoffs on home equity loans are normally pretty easy.

Sure, there is the added complication that either we need proof that the house is being sold or the customer's signature in order to actually close a home equity line of credit. Without that every once in a while a customer will take out a new advance, then we get to explain why we are NOT releasing the mortgage on the property based on the old payoff letter because, just as stated in the letter, this payoff is not valid if new draws are made after the date the quote is given.

But this one... this one was unique. (I thought)

CW who normally handles payoffs is out of office, so I take the call. It's a title company, wondering why we haven't paid off the home equity on Property.

I look it up. We haven't received a payoff check. There is still a balance.

Title Agent: "What do you mean there's a balance. We overnighted the payoff TWO WEEKS ago!"

Okay, let's try to figure this out... where did the overnight get sent to? Do you have a tracking number? Who signed for it?

Title Agent: "Yes I have a tracking number! This is not acceptable. We overnighted the payoff to [not our address] in [not our state] and it was signed for by [not our employee]

Um... that's not our correct address.

Title Agent: "That IS the correct address. It's right on your website."

Um... that's not even the correct STATE. And we are only in one state. And we most definitely do not have that listed as a payoff address. I have our website up in front of me and under both mortgage and home equity payoffs it has "Contact X for payoff statement." The only payoff address listed on the website is the corporate building for auto loan payoffs. Which would actually get to us if used by mistake, because our title department is a few cubicles down from me. The [not our address] that you used is not associated with [My Bank] in any way. Why didn't you use the address on the payoff letter?

Title Agent: "That's another thing! We never got a payoff letter, even though we faxed the request 3 times! We had to use a verbal payoff!"

Okay... dare I ask where you sent the fax request?

Title Agent: "[not our fax] with [not our area code]"

That, again, is not a number associated with [My Bank]. I am sorry, but it sounds like you sent payoff requests to the wrong location, and the payoff check to the wrong location. I can send to you a correct payoff with the correct address, but as I have no way to get a check sent to [not our address] you will need to place a stop pay on the check and resend [correct amount] to [correct address].

Title Agent: "That's not what your website says!!! We are not paying the extra interest on this because your website is wrong!"

Quick question... exactly what website are you looking at?

Title Agent: "[Not our Website] for [Not My Bank]"

....
....

That... isn't our website.


Title Agent: "Of course it is, I looked it up myself!"

No. That is a website with a bank that happens to have the same initials as us, but no, not us. You have the wrong website. Our information is [correct information]

Title Agent: ".... Well, I don't see how this is MY fault."



Worst part? When co-worker who normally takes care of payoffs gets back in and I give her a head's up on this one, she says she's had the exact same problem with this same exact title company. Apparently they have [wrong web site] and [wrong fax number] for our bank on some internal contact list and refuse to update it.

Last edited by bankworking; 07-29-2018 at 03:23 PM. Reason: spelling
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  #2  
Old 07-29-2018, 06:19 PM
Minflick Minflick is offline
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What happens to the poor home owner in this situation?
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  #3  
Old 07-29-2018, 10:32 PM
bankworking bankworking is offline
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Quote:
Quoth Minflick View Post
What happens to the poor home owner in this situation?
Depends.
Title company is at fault, so they should end up paying the interest difference. So we'll insist that they pay the correct payoff amount. If they don't, management might wave the extra interest for the sake of our customer, especially since he sold the house, so we don't really want to keep a mortgage on it anyway. Assuming title company manages to at least get a payoff check to us, which so far has not happened.

Or we might have to contact the customer to let him know Property loan wasn't paid in full, and leave it to the customer to fight it out with the title company or give up and pay the extra interest himself.
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Old 07-30-2018, 03:57 PM
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Ghel Ghel is offline
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My bank still sometimes gets calls from people looking for [Same Bank Name] of [Different Town], which is in a town about 20 miles away.

Before the bank changed hands, the bank's name had even more doppelgangers, with about half a dozen banks in the state named "State Bank of [Town Name]", where none of us were affiliated with the others.

As far as I'm aware, though, we've never had a title company send a payoff check to a different bank.
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  #5  
Old 07-31-2018, 01:58 AM
bankworking bankworking is offline
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Hah. We got the new payoff check. This past Friday's payoff amount instead of today's, but we're not stressed about waiving a weekend worth of interest to have it done with. Out customer is free and clear of his mortgage (once we get the mortgage satisfaction filed, of course).



Amazing how much easier this is when you send a check to the correct lender.
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  #6  
Old 07-31-2018, 03:13 AM
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Arcus Arcus is offline
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If it were me, I'd send the title company a letter letting them know you got the payoff check and include a very LARGE copy of you address with a bold type saying to please update their records ASAP before a check gets sent to the wrong bank again. Then send a copy to every known person at the title company, including the owner, with a warning that future misdirected checks will not have the extra interest waved seeing as they now have the correct address. Of course you will take care of your customers, but the title company doesn't have to know that.
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  #7  
Old 07-31-2018, 06:14 PM
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taxguykarl taxguykarl is offline
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Quote:
Quoth bankworking View Post
Amazing how much easier this is when you send a check to the correct lender.
What a concept...
BTW, what happened to the wrong payment?
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  #8  
Old 08-02-2018, 02:26 AM
bankworking bankworking is offline
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Quote:
Quoth taxguykarl View Post
What a concept...
BTW, what happened to the wrong payment?
I assume they put a stop payment on the check.

Not sure what the other company would have done with it. Sent it back? Left it on a desk to collect dust? If somehow it gets sent to us later, it'll come right to our department where we'll see our notes on the loan and then shred the check as the useless piece of paper it became from the moment it was replaced. Doubt we'll ever see it though.
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  #9  
Old 08-02-2018, 07:42 PM
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dalesys dalesys is online now
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IMHO the homeowner should have been informed that the turtle company was phlegming incrapitent. As well as the appropriate regulatory agency(ies)!
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