September 4th, 2009 2:31 PM by Eric Fang
Among all those loans I worked on, only 4 borrowersdid not sign the loan docs after the loan docs ready.Three of them decided to go to another broker becausethe rate was 0.125% better, the last one decided notto sign because they thought the savings of $12000for the 15 yr fixed loan was not good enough forthem(My calculation was $20k).
And worse yet, I locked the 4th loan with Mandatorylock and if I don't close the loan with the lenderI will have to pay the penalty. And the borrowersdid not want to sign even though I offer to give themall my commissions plus some appreviation fee. So I decided to talk to the lender pay the penalty to the lender.
The story has a good ending, the lender knew about the situation and decided to waive the penalty if Ihave another file in the pipeline with the samerate, same loan amount, same loan term.Guess what? I do have another loan with exactly thesame loan amount of 417k, same 15yr fixed, samerate of 4.5%. And that loan will be closed next week.
My friends told me it never happened before thata mandatory lock penalty can be waived. Guess How luck I am!
Enjoy your life. Have a good weekend.