How to stop short sale lenders from automatically cutting our commission

Nearly 9 out of 10 of my short sales, the lender cuts the commission from 6% to 5%. I am sick of this. They know they have us by the short hairs and do it automatically. Now I have GMAC being represented by IMPACT that wants to take 1% of my 6% commission. They want me to sign a new fee agreement and commission disbursement form. What can I do and how can this be stopped.

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Permalink Reply by Don & Vicki Dysert on May 20, 2012 at 3:05pm

I see someone reccomended reporting it to the OCC. If the offending bank is a member of the Nation Association, the bank will have NA ater its name, then you can report it to the OCC. The OCC only regulates National Association Banks. Once you report a bank for cutting your commission, and they restore your six percent commission, you will be placed on a list where banks will no longer cut your commission.

Under California Tort Law, it is illegal for an outside, third party, to interfer with a legally binding contract between two parties. I always put that in the complaint to the OCC.