Comment

Comment by Wendy Rulnick on January 6, 2011 at 3:23am

Thank you, Nancy.  Kevin Lancaster let me know that Citi is still using this form, although it references 2006-2007 taxes.  Arms  Length Transaction form now uploaded.  Thanks, Kevin.

Comment by Nancy Milton Holtzscher on January 6, 2011 at 3:08am

I am currently using the outdated one online and it got us through the prospector and on to the negotiator. They do want more paper beyond the packet -- the Dodd Frank letter and the arm's length transaction document, but the prospector will send those to you once you send the workable solutions packet in.

Comment by Wendy Rulnick on January 6, 2011 at 3:03am

Anyone have a more recent Workable Solutions package?  The one posted here has references to 2006 and 2007.  I could find no more recent info on Citi Website. Email to me at [email protected] and I will upload.  Thanks!

Comment by Kris Lindahl on January 5, 2011 at 7:10am

Does anyone have a contact at the home equity department for citi?  I cannot get our negotiator to respond to anything.  Please help!

Comment by Jim Schneider on January 4, 2011 at 9:33am

Current deal with a Citi mortgage 2nd and they are really on top of things. They have been proactive, and not only answered calls but made some calls to check in with things on my side. Knock on wood.

Comment by Jim Schneider on December 22, 2010 at 9:44am

Today when I called in to check on the short sale packet I sent over on a Citi 2nd mtge, they asked for a payoff statement from the first, in this case AHMSI. AHMSI, btw, said a letter of authorization was not sufficient for them to send a payoff statement, I need a separate letter that specifically states to send me a payoff statement!

Comment by Maya Thomas on December 14, 2010 at 11:24am

@Wendy - FANTASTIC!  Thank you!

Comment by Thom Colby CA Brkr 888-391-5245 on December 14, 2010 at 11:04am

I believe FNMA and Freddie do not hold 2nd liens only 1sts - so the rule will likely not apply to the 2nd.  Try to get around it by accepting the reduction on the commission applicable to the amount of the 2nd and reduction not applied to the 1st.

 

Let us know what happens !

 

Thom Colby

Broker,

Newport Beach CA

Comment by Wendy Brandel on December 14, 2010 at 10:56am

Reply to Michael Schneider comment made on November 18, 2010....

 

Hi Michael,

 

I recently joined the group and just read your post.  I'm not sure where you are with the negotiations on the $14K CitiFinancial 2nd but it's against federal law for the bank to reduce agent commission as a condition to close at least in writing. 

 

Please read the following taken from the Fannie Mae Servicing Guide Announcement 09-03 published February 24, 2009 and written by Michael Quinn, Sr. VP Single-Family Risk Officer...

 

No Negotiation of Preforeclosure Sales Commission
Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers
Effective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a reduction of the total commission to be paid to real estate agents to a level below what was negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales price of the property in aggregate. Servicers are reminded that they must continue to obtain any approvals that may be required by interested third parties in connection with preforeclosure sales."

 

I don't know how useful it might be to wave this in front of the negotiator but it is the law.  The question is the legislation enforced and what's the penalty for lenders that don't comply.

Also, the announcement states that Servicers should contact Fannie Mae’s Servicer Support Center at 1-888-FANNIE5 (888-326-6435) if they have questions about Announcement 09-03.

 

Of course, CitiFinancial will claim that they are not a 'Servicer' but that might be debatable. 

 

Hope this helps if not for this case then for future deals.

 

Sincerely,

Wendy

Comment by Michael Schneider on November 18, 2010 at 11:12am

I have a Fannie 1st with a $14K CitiFinancial 2nd.
CitiFinancial insists that the commission must be 5%.
Fannie will approve 6%, but CitFinancial insists that their policy is that every short sale must be at 5%.
I tried to have a discussion on $$ to release and $$ to settle. No, No, must be 5% commission.
I try to have a discussion that they are a 2nd lien and the fees are paid by the 1st. Whether the commission is 5% or 6% makes no difference to what they will received, or at least, that's my assumption.
No, again, CitFinancial insists, all short sale must be at 5%.
CitiFinancial states that they would rather foreclose and get nothing.

Anyone have experience dealing the CitiFinancial on commissions? Any suggestions?

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