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Latest Activity: Feb 23, 2017
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Started by Nicole Espinosa. Last reply by Jeffrey Burnham Jan 6, 2016. 2 Replies 0 Likes
So we all know this is the new thing in Short sale approvals. My question is has anyone seen deed restrictions in the RCS approvals? This is my first one with RCS so i want to make sure and notify…Continue
Started by Brian M. Rust. Last reply by Joy Baker Jul 8, 2013. 14 Replies 2 Likes
Hey Superstar Community,As others have suggested, Patience Castillo from Catalyst Asset Management, LLC is…Continue
Tags: Referral Fee, Processing Fee, Residential Credit Solutions, RCS, Catalyst Asset Management
Started by Mike Mondy. Last reply by Brian M. Rust Feb 26, 2013. 2 Replies 0 Likes
I just received the following e-mail message:Hello Mr. Mondy,This account was forward to me. Catalyst is managing the listings on behalf of the Mortgage Holder RCS for faster processing on this short…Continue
Started by Jennie Blackburn. Last reply by Mike Mondy Jan 10, 2013. 1 Reply 0 Likes
An agent asked us: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…Continue
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Anyone have the short sale package please?
On our MLS, we now have to specify what the commission will be, and cannot say that both sides will split equally whatever the final commission would be. So it is critically important to know what to expect.
Thanks for the info.
Interestingly enough, I've only dealt with RCS once and they were great to work with. They didn't try to foist any third party fees on me. It was last year so perhaps they had not come up with this idea for a new income stream. Good luck with your situation, Pacita. Please let us know how it turns out.
Joy
I just checked and neither Fannie Mae nor Freddie Mac has the loan.
i am bracing myself for a negotiator to try to pull this s__t on me. Happy to note you were successful in defending your commission. Thanks for sharing your experience
Pacita~The Fannie 710 seems to be used almost across the board now as the preferred financial statement, whether or not it's actually a Fannie. Have you looked the loan up to see if it is, in fact, a Fannie or a Freddie? If it is a Fannie (or a Freddie as their guidelines are very similar) then no, they can't reduce your commission.
Shane, I did successfully defend my fee in a similar situation. GMAC tried to cram a 1% fee for Kazork down my throat, when they had nothing to do with putting the property under agreement, by telling me that Fannie required they be used. I went right to Fannie and they said, "no, no, no", we don't require a third party negotiator and we won't pay. So, Kazork went away, my fee stayed whole and we closed.
Wendy -- I just sent you via separate email the faxed short sale package from RCS. It doesn't look much different from the others -- the usual 4506T form Dodd-Frank certification, etc.
What I do have is the Fannie Mae/Freddie mac 710 form which makes me think the short sale I'm working on is a FM/FM loan. As such, I didn't think anyone can reduce the commission to less than 6%? Am I wrong?
Just an update... I just closed a RCS for BOFA and it went pretty great... The negotiator was prompt at returning calls and even answered e-mails within 12-24 hours. Final HUD was approved and signed off within 12 hours. A pretty good experience overall. They even allowed the buyer to contribute 20K to the 2nd and signed off on my HUD to show the buyer and seller they would allow it. I'd give them an a++. They didn't pull any Catalyst crap on me though!
I just listed a RCS short sale AND I just got the email from Patience at Catalyst that she will be taking 1% of the commission. Has anyone successfully defended their 6% commission with these guys?
Anyone have a short sale package for RCS?
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