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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.
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.
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