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Overpayment by $40 on an FHA assignment

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The Sheriff

Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Arizona
Completed the appraisal for a bank... they disbursed the correct amount owed into my account two weeks ago. Today, I received a check from title for an additional $40 addressed to the appraiser who completed the file. Do you call title and say here's your check back? The borrower incurred the cost obviously, and I'm not going to be the fall guy for a $40 fee when this bank is overwhelming me in work at $400 a pop. What's the correct procedure. My old partner would have been at the bank cashing the check... fortunately, I run a tight ship and don't play that way... although if it was $4Million, I would create an invoice, cash the check, send the invoice, and take my cell to whatever island I would not be coming back from.
 

aussie ken

Member
Joined
Mar 11, 2005
Professional Status
Retired Appraiser
State
Australia
Although we dont have the same situation here Id be inclined to do the right thing..........but send it back to the General Manager of the Title Company with a copy of correspondance to the property owner..........the property owner can then look forward to getting their $40 back.
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
Place "void" on the check when you send it back.
 

The Sheriff

Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Arizona
Title company told me to keep it... go figure... I took her information down, the time of the call, the girl's name... She said that money was owed to us... Oh well. I did my part!
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
Be a champ and refund it to the borrower. It's the best $40 of advertizing you can buy!
 

Green Hornet

Senior Member
Joined
Dec 29, 2006
Professional Status
Certified Residential Appraiser
State
Washington
The right thing to do is return the money.

However, if you send it back to the borrower, they might get ****ed at the title company for messing it up in the first place, the title company lets the lender know that you created hard feelings, oops, no more client. Believe me, it does happen.

If you return it to the title company it messes up their accounting and probably costs as much to process, issue a check to the borrower and make the internal journel vouchers.

Of course, if you do the right thing, you will sleep better.
 

The Sheriff

Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Arizona
I'm sleeping fine... the check was in the appraiser's name who completed the appraisal for my firm (which is a first)... I passed him the check and said here's some gas money. He said thank you and I filed the check invoice with the title girl's data to cover myself. FWIW... the girl at title said they would just place the money in an escrow account for the title company.
 
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