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I was not able to close today, because Wells Fargo (HomePath Loan) saw a $1200 fee that Fannie Mae's Asset Management is paid. Wells Fargo is asking for an invoice. This is a contractual agreement so there is no invoice.  Therefore, Seller won't sign HUD and Wells Fargo won't approve HUD.

 

Has anybody dealt with this issue?

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I've never had this happen.  I don't understand why the lender is concerned. The AMP fee is on the seller side not the buyer. Can't the seller's title agent produce some documentation for the $1200 fee?  There should be some e-mail or policy document they can provide that satisfies the lender that this is a legitimate fee.
Nope. I don't understand either.  I thought the same thing.
Charisse the asset management company normally sends me a copy with the executed contract with the fee stating where it is to be paid would they not accept that either?

Usually on pg 12  line 38 is where one is supposed to put that fee, my AMP told me to put the specific language stating

 

" Seller agent Bonus $1,200 expire on 10/31/2011"

 

maybe that would help.

It finally closed. But had a rekey issue. Listing agent didn't get a check for rekeying property at closing and now wants my client to pay it after the fact. The rekeying was done after the 1st closing date that we had scheduled. Fannie Mae wouldn't let us have an extension for a week.  We had to start over again. 19 days later we close and people have been in and out of the house. Client doesn't want to pay for it unless they rekey again. I spoke with a Fannie Mae listing agent and she stated that the Attorney was suppose to cut the agent a check for rekeying.  Not my client.  I never experienced this with Fannie Mae before.
See paragraph 23 of the Fannie Mae Seller Addendum.  It states " If the Property is presently on a Master Key System, the Seller will re-key the exterior doors to the Property prior to closing at the Purchaser's expense. The Purchaser authorizes and instructs escrow holder to charge the account of the Purchaser at closing for the rekey."
They didn't do none of that. It just said check paid at closing.

Sellers Agent Bonus

 

That also, lol

Crystal is correct. However, the listing agent obviously didn't do their due diligence on this one and should probably eat the cost of the rekey and learn from this experience. Asking the buyer to reimburse after the closing is just plain tacky. Didn't the listing agent review the HUD prior to closing????
Vanessa, you are right. The Hud was revised so many times it was mad crazy at closing.  The attorney didn't even say anything. I didn't even catch it until afterwards.

If our Congress would get a backbone they would end Home Path NOW.. it can not with stand the smell test of fairness or market principles.  They are further eroding values of equity held homes by offering financing and marketing incentives that do not apply to all properties they finance.  The whole idea is to make their FAILED LOANS  look better than equity sales.  How fair is that?

 

On my street they did this to a home that they had a short sale offer on,  for $270K and they refused it, only to bring the property back on the market at $239K with HOME PATH benefits and then excluded people that could put down 20% for 15 days,  some great society we live in .... Our Government is allowing an agency they control to erode property values and hurt the local tax base.. go figure... do we need some new leaders of what?

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