Who is responsible for this?

[rooster78]

Hello Guys,

Settlement for our purchased property is today and my solicitor rings me in morning says FMS requested letter regarding authority to deduct shortfall for this matter. FMS says if the borrower wishes for us to deduct additional funds from an offset a/c for settlement they will need to provide us with a signed letter (signed by borrowers) indicating the same.

Our Solicitor and Borker are very less informative. We were not aware of such auth letter we need to give it to FMS.

So we are wondering who should have told this to us earlier (rather than giving us last min surprise)? Is it Solicitor or Mortgage Broker or FMS or Bank?

Anna

 

[Scott No Mates]

Sorry Anna, who is the FMS?

 

[sanj]

FMS is the legal firm who AMP and maybe some other banks use. Between AMP's atrocious back end and FMS' bumbling efforts they really managed to do my head in recently.

 

[Peter_Tersteeg]

The bank will have sent you a form as part of the loan offer documents nominating where the funds are coming from. You should have filled this in, but it's not uncommon for people to ignore it.

Your solicitor should have discussed with you where the funds were coming from.

Your broker should have predicted the problem (because it occurs frequently).


We almost never see this problem when we walk the client through the documents face to face, but it's probably the most frequent problem when people sign the documents without assistance.

 

[macca446]

I believe FMS is at fault as when you received loan docs etc to sign and send back they should of sent a front page checklist form.

 

[rooster78]

yep, this has caused last min runs for us

What do you think guys - Is it Solicitor or Mortgage Broker or FMS or Bank?

 

[The Y-man]

yep, this has caused last min runs for us

What do you think guys - Is it Solicitor or Mortgage Broker or FMS or Bank?

Unfortunately I am erring towards "you".

You need to read the forms at sign off, and know what you are signing.

The Y-man

 

[Rolf Latham]

SOP for many lenders and their solis.

ta
rolf

 

[Peter_Tersteeg]

yep, this has caused last min runs for us

What do you think guys - Is it Solicitor or Mortgage Broker or FMS or Bank?

The document that needed to be filled in correctly was almost definitely in the package sent by the bank. It would have also been in the check list. The document is a little vague but it would have been in there. Certainly all of the parties could have done something to mitigate problem.

I've never known a lenders solicitor to omit this document. There's a number of other pieces of information in there which are also required for settlement.

Did you seek assistance signing the documents if things weren't clear? If you didn't, then the answer as to who is responsible is YOU.

 

[Propertunity]

yep, this has caused last min runs for us

Have you tried imodium?

 

[perthguy]

I did a big refinance of all my loans to AMP. There is a lot to sign so I got my Mortgage Broker to walk me through the signing process form by form. Some of the forms were NOT obvious and it was good to get the right advice face to face.

I had no issues with the loans or set-up. All of that side was done perfectly. However, I had massive issues with AMP's then solicitor firm (not FMS) who refused to settle the deal that AMP sent them and that I was paying them to settle. It took some persistance but I finally got them to agree to settle and we actually settled two days early.