We have been attempting to have a closing with Powerlink. We were supposed to close on February 14th, but that didn't happen.
This is a mail away. They can't seem to understand that the closing date and the disbursement dates are different. If the buyers sign today with a traveling Notary, the Notary will hopefully be able to overnight the documents the same day for receipt by the Title Company the next day, hence the reason there must be two dates.
At one point, Powerlink was going to send their Notary to close the loan, at which time the documents would be hand carried back to the Title Company on the same day, allowing for the dates to be the same. After a week of saying they were going to do just that, it still did not happen.
The Mortgage Broker is having to pay $600 to have the documents recast. The buyer had to pay $900 to extend their lock. Powerlink is also taking 3/4 of a point out of my and the listing agents commission. We have another Title Company who can get this closed.
I think Powerlink needs to go away and leave everyone's money alone. The Seller, since they chose Powerlink should make the Mortgage Broker and the buyer whole.
Is this a rarity or are others experiencing similar problems with Powerlink?
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