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Cannot Take Offer Letter Home ?
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merce
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 Apr 26 2010, 07:33 PM
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QUOTE(cheahcw2003 @ Apr 26 2010, 12:44 PM) when bank give u the LO, it is just an offer, in the LO it listed the terms and condition that u need to comply with IF YOU DECIDED to take the loan, it listed the tenor, interest rate, MOF, and other terms and condition. When u agreed and accepted, the next agrement will be the formal loan documents/legal charge that to be prepared by qualified lawyer, and both party u and the bank need to enter into that agreement by signing the agreement in front of commission of oath, and also stamped in the land office. so if u give LO to other bank to review i dont think there is any problem??? it is your right to be given 14 days by the bank to consider the offer. It is like u renovate your house, the contactor A may give u his quotation (offer letter) about the flooring/ kitchen cabinet, and it is alright for you to get the quotation and compare with contractor B or C. I dont see anything wrong. You mean it is not alright to show contactor A's offer to B & C. Come on, be more realistic. So quotation is quotation, legal loan agreement is different issues. u can do anything with the LO. but again my point is, "The bank officer has the right to keep the LO..." quotation in the scenario is equivalent to loan simulations, not LO itself. LO is part of the legal documentation, just in case you are not aware of it. when in doubt... consult the lawyers.  |
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rourou
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Apr 26 2010, 08:14 PM
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i've dealt with maybank and standard chartered before.... both have no issues with me bringing my offer letters home and read through them.
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cheahcw2003
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Apr 26 2010, 08:41 PM
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QUOTE(merce @ Apr 26 2010, 07:33 PM) u can do anything with the LO. but again my point is, "The bank officer has the right to keep the LO..." quotation in the scenario is equivalent to loan simulations, not LO itself. LO is part of the legal documentation, just in case you are not aware of it. when in doubt... consult the lawyers. Can u justify why LO is a legal documentation? on what basis? Lawyer will prepare the loan documentation/legal charge based on the LO, but it doesnt means LO is a legal documentation. Pls check this out, the answer by professional.... http://www.lawyerment.com.my/boards/articl...ortgage-427.htmThe key point in this thread is not to argue if LO is a legal documents, it is issue on why bank do not allow customer to take back LO??? The bank offcier has the right to keep the LO in his/her safe with multiple password to lock it. But i dont think he/she will generate good business being so secretive. The more u scare the more u loose If i borrow money from u, i use a A4 paper, and i write "I OWE YOU $ X amount" with date and signature, is that considered legal documentation? i think u have minimun legal knowledge. Guess you need more training from the bank (your employer).
Added on April 26, 2010, 8:49 pmQUOTE(rourou @ Apr 26 2010, 08:14 PM) i've dealt with maybank and standard chartered before.... both have no issues with me bringing my offer letters home and read through them. these banks/branch are genuine, they did not take advantage of the customer's right. Lucky you. This post has been edited by cheahcw2003: Apr 26 2010, 09:03 PM |
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jefferey
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Apr 26 2010, 09:35 PM
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Getting Started
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QUOTE(lonelyplanet92 @ Apr 26 2010, 12:15 PM) JEFFREY 5.55 to 5.8 a small correction... how sure r u every bank is making money?? kekeke Check the bank's financial report, most banks are public listed company, and the financial report are make know to the public. Dont u know that?kekeke u've gone a lil off here, didnt ask n make any request to accept watever offer, thats y u can apply from many bank n compare... ya, but can any bank submit ur docs to another party or another bank?? so it's between bank A and the applicant, bank B and the applicant.. bank A don share docs with bank B my fren... rite?? Yes, now many mortgage officers are inter-linked, they have their own network, if your loan get rejected from Bank A, they may ask u to try Bank B, by passing the info to Bank B, but often they will seek the applicant's approval. There are some Mortgage agency around that work for many banks for commission basis, once u submit them the documents, they will submit to few banks at the same time. I think u must be inexperienced to know this. feeling guilty not depends on own personality la, juz imagine if ur letter to someone u propose for something, then he/she pass the letter to ur competitor asking can do better than u ar... then he/she comes back to u with reply and asking u can do better ar??? never ending story goes on loo.... If i am the bank A that get declined by the borrower because of my package not compatable with other bank, then i need to accept the reality and not to blame others. We are in a free competition market, not communist. As a borrower, u may set the target you want, say loan tenor, interest rate, other t&c. So once it is set, then i will definately accept. Normally for newly purchase property, u r given 21 days period to sign S&P as imposed by the developer, u do not have much time to shop around, so decision must be quit. Again, you seems not experienced on buying houses, and trying to mislead others.hahaha, not to say transfer ownership, its a property between bank A and u... actually until the letter has been signed also not ethical to bring to other bank and ask for better rate lo... ethically think the letter should maintain in between u n the particular bank or those other bank around looo... As i mentioned, it is a free competition world, so pls wake up. to be frank u have gone through all their financial report?? thats not between banks, ITS AGENT WHO DISTRIBUTES UR DOCS TO OTHER BANK....kekeke haha we're given only 14days to be exact, enough to shop di... as most of the cases r over 14days before signing snp... MOST not all ya... wahahaha, free competition, not naked competition... can ur client share ur company's proposal with competitors?? u practice counter competitors'offer by collecting their offer?? kekeke This post has been edited by jefferey: Apr 26 2010, 09:42 PM |
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lonelyplanet92
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Apr 26 2010, 09:50 PM
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New Member
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Jeffrey
to be frank u have gone through all their financial report??
Yes i did, as investors, i just read their balance sheet and P&L. i guess you dont read, so u make an innocent facts saying that if customer squeeze the interest rate will cost the BLR to increase....
thats not between banks, ITS AGENT WHO DISTRIBUTES UR DOCS TO OTHER BANK....kekeke
haha we're given only 14days to be exact, enough to shop di... as most of the cases r over 14days before signing snp... MOST not all ya...
the 14 days are just guideline, could be extended upon request
wahahaha, free competition, not naked competition... can ur client share ur company's proposal with competitors?? u practice counter competitors'offer by collecting their offer?? kekeke
why not??? banks give million of letter offers to their customers for mortgage loan/ commercial loans every year. Not all of them are accepted by customers. 知己知彼，百战百胜。
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jefferey
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Apr 26 2010, 10:01 PM
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Getting Started
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QUOTE(lonelyplanet92 @ Apr 26 2010, 09:50 PM) Jeffrey to be frank u have gone through all their financial report?? Yes i did, as investors, i just read their balance sheet and P&L. i guess you dont read, so u make an innocent facts saying that if customer squeeze the interest rate will cost the BLR to increase.... thats not between banks, ITS AGENT WHO DISTRIBUTES UR DOCS TO OTHER BANK....kekeke haha we're given only 14days to be exact, enough to shop di... as most of the cases r over 14days before signing snp... MOST not all ya... the 14 days are just guideline, could be extended upon requestwahahaha, free competition, not naked competition... can ur client share ur company's proposal with competitors?? u practice counter competitors'offer by collecting their offer?? kekeke why not??? banks give million of letter offers to their customers for mortgage loan/ commercial loans every year. Not all of them are accepted by customers. 知己知彼，百战百胜。 very good, u sure make money from there by knowing them so well... yeap, agreed.. ya, thats y the bank sure wanna take some actions to minimize this wat..rite?? wahahaha, 知己知彼，百战百胜。... respect u when u said this... r u from sales n marketing line?? ok la to conclude, get the offer from the bank, but remain with urself la, be ethical n fair la to the bank which willing to let u take home the LO... This post has been edited by jefferey: Apr 26 2010, 10:02 PM |
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merce
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Apr 26 2010, 11:38 PM
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Can u justify why LO is a legal documentation? on what basis? Lawyer will prepare the loan documentation/legal charge based on the LO, but it doesnt means LO is a legal documentation. Pls check this out, the answer by professional.... -Does the Loan Agreement/Facility Agreement stand alone? or does it come with the LO? think about it. or if possible, pm him about this and lets hear it from him. The key point in this thread is not to argue if LO is a legal documents, it is issue on why bank do not allow customer to take back LO???-I believe the TS (thread starter) question was, "Can the bank officer do that? I thought I can bring the offer letter home and read line by line since I am a first time buyer." my reply was pointing towards that question.
Again, i shall make it clear (or maybe try to make it clearer this time...) the lenders has their rights to do so. but that doesnt meant you cant make the effort the understand the terms and condition. Officers dont usual turn your request down to have an preview or something similar, but they are very likely not going to disclose some particular details.The bank offcier has the right to keep the LO in his/her safe with multiple password to lock it. But i dont think he/she will generate good business being so secretive. The more u scare the more u loose.-do share your experience as a mortgage officer, from the looks of it you have plenty. If i borrow money from u, i use a A4 paper, and i write "I OWE YOU $ X amount" with date and signature, is that considered legal documentation?-if you are a licensed money lender, and the paper is a proper company letterhead, that would really makes the different isnt? and if there's a stamp agreement, presented to the commission of oath, would you take it as a legal document? i think u have minimun legal knowledge. Guess you need more training from the bank (your employer). -maybe i do, but clarifying before i post these answers with my trusted lawyers and legal advisors... i think i'm less likely to be wrong... unless they were all wrong.no offence but if you still find these are not helpful at all, let me know. i can stop giving suggestions and sharing my experience in the matter if the inputs aren't contributing. good day & good night  This post has been edited by merce: Apr 26 2010, 11:42 PM
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cheahcw2003
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Apr 27 2010, 12:51 AM
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Does the Loan Agreement/Facility Agreement stand alone? or does it come with the LO? think about it. or if possible, pm him about this and lets hear it from him
LO is a pre-documents b4 the loan agreement, so it is not a legal documents. Pls i dont want to repeat it again
Again, i shall make it clear (or maybe try to make it clearer this time...) the lenders has their rights to do so. but that doesnt meant you cant make the effort the understand the terms and condition. Officers dont usual turn your request down to have an preview or something similar, but they are very likely not going to disclose some particular details.
what particular that so confidential???
do share your experience as a mortgage officer, from the looks of it you have plenty
i am not a mortgage officer, i am a property investors, you are not only making wrong statements, u also make a wrong guess on my career
if you are a licensed money lender, and the paper is a proper company letterhead, that would really makes the different isnt? and if there's a stamp agreement, presented to the commission of oath, would you take it as a legal document
yes, now u seems understand, since LO is not stamped and not presented to commission of oath, then LO is not a legal documents. Your left hand slapping your right face....
maybe i do, but clarifying before i post these answers with my trusted lawyers and legal advisors... i think i'm less likely to be wrong... unless they were all wrong you already make a wrong guess on my career, dont think u can get it right for other more complicated legal matters. your stupid lawyer told u LO is a legal documents? while it is not stampped, and presented to commission of oath?
no offence but if you still find these are not helpful at all, let me know. i can stop giving suggestions and sharing my experience in the matter if t
he inputs aren't contributing.As long as u r not misleading the borrowers knowing their right as bank's customer, u r free to speak out your POV.
This post has been edited by cheahcw2003: Apr 27 2010, 12:52 AM
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jefferey
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Apr 27 2010, 02:45 AM
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Getting Started
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QUOTE(merce @ Apr 26 2010, 11:38 PM) Can u justify why LO is a legal documentation? on what basis? Lawyer will prepare the loan documentation/legal charge based on the LO, but it doesnt means LO is a legal documentation. Pls check this out, the answer by professional.... -Does the Loan Agreement/Facility Agreement stand alone? or does it come with the LO? think about it. or if possible, pm him about this and lets hear it from him. The key point in this thread is not to argue if LO is a legal documents, it is issue on why bank do not allow customer to take back LO???-I believe the TS (thread starter) question was, "Can the bank officer do that? I thought I can bring the offer letter home and read line by line since I am a first time buyer." my reply was pointing towards that question.
Again, i shall make it clear (or maybe try to make it clearer this time...) the lenders has their rights to do so. but that doesnt meant you cant make the effort the understand the terms and condition. Officers dont usual turn your request down to have an preview or something similar, but they are very likely not going to disclose some particular details.The bank offcier has the right to keep the LO in his/her safe with multiple password to lock it. But i dont think he/she will generate good business being so secretive. The more u scare the more u loose.-do share your experience as a mortgage officer, from the looks of it you have plenty. If i borrow money from u, i use a A4 paper, and i write "I OWE YOU $ X amount" with date and signature, is that considered legal documentation?
-if you are a licensed money lender, and the paper is a proper company letterhead, that would really makes the different isnt? and if there's a stamp agreement, presented to the commission of oath, would you take it as a legal document? i think u have minimun legal knowledge. Guess you need more training from the bank (your employer). -maybe i do, but clarifying before i post these answers with my trusted lawyers and legal advisors... i think i'm less likely to be wrong... unless they were all wrong.no offence but if you still find these are not helpful at all, let me know. i can stop giving suggestions and sharing my experience in the matter if the inputs aren't contributing. good day & good night bro, firstly most of their intentions here to take home the LO is not reading n understand it, is wanna get a copy of evidence to pledge to other bank for better offer, if not, y would they do not accept a general copy??? if i'm not mistaken a black n white documents with both parties valid signature might enuff to be valid on court di... plz correct me if i'm wrong...  thanks bro...  This post has been edited by jefferey: Apr 27 2010, 02:46 AM |
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cheahcw2003
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Apr 27 2010, 10:29 AM
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QUOTE(jefferey @ Apr 27 2010, 02:45 AM) bro, firstly most of their intentions here to take home the LO is not reading n understand it, is wanna get a copy of evidence to pledge to other bank for better offer, if not, y would they do not accept a general copy??? if i'm not mistaken a black n white documents with both parties valid signature might enuff to be valid on court di... plz correct me if i'm wrong... thanks bro... yes, Jeff, u r right, so once u sign above the dotted line it becomes a valid documents under evidence act. So dont sign on the spot since u r given 14 days to consider abt the offer. My sis's experience is that the banker forced her to sign on the spot or else, the LO will not given to her, she is not allow to keep a photo copy also if she do not sign. So i cannot agree with this act from the banker. |
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merce
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Apr 27 2010, 11:52 AM
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QUOTE(jefferey @ Apr 27 2010, 02:45 AM) bro, firstly most of their intentions here to take home the LO is not reading n understand it, is wanna get a copy of evidence to pledge to other bank for better offer, if not, y would they do not accept a general copy??? if i'm not mistaken a black n white documents with both parties valid signature might enuff to be valid on court di... plz correct me if i'm wrong... thanks bro... I'm pretty sure these guys know the tricks here and there. and yes, with both parties signature its enough to be presented as evidence on court. |
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