Posted by Ocean Pacific Notary Services, Inc. on 10/16/07 12:53pm
Msg #216697

Beaumont TX - Need an attorney

Need HELP

Are there any Beaumont TX notaries that work with an attorney. I need a loan signing done
and have struck out big time and I must say, so far not a friendly kind of town.

You can email me at: [e-mail address] or call 360-665-3090

thanks
gina

Reply by Phillip/TX on 10/16/07 12:59pm
Msg #216703

I referred your info to a contact of mine in Beaumont, he should be calling you.

Reply by BrendaTx on 10/16/07 1:05pm
Msg #216707

Good for you Phillip...it's not easy to get into my local

TCs or law offices for helocs. I was lucky to have a guy who I now refer local work and Helocs to. A lawyer. $350 is the fee for using his office for an hour.

Reply by BrendaTx on 10/16/07 1:03pm
Msg #216705

** I need a loan signing done and have struck out big time and I must say, so far not a friendly kind of town.**

It's not the town, it's the way things are in Texas....Texas Helocs have to be signed in certain places. Nice only goes so far before you're talking about opening yourself wide open for liability if you are a title company or law office where the loan has to be signed and you don't even know the notary who prances in to use your offices to sign a loan.

Here, savvy title company folk and savvy lawyers won't look at a Heloc signing they aren't actually involved in for less than $350. Too much liability having that client signing with a notary they don't employ, or know.

Assuming one problem is the fee you are working with...go back to the lender and tell them you need about $400 to get this done in the correct place for a Texas heloc. Then go to sole-proprietor's phone lines again and offer them $350 for their legal assistant/notary to do the job. Otherwise...you may be up against a brick wall.

Reply by Ocean Pacific Notary Services, Inc. on 10/16/07 1:11pm
Msg #216710

I have no issues with the Fee - lender knows it will be $$$.

This is a reverse mortgage and borrowers cannot travel to attorney. We need attorney to go to borrower.

We have no problems with attorneys in South Carolina or Massachusetts meeting borrowers in their home.

Look forward to hearing from an attorney today :O
And thanks for your help

Reply by Phillip/TX on 10/16/07 4:42pm
Msg #216767

There is not a requirement for an attorney for a reverse mortgage in Texas, I close them every week, in the borrowers home. You pay me $400 and I will go to Beaumont (90 miles from me) and do it.

Reply by BrendaTx on 10/16/07 4:55pm
Msg #216770

Right Phillip...you know if there's one thing I'd hate to see collide it would be an attorney and a rev mort package, without the attorney having had time to really study it over and see what was going on. At first glance it's not a very sensible looking situation.

That's going to be an interesting closing if a random divorce attorney who does signings on the side is assigned that one. LOL...they'll be wishing they HAD paid you the $400 to come over and do it.

I think I have heard of a couple of outfits in Texas using attorneys only but IN their office, not in a home. This sounds backwards. And, the consensus is that RM (as home equity loans) don't have to follow the rule about equity lines closing in the usual venue...however, I know of one RM office out of Austin who insists that it happen that way...and I know a few title companies who have talked to me and said they won't do them in the courtesy notary closing scenario b/c of equity rules in Texas...so here's another quirky twist.

Reply by Phillip/TX on 10/16/07 5:01pm
Msg #216771

Well I have heard that to Brenda... and that is all dependent on the RM office, but there is no requirement by the State of Texas that it be done in a title or attorney office, it is just what they WANT to happen with that loan. This is not a typical cash out loan. And the doc's reflect that in the wording.

But hey they could pay you the $400 to close it too... LOL I was just saying that I would be more than happy to help them out.

Reply by BrendaTx on 10/16/07 6:03pm
Msg #216785

Phillip, I stick really close to home these days and don't really want to do much after I get home from a full day of document shuffling. I've taken some FFreedom clients who will work with me on the weekends in the outlying areas because they don't mind weekends and paying a premium...but Beaumont would be a little bit distant for me! LOL

Reply by Philip Johnson on 10/16/07 6:08pm
Msg #216787

I have no issues with the Fee - lender knows it will be $$$.

Yeah it's just a couple of old folks over 62 paying it. What's the big deal?

Reply by BrendaTx on 10/16/07 8:02pm
Msg #216818

Re: I have no issues with the Fee - lender knows it will be $$$.

Philip, let's think about that a minute. Not arguing, but this isn't my experience.

I don't think the fees bump up on the bwrs...I think it comes straight from the already scraped over escrow fee where my jobs are concerned.

RM's have pretty tight guidelines on what the closing costs can be. When a well known RM lender's LO needed a notary in a little artsy fartsy pocket community towards our fair state capital, I really didn't want to go that far, around 80 miles. But, we had worked together before and she was comfortable with me.

I named my price-- two, same day $200 each, back to back to make it worth my while, and title agreed to it. I called them before I'd definitely agree.

This lady was fairly new and didn't realize title would be shelling out for the extra money as travel expense and she told me not to worry about the margin over the usual amount of $150 each, she'd pay it out of her own pocket and write me a check on the spot. I explained how it would unfold and that my fee was covered in the escrow fee which was already set by the time the deal was struck. I would just invoice them.

That tells me that things are pretty unflexible as far as going back to the borrower in Texas, anyhow.

Others may have a different experience, but I think that extra money will come from elsewhere than the borrower's pocket over and above a normal amount. That's not the only time I have been paid $200 per job on RMs (yes even from TitleStream which is your basic signing service arm of NCS as I understand it) and no time have I seen it boost any expense on the borrower's side. It just shaves off around $50 out of the title company's already included money for closing/escrow fees.

To the very best of my knowledge it comes from the escrow fee already set at around $400-$600 depending on the loan amount. The ones who come out shorter is title. I believe they will take a hickey on one job for a good client to keep their business...at least the title companies I am familiar with will.

Reply by Phillip/TX on 10/16/07 8:14pm
Msg #216819

Re: I have no issues with the Fee - lender knows it will be $$$.

And besides, have you ever looked at the total closing costs on a RM??? The last two I have done have been over $15,000.00 in closing costs... so if I charge $300 for mine, I dont think that even if the borrower had to pay, that it would really be noticable.

Reply by BrendaTx on 10/16/07 8:41pm
Msg #216824

Re: I have no issues with the Fee - lender knows it will be $$$.

Phillip, I might telling Noah about the flood here, but I'm going to mention it because I think RMs get a bad rap for closing costs being yanked from the seniors because it's not broken down....it's all lumped into a bottom line taken during the closing on the HUD. We see $15,000 and go Ouch!

But broken down, they make more sense....

In general you can take $5000 off the top for origination fee and MIP...$2500 each. That's the biggest chunk usually.

Title insurance is higher on RMs because of the endorsements required. That's about $1500 to $2000.

Escrow fee is $400-600 in addition as a line item (where I believe our fees come from).

Appraisal fee - $350 give or take (POC so may or not be reflected on the HUD)

The above are the real closing costs...

Following are expenses of the loan servicing and home ownership...expenses that must be paid anyhow if you have a loan.

Set aside amount in all RMs - around $4500 (set aside for loan servicing in the future. Amount depends on age of borrower and how long they speculate the borrower will live out their life during the loan. It's set at around $30 to $35 a month depending on loan type, I think and calculated from there.)

They collect property taxes...often in arrears...if not, around $2000+
The Homeowner's insurance is often required up front - say $900-$1200
Often there are a few repairs to make which may be taken by the lender at closing. And, that's easily $15,000.

That's off the top of my head. I might have missed something...oh yeah, $200-$250 for filing fees...which is the only place I ever consider it might be a little high in estimation. Usually that is $11 or $16 for the first page and $4 for each page there after. 16 pages runs 11 plus 4 x 15 which is $71-75 give or take depending on if the notary adds their own acknowledgement onto the back of one which is already there.... per DoT x2 for a total of around $150.

There is a major sticker shock at $15,000 so I understand the concerns notaries have but if you read the line by line items, it makes sense and seniors generally understand the costs involved before you get there...always have in my experience.

These are just the costs and escrowed fees I am familiar with and are not to be construed as accurate...blah, blah, blah.