Reply by BrendaTx on 10/13/07 10:19am
Msg #216363
Patricia, I don't think I would charge additional. Just charge enough for all so that it balances out. For instance, base $150 is a reasonable figure for printing and double signing on the occasion it happens. I get as much as $200-$250 on the outlying areas.
If you are getting less than $125 for a reverse you are definitely not doing yourself right on either.
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Reply by Lee/AR on 10/13/07 11:01am
Msg #216367
Oh, my... why on earth would they want the 2nd (Borrowers) copies signed? They trying to kill these poor people? What Lender/TC wants this? I don't ever want to do an RM for them.
At almost all the RMs I do, at least one of the signers has some sort of problem with writing and a single package wears 'em out. I can't imagine getting thru 2 pkgs. I would charge extra--if I could be convinced to do it at all.
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Reply by BobbiCT on 10/14/07 10:10am
Msg #216437
From my Plaintiff attorney friends .....
The borrowers are entitled to a copy of every document that they signed. When there is a dispute with the lender or the children question the reverse mortgage, if there are no copies of the "fully executed documents," the first thing the attorney does is call the lender and DEMAND of copy of every document that the borrower signed in connection with the lender. "Unsigned" copies are NOT evidence of what was signed, by who, on what date, and where. What if the borrower refused to sign a document or changed it - how would you know if you didn't have an exact copy, just that unsigned, undated copy 60 pages into the pile of "stuff" that you found.
For financial and estate planning purposes, tax purposes, etc. saying "I think this is what I signed. I don't have a copy of the Promissory Note or Mortgage with MY SIGNATURE on it. I only have this undated, unsigned one" doesn't cut it.
From a Doubtful Thomas perspective, how do you know the 120+ page "copy" package left at the same time you signed the loan documents is EXACTLY what you signed and is EVERYTHING that you signed. Heck - the post closing clerk could "correct" the Note and Mortgage Deed (before recording) by swapping out the first pages with the "new" corrections and unless the clerk decided to write a letter to the borrowers with an explanation of why the pages were changed, if the monthly payment didn't change, the borrower would never know and the "unsigned" copy set isn't evidence of what was originally "signed".
In the day job, our attorneys ALWAYS give borrowers a copy of the documents AFTER they are completed (ones where borrowers need to fill in information), signed, dated, witnessed, notarized etc. and keep "fully executed copies" in our file. Particularly for those years when we get calls for "a copy of the signed HUD-1" for our accountant because 1) we sold the house or 2) we are being audited by the IRS.
By making the signing agent do the signing twice (lender set and borrower set), the lender 1) hopes to save its own time and money in post closing by not having to copy the document set and mailing a package back to the borrowers and 2) hopes to avoid its time and expense of providing copies when the borrower, family member, or plaintiff attorney calls demanding copies of the "fully executed documents" and stating that the borrowers did NOT receive appropriate copies when the loan documents where signed.
There's a very OLD reason lenders want a signed and dated RTC in their files: to prove the borrowers got one when they claim they didn't because there isn't one in their copy package and they don't remember signing it.
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Reply by MichiganAl on 10/13/07 12:50pm
Msg #216375
The whole package signed twice?
Golly, let's make this as hard as possible on these elderly people. These packages can already be overwhelming. They could be cut in half just by eliminating the redundancy. Heck yes I'd charge more. That's another 30 to 45 minutes. I'd charge whatever it is I'd normally charge for a 2nd loan. Or as Brenda said, incorporate it into your standard fee with them. I would politely explain to them why I'm adjusting my fees, and hope that they understand that they're basically talking about the equivalent of doing a 2nd loan, especially with elderly borrowers.
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