Posted by Hugh Nations Signing Agents of Austin on 10/5/07 4:00pm
Msg #215109
Suspicions confirmed
Had an enlightening experience today. Closed a reverse mortgage with the lender rep present, a rarity for me. During the closing, he asked, "Why do you keep going back to your book?"
"I'm recording the documents I notarize," I replied. "The law requires that I record certain information about each notarized document. For deeds (I was in the midst of recording the two Deeds of Trust), you have to record even more than for other docs."
"..Uh...the other notaries you work with don't do that?"
"No."
So now I know for certain why some Texas signing agents claim they can close a reverse in only 45 minutes. This lender rep arranges for his own notaries. 'Twill be interesting to see if he calls me again.
| Reply by Julie/MI on 10/5/07 8:42pm
Msg #215159
Suspicions and Suzy Orman
Hugh is it possible the notary does the recording in the journal after the closing?
You mentioned the LO was present, but did the LO take the docs or did you? Does TX allow you to write in your journal after the mortgagor leaves?
I don't know a thing about TX, but I do my "journaling" on my time, not at the closing.
I don't know what ya'll get for reverse mortgages, but I simply don't have the patience and I won't do them. Suze Orman was on Larry King last night and she said as baby boomers retire, and fees on reverse mortgages go down, the demand reverse mortgages will go up.
I cannot be paid enough for a reverse. Nope, no thank you, not my cup of tea.
| Reply by EastTxNotary on 10/5/07 10:49pm
Msg #215194
Re: Suspicions and Suzy Orman
I do my "journaling" on my time as well, except in the rare instance I get a BO that wants to read, then I have the time to journal at the signing. I stay in control of the docs whether the LO is there or not, so I can check one last time before shipping.
Most of the RM's I've done have been with BO's in their mid to late 60's and they've been as quick to sign as any other loan. In Texas, our doc packages are big anyway, so the RM's really don't have but a few more pages. I don't know who can do an RM in 45 minutes...in Texas for sure, but I've never had one last more than an hour and a half. I've had several forward mortgages end up taking that long too.
While I can understand that patience is necessary for these closings, I have been SO entertained by some of the most wonderful stories these people have to share. I guess I just haven't met up with that "ole cuss" that can turn it all sour for me, so for now, I'll take 'em, especially since it's just about all we get around here. Just like Brenda_Tx said ages ago!
| Reply by Hugh Nations Signing Agents of Austin on 10/5/07 11:31pm
Msg #215198
Journal entries after closing
Although it is not required (Texas law is quite lax in almost every respect with regard to notaries public), the Secretary of State recommends that journal entries be done contemporaneously with the closing.
There are some advantages to that. It does give the borrower time to inspect the doucments a bit more, if they wish. I can have everything done, then when I do my recheck at the table I am able to verify every aspect of the closing. I also usually have a courier envelope prepared, and drop off the docs before I go home or to my next closing. It also tends to add somewhat to the gravity of the occasion, and the borrowers' pay more attention.
Perhaps it is because I am close to the age of reverse borrowers, but I like RMs. I try to draw out the borrowers, and most of the time it works. Last week, for example, I closed a loan for a guy who had worked with Howard Hughes. I find that much more gratifying than closing a $500,000 loan for some overpaid computer geek with a Porsche and an attitude.
| Reply by Hugh Nations Signing Agents of Austin on 10/5/07 11:32pm
Msg #215199
Journal entries after closing
Although it is not required (Texas law is quite lax in almost every respect with regard to notaries public), the Secretary of State recommends that journal entries be done contemporaneously with the closing.
There are some advantages to that. It does give the borrower time to inspect the doucments a bit more, if they wish. I can have everything done, then when I do my recheck at the table I am able to verify every aspect of the closing. I also usually have a courier envelope prepared, and drop off the docs before I go home or to my next closing. It also tends to add somewhat to the gravity of the occasion, and the borrowers' pay more attention.
Perhaps it is because I am close to the age of reverse borrowers, but I like RMs. I try to draw out the borrowers, and most of the time it works. Last week, for example, I closed a loan for a guy who had worked with Howard Hughes. I find that much more gratifying than closing a $500,000 loan for some overpaid computer geek with a Porsche and an attitude.
| Reply by Hugh Nations Signing Agents of Austin on 10/5/07 11:32pm
Msg #215200
Journal entries after closing
Although it is not required (Texas law is quite lax in almost every respect with regard to notaries public), the Secretary of State recommends that journal entries be done contemporaneously with the closing.
There are some advantages to that. It does give the borrower time to inspect the doucments a bit more, if they wish. I can have everything done, then when I do my recheck at the table I am able to verify every aspect of the closing. I also usually have a courier envelope prepared, and drop off the docs before I go home or to my next closing. It also tends to add somewhat to the gravity of the occasion, and the borrowers' pay more attention.
Perhaps it is because I am close to the age of reverse borrowers, but I like RMs. I try to draw out the borrowers, and most of the time it works. Last week, for example, I closed a loan for a guy who had worked with Howard Hughes. I find that much more gratifying than closing a $500,000 loan for some overpaid computer geek with a Porsche and an attitude.
| Reply by Susan Fischer on 10/6/07 12:24am
Msg #215205
Spot on, Hugh. Cookies and tea, great conversations,
and so satisfying.
But, and I am so fortunate, almost all of my signings are delightful.
| Reply by Dawn/PA on 10/6/07 9:00am
Msg #215215
Re: Spot on, Hugh. Cookies and tea, great conversations,
I love reverse mortgages or more specfically the people! They tend to be wonderful and I enjoy talking with them 
| Reply by Tess/ME on 10/6/07 9:52am
Msg #215218
So many "cute, elderly" couples & great conversations,
I did one Rev.Mtge for a couple that have a very expensive home and 5 adult children. I set my briefcase down and "Mr. Borrower" looked at me and said "We took the information course, we've talked it all over and we know EVERYTHING we need to know about this so we are ready to do it. AND besides, if we left our money to the kids, they'd "PISS" it away any how so let's get it done." After that I kept thinking about what he said and chuckling each time they signed the documents.
| Reply by Lora/FL on 10/6/07 10:32pm
Msg #215289
I'll take Reverse Mortgages all day long......
Ditto to most of the previous comments about signing agents enjoying RM. For the most part, they are pleasant, positive experiences and I have accumulated countless stories that I will never forget....some humorous and most are touching. At times, they have managed to put things in perspective.....I'll take Reverse Mortgages all day long.
Do you hear that out there title or mortgage companies and reputable signing companies?? Call the folks that LOVE what they do! :-)
| Reply by MichiganAl on 10/7/07 1:39am
Msg #215301
I enjoy them
Most of mine have been in older Detroit neighborhoods, but they've all been pleasant. They take a little longer (rarely more than an hour), but at every signing I'm learning more about how to keep them rolling along. They've gone through so much counseling and they've seen so much information, they usually just want to sign (and chat about their grandkids). There is some initial preparation involved, as the package is quite different from a conventional mortgage package. Other than that, they're fine. I'll take all I can get.
|
|
