Posted by Yoli/CA on 3/17/09 9:51pm
Msg #281056

Edocs reverse mortgage $100???

Received email today from reputable ss. Responded by asking if that fee is for entire procedure or just final signing. Is it just me or does this fee seem awfully low for a reverse? What's your opinion?

Reply by spnotaryplus on 3/17/09 10:16pm
Msg #281063

I would think it would be for only one step in the reverse mortgage process. That's too low for a two step process. Each process is like doing a regular loan. It takes time and sometimes even longer due to the borrowers age and understanding of the loan documents.

My first signing refused to sign once I got to their home and then she wanted me to explain the documents. Of course I didn't explain a thing because that is not what I am there for. She wanted rate calculations, how the lender came to their figures and so forth. This woman had a bachelors degree and a doctorate and she was sharp for 80. She had the LO stuttering on the phone with her questions and determination to understand the information. After 30 minutes with them talking on the phone and me sitting there, I excused myself and left. So it can take a while.

Reply by ChristineHI on 3/17/09 11:30pm
Msg #281074

For me that is about right. I normally charge $125 for e docs, even for reverse mortgages, but if it is close in distance I would accept $100 if necessary. In my case, my reverse mortgages usually don't take any longer than my regular loans.
Sometimes it might take me a bit longer because sometimes the borrower signs their signature slower, but typically for me there is no difference in time.
I am there to witness signatures and since I don't know much about reverse mortgages there is not a lot I can explain either. The borrowers have taken a required class as well so in many cases they know more than I do in regard to these loans.:-)
The borrowers understand my job is to witness their signatures only and they should contact their agent with any questions. I let them know upfront that I am not part of their transaction except as a notary and any questions should be directed to their loan agent.
By the way, this is for the final document signing only. Sometimes I am asked to do the application before the loan is approved and for these I usually charge about $50-$75. The application process usually only takes me about 15 minutes and there is usually a list of things you need to pick up as well.
Hope this helps. :-)

Reply by MW/VA on 3/18/09 7:20am
Msg #281092

I've gotten that email also. Unfortunately, I don't do RM's for $100 and passed on it.

Reply by MonicaFL on 3/18/09 8:40am
Msg #281095

I received an e-mail to take care of a RM with e/docs for $100.00 yesterday. Told them my normal fee for a regular refi closing is XXX.XX and a RM is $25.00 many because of the number of pages usually associated with a RM and it usually takes at least an hour to close because of all the questions and calls to the L/O. If the L/O is present, sometimes it takes less time but most of the time it takes more because they talk!!!!!! I was told that they only pay XXX.XX for refis or RMs and that they are 99.9% sure that they won't be using my services anymore. Oh well! Can't lower my standards just because they don't know how to raise theirs.

Reply by Julie/IL on 3/18/09 9:12am
Msg #281104

We rcvd an email yesterday for a R/M with edocs and 8 pages of fax backs for $90! I almost hit the floor! Obviously somebody took it, but I still can't believe it!

Reply by Yoli/CA on 3/18/09 10:22am
Msg #281119

Thank you all for your input!! It is much appreciated and highly valued.

SS did finally respond that this is for final signing only.

Reply by A S Johnson on 3/18/09 11:05am
Msg #281127

I've try to stay out of this, BUT:
Reverse Mortgage is $125 with e-docs within my 15 mile service area. Travel is $30 per 50 mile RT.

Reply by Ireneky on 3/18/09 1:03pm
Msg #281169

I wouldn't think of doing a RM for least then $125.00 and that is at the slow end close to home. And I disagree that RM don't take more time. Even when the borrowers have no questions, sometimes they are just plan slow. Most don't have many visitors so they want to socialize. I just had one a few days ago that I really hired my money. The husband was wheelchair bound, the house reaked of cat irine, no table to sit at, roaches all and it took over took 1 1/2 hours to get thur it. That my firends is hiring the money.