Posted by NJ_Notary on 8/14/12 4:44pm
Msg #430451
Reverse mtg app edocs for $50.00 gotta love these companies
I dont get in my car for $50.00.
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Reply by nunu on 8/14/12 5:12pm
Msg #430452
wow, I wonder if they actually believe someone will do it for that fee, I have turned down 4 closings today for low ball offers, one called back when they couldn't find anyone at the low rate. I am just not going to budge on my fees. Ever, no matter what the explanation is, no matter the distance, no mater the number of pages, no matter there are no faxbacks....etc, etc, etc
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Reply by KimH/FL on 8/14/12 5:25pm
Msg #430453
I'm just getting back into this business after being laid off once again. I got $XXX 6 years ago, I sure as he,, am not going to do it for less now. Gas, paper, ink, everything is more expensive. Hey! I'm not really all that pleased that I'm not getting more now than I did back then... Inflation affects everything else, why not us?
And before the arrows fly, I am planning to make this my business this time. I am investing much more time and money into this and plan to make it work.. Finding NR (and the invaluable information here in Notary Talk.. Thank you all.) is a MAJOR plus, if I had found it last time I may not have taken that job.....
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Reply by NJDiva on 8/14/12 5:58pm
Msg #430456
Not to be a Debbie Downer, Kim, but before you jump right in
" I am investing much more time and money into this", you may want to go and put your zip in the find a notary tab. There are at least 35 other notaries that very well may be established within a 20-30 mile radius of you.
Anyone and everyone can make this a business just be careful of putting yourself in a position where you may become desperate and will concede to the lowballers because your expectations my be more than the market can bear.
Doesn't matter to me...just sayin...
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Reply by KimH/FL on 8/14/12 6:13pm
Msg #430460
Re: Not to be a Debbie Downer, Kim, but before you jump right in
Thank you for the warning. Really. I've got my eyes wide open. After 30 years in IT, and seeing how all the jobs are going to India (including mine) my wife and I decided it was time for a change. Since I had experience with this, and we knew how hard it was to get a foothold and the advantages to this, it was worth the effort.
I have absolutely no intentions of lowering my rate. I have had a few try already, some met the rate and I did them, some didn't and they got someone else.... so be it..... The only way to force reasonable rates is for us all stick together... Right?
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Reply by Linda_H/FL on 8/14/12 6:29pm
Msg #430461
I will tell you this..you're not going to get triple digits
for the APP. - 50 pages? Most I get for those within my county is $85 - the closing, yes you get more...but you won't get closing fees for getting the app signed.
Good luck to you - and you may NEED to review your fees in light of the "supply and demand" factor - they have lots of notaries to choose from and, as Cheryl stated, numerous already established in business for quite some time.
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Reply by jba/fl on 8/14/12 7:23pm
Msg #430464
Re: I will tell you this..you're not going to get triple digits
Your first statement is not totally truel....I get triple digits for apps. and much more for the closing. But, I have been active for longer than we want those dust bunnies under the bed.
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Reply by Linda_H/FL on 8/14/12 7:25pm
Msg #430465
You're lucky...I've been offered triple digits exactly
once - I got $150 for an RM app - but I had to print 195 pages!!!
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Reply by BrendaTx on 8/14/12 10:20pm
Msg #430473
Before the SS got involved, these were routinely $150 n/m
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Reply by janCA on 8/15/12 8:42am
Msg #430485
Re: Before the SS got involved, these were routinely $150
$250 for me direct from lender. I won't touch them now, too much of a hassle.
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Reply by Jessica Ward on 8/14/12 11:41pm
Msg #430477
I get triple digits for apps all the time.
In my experience, they take just as long as the final closing!
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Reply by Delores Daugherty on 8/15/12 5:53pm
Msg #430592
Re: I get triple digits for apps all the time.
Hi,
I haven't done any signings on reverse mortgages before, but they have been offered to me. One that I ended up not doing for reasons out of my control had 205 pages, that was only the docs from the lender, that did not include the docs from title. Is that the norm on those types of loans?
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Reply by bfnotary on 8/15/12 6:56am
Msg #430483
Re: I will tell you this..you're not going to get triple digits
I actually have a reverse mortgage app this morning for 100. That is the first time I have been offered triple digits, When they called, I didn't have a chance to tell them 100. They jumped in and said we pay 100 for this app. And I said ok. Then jumped on here and checked reviews. Good ones. I think it was 4 star.
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Reply by Diedra/TX on 9/20/12 3:51pm
Msg #435155
Re: I will tell you this..you're not going to get triple digits
I just got a call for a reverse mortgage application and I asked about the fees. They said they fedex the docs to me, pay $75 for the app and then turn around and use the same notary for the closing at $125. I am thinking this is alright. I normally won't leave the house for less then 100 if it's closeby. Not sure what they expect me to do at the application bit, am I helping them fill it out or what? I have close quite a few of them, but not done an application before. I bit of help please?
Thanks in advance.
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Reply by Shoshana/AZ on 8/14/12 6:12pm
Msg #430459
Kim, I agree with Cheryl.
Why don't you test the waters before you jump in. This is not the same business that it was 6 years ago. Supply and Demand reign supreme.
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Reply by MW/VA on 8/14/12 7:47pm
Msg #430466
"Supply and Demand reign supreme". & we can't forget
Greed! These cos. make a lot of money on RM's, they just make sure they don't cut their own profit margin. I have a RM signing tomorrow. I saw the notes to the ss from the tc, "we only have $xxx for this closing". What a joke--the fee listed on the HUD for Closing Services is twice that amt. Too bad for us it's a "take it or leave it" kind of environment these days.
I'm still getting an ok fee (at least $50 less than used to be the norm), & it is a huge pkg.
I seem to do a lot of grumbling these days. LOL
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Reply by Don Courtney on 8/14/12 11:44pm
Msg #430478
Re: Supply and Demand - CA. perspective
The California notary population is down 40+% in the last 5 years.
Our notary / population density is the lowest in the US --by far.
Of course all these stats are from our esteemed leaders at NNA.
They even released these stats for free...hmmm.. so my theory could be all wrong
Seriously though, business is booming out here for established Notaries.
For both NSA & GNW work.
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Reply by A S Johnson on 8/15/12 9:02am
Msg #430486
Re: Supply and Demand - CA. perspective
"SS offered" $85. What happened to "my fee for this is $XXX".
It is my business and my business plan say I have to make money so to make money I must get this fee for offering this service to you.
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Reply by Pro Mobile Notary on 8/15/12 9:16am
Msg #430487
It is unfortunately that nobody else has bothered that if you do not have a loan originator's license on the federal level plus meeting your state's requirements for being a licensed loan originator IT IS AGAINST THE LAW TO DO A REVERSE MORTGAGE LOAN APPLICATION.
The new RESPA rules are very specific on this very issue. Take a reverse mortgage loan app and you could be fined up to $25,000 for each app taken. No, your E&O or any other type of insurance will not cover you as you would be breaking the law and as such you lose any protections you might otherwise have from those policies.
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Reply by JPH13/MO on 8/15/12 9:41am
Msg #430488
Agree with Pro Mobile - most of us shouldn't be doing these! n/m
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Reply by CentralNY on 8/15/12 10:07am
Msg #430489
Pro Mobile
that is very interesting. and when you think about it the lo should go through it with them and have them mail it back or something. they are a huge pain and the some of the elderly are usually clueless, suspicious or just plain difficult. as far as i'm concerned, can't pay enough to do an app.
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Reply by Linda_H/FL on 8/15/12 10:07am
Msg #430491
The last time you posted this you were asked by Hugh
for a citation for this information - you never responded.
Do you have a citation for this?
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Reply by sigtogo/OR on 8/15/12 10:26am
Msg #430495
agree Linda-pro mobile seems to do a lot of hit and run
postings. I have PM them a couple of times asking for clarification and never get a response either.
I would be very interested in a link to back up his post as I do obtain signatures for RM apps but I don't "take " the app.
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Reply by bfnotary on 8/15/12 10:31am
Msg #430497
Re: agree Linda-pro mobile seems to do a lot of hit and run
All I know, is I have only done 3 apps, and one time, they had docs already signed at their home. I just had to pick them up, make sure no missing sigs, and drop at fed ex. I never prepare any docs, and they have to do a councelling over the phone. All I am doing is collecting signatures. I myself would like to see proof that it is illegal. I have never heard that before, and some of the long timers have not either. This app this morning only took maybe a half hour. And 10 minutes of that was containing her daughters dog. I mean I have only done 3, and not for 50 bucks either. But I haven't ran into any problems as of yet.
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Reply by BrendaTx on 8/15/12 12:26pm
Msg #430523
Re: agree Linda-pro mobile seems to do a lot of hit and run
Msg #424221
Also, someone else asked for a cite in this message.
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Reply by Pro Mobile Notary on 8/15/12 5:36pm
Msg #430586
Re: agree Linda-pro mobile seems to do a lot of hit and run
If you do anything you are technically "taking the app" whether you choose to believe it or not is your problem.
http://www.newjerseynotaryassociation.org/NJNASAFEAct.html
That is the proof of the liability you are flirting with.
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Reply by BrendaTx on 8/20/12 10:35am
Msg #431103
Not exactly a cite. n/m
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Reply by Pro Mobile Notary on 8/15/12 5:34pm
Msg #430585
Re: The last time you posted this you were asked by Hugh
Here is the documentation you are asking for that says you are OUT OF YOUR MIND if you continue to do reverse mortgage apps:
http://www.newjerseynotaryassociation.org/NJNASAFEAct.html
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Reply by NJ_Notary on 8/15/12 12:12pm
Msg #430520
For the record PRO... I am in compliance and able to ...
complete them.... The real question is...Are You? Just sayin.... Happy signing today everyon.
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Reply by Pro Mobile Notary on 8/15/12 5:38pm
Msg #430587
Re: For the record PRO... I am in compliance and able to ...
We do not accept any orders for these reverse mortgage applications and never will.
Why?
We respect the signing agents that work with us and we would never knowingly place them at risk.
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Reply by Aredubb/CA on 8/15/12 4:45pm
Msg #430577
Here's the link to the California site:
http://www.corp.ca.gov/Laws/MLO/FAQs.asp
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Reply by Pro Mobile Notary on 8/15/12 5:49pm
Msg #430590
CA law does not supersede federal law Aredubb/CA
I have places a synopsis of the law as it pertains to signing agents and reverse mortgage application taking on our website. It was compiled buy Chrissey Ladd, Legislative Chair of the NJ Notary Assn and an excellent notary trainer.
http://tinyurl.com/9yf57s8
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Reply by SheilaSJCA on 8/15/12 6:51pm
Msg #430600
How ABOUT giving us the actual RESPA links, not to some notary associations take on this. How can you rely on anyone but the actual data provider,the actual rulings, etc...?
You still don't get it!
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Reply by Pro Mobile Notary on 8/15/12 7:03pm
Msg #430605
I'd be willing to bet SheilaSJCA probably never read the synopsis and all the very specific references to the RESPA regulations and the pertinent sections and sub-sections. All those RESPA references in the synopsis can be entered in a google search to be read.
No Sheila, you do not get it.
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Reply by jba/fl on 8/15/12 7:28pm
Msg #430609
Have you read them? You keep referencing this NJ gal, and her interpretation, but not any of your own work/cites.
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Reply by SheilaSJCA on 8/15/12 9:12pm
Msg #430623
habitually and repeatedly, AND offers or negotiates terms
The SAFE Act,which establishes minimum licensing
requirements for loan originators, is largely directed to individuals who are
loan originators as defined by the SAFE
Act.
definition of loan orginator per the safe act:
(b) An individual engages in the
business of a loan originator if the
individual, in a commercial context and
habitually or repeatedly:
(1)(i) Takes a residential mortgage
loan application; and
(ii) Offers or negotiates terms of a
residential mortgage loan for
compensation or gain; or
(2) Represents to the public, through
advertising or other means of
communicating or providing
information (including the use of
business cards, stationery, brochures,
signs, rate lists, or other promotional
items), that such individual can or will
perform the activities described in
paragraph (b)(1) of this section.
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Reply by SheilaSJCA on 8/15/12 9:16pm
Msg #430624
Actually I have read it, have you? ...the real safe act n/m
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Reply by James Morgan on 8/18/12 8:56pm
Msg #430989
I don't answer my phone for $50.
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