Posted by SLB SIGNING SERVICES, INC. - Sherry on 12/2/05 12:00pm
Msg #79878

SA's with REVERSE MORTGAGE EXPERIENCE NEEDED

We recently acquired a client who deals strictly in Reverse Mortgages. I am looking for any closers throughout the US who have experience with Revers Mortgages. If you would please visit our website at www.slbsigningservices.com, we would love to hear from you. When filling out our form, please indicate in CAPS that you have experience with REVERSE MORTGAGES so that we know to make your app a priority. Thank you in advance and we look forward to hearing from you!

Reply by Mike_NJ on 12/2/05 12:06pm
Msg #79881

Good Luck, I stopped doing them because it took up to much of my time for avg pay.

Reply by SLB SIGNING SERVICES, INC. - Sherry on 12/2/05 12:15pm
Msg #79888

How bad was the pay? I am trying to gauge and appropriate fee to charge for REVERSE MORTGAGES and was just curious.

Reply by Mike_NJ on 12/2/05 12:21pm
Msg #79892

The avg offer from a SS for an RM is 85.00 for overnight docs. The package size is about the same as a normal refi. Its the time it takes to complete the process, thats the killer.

they avg about 2 hours to do.

Reply by SLB SIGNING SERVICES, INC. - Sherry on 12/2/05 2:43pm
Msg #79950

Our fee would be $100 for edocs...do you think that seems fair? Just looking for opinions

Reply by PAW_Fl on 12/2/05 3:39pm
Msg #79977

I'm already getting darn near half again as much from another agency. $100 w/edocs for a HECM is too low, imo.

Reply by SLB SIGNING SERVICES, INC. - Sherry on 12/2/05 4:57pm
Msg #80001

If I do recall PAW I think that our fees didnt coincide on refis either. I think some people may think that $100 is fair. However, I do appreciate your opinion and post.

Reply by PAW_Fl on 12/2/05 5:10pm
Msg #80003

Depending on the lender, these packages can be huge (upward of 300 total pages) and take 2 to 3 hours to complete plus travel time. All for $100. You're right, our fees don't coincide.

Reply by CarolynCO on 12/2/05 3:44pm
Msg #79979

Giuve or take a little, that's around what I'm getting for overnight RM docs.

Reply by CarolynCO on 12/2/05 3:48pm
Msg #79980

Re: *Giuve* - where'd that come from?? = Give nm

Reply by Tina_MA on 12/2/05 2:01pm
Msg #79936

I've done many of these and they do take about 2 1/2 hours or more IF the LO is present.

I've found that many of the LO's make the process longer due to their explaining everything in a manner that scares the borrower, as the borrowers cannot understand the terms being used. I usually end up explaining the loan in terms they can understand so that we can move things along.

If the LO is not present, which does not happen often, it goes much quicker -- which I obviously prefer.

Reply by Charm_AL on 12/2/05 12:07pm
Msg #79882

OK Sherry! I'm in...and certified in R.M.'s

Reply by SLB SIGNING SERVICES, INC. - Sherry on 12/2/05 12:10pm
Msg #79885

Great Charm....What are do you usually charge for a REVERSE?

Reply by Charm_AL on 12/2/05 12:15pm
Msg #79889

Sherry e-mail me your ph number, I'll call you...N/M

Reply by SLB SIGNING SERVICES, INC. - Sherry on 12/2/05 12:18pm
Msg #79891

Re: Sherry e-mail me your ph number, I'll call you...N/M

888-362-3656 ext4

Reply by Ilona_OH on 12/2/05 12:28pm
Msg #79896

Re: Sherry e-mail me your ph number, I'll call you...N/M

How does one get certified in reverse mort.?Is there someone that has a course that can be taken? Anything else on the resume helps the home cause! TIA

Reply by Mike_NJ on 12/2/05 12:33pm
Msg #79898

Re: Sherry e-mail me your ph number, I'll call you...N/M

For Bank of New York you had to take a 1 day class for there RM loans.

Reply by Charm_AL on 12/2/05 12:37pm
Msg #79899

e-mail me Ilona...I'll send you the info....n/m

Reply by Elva Savage on 12/2/05 1:04pm
Msg #79908

Could you tell me how to become certified in RM - I am just getting in to the NSA business - I am NNA certified and certified with 123 Notary and I would like to participate in as much training as possible so that I am Professional in my business.
Thank you in advance for your help

Reply by CarolynCO on 12/2/05 12:57pm
Msg #79903

Sherry,
With this new client, is the LO going to be present during signings? With the one major TC I do RM's with, the LO is always present -- although he has a way with the older signers and puts them at ease, it probably also accounts for the signings taking 2-1/2 to 3 hours. E-mail me and I'll tell you what they pay me for the signings.

Reply by Charm_AL on 12/2/05 1:14pm
Msg #79915

No kidding Carolyn...

I've had a Wells rep at a few and he always explains Everything after I give them the doc to sign....makes for a long signing.

Reply by PAW_Fl on 12/2/05 3:26pm
Msg #79974

Re: No kidding Carolyn...

Why do you have the Wells MC explain the docs. I do lots of Wells and the MC is there, but she stays out of the way and lets me do my job. She does talk with the 'borrowers' before and after the signing, but is there to answer any questions that I can't during the process. Of all the HECMs that I've done, I much prefer to do the Wells than any others. The home owners are more knowledgeable about the product and the packages are the smallest I've seen (for HECMs).

Reply by Charm_AL on 12/2/05 3:33pm
Msg #79975

Re: No kidding Carolyn...

Trust me Paul, it's not my choice, he was apologetic at first, telling me that I was doing fine and he'll be quiet, but now that we've done a few together, it's like a tag team. It's his personality or something. He just starts explaining figures and such after the borrower has the doc placed to sign. I don't know what to say that wouldn't make anyone feel uncomfortable.

Reply by CarolynCO on 12/2/05 3:43pm
Msg #79978

Re: No kidding Carolyn...

Since it's the same TC, it's the same LO every time. The very first RM I did, he took charge. After that one though, he sits there quietly and only speaks if the Borrowers are getting timid or need the figures explained.

Well, back up. He doesn't exactly sit there quietly -- he chit chats a great deal with the Borrowers throughout the signing -- putting them at ease.

Reply by Julie/AZ on 12/2/05 1:00pm
Msg #79904

Sherry, I'm certified in Reverse Mortgages, and already registered with you. Give me a call, I've been doing these for a while now.

Reply by BrendaTx on 12/2/05 1:48pm
Msg #79927

Sherry, at our shared website http://www.texas-signing-agent.com there are around 25 notaries listed who cover a good part of Texas - around 1/2 of the counties.

We all have over 150+ signings and we all have plenty of experience with rev morts.

Reply by SLB SIGNING SERVICES, INC. - Sherry on 12/2/05 2:31pm
Msg #79945

Thanks Brenda...TEXAS seems to be the hotspot for this particular client so I will definately keep you in mind.

Reply by Charm_AL on 12/2/05 2:37pm
Msg #79946

Thanks Sherry....

After talking with you, I had to run out for nuggets! lol
Nice talking with you Hope to work together soon.

Reply by Judy Cobb on 12/2/05 2:51pm
Msg #79954

Sherry: signed up on your website. I am an experienced Reverse Mtg. closer in Oregon and cover 5 counties. I have one loan officer who only uses me. He likes how relaxed his borrowers are when I come and how they are at ease. As I understand, there is a cap on the amount allowed as payment by the government at $125. The signings usually take double and sometimes 2 1/2 times the usual time to close due to the persons age, health or questions to the lender who may or may not be present. Please advise. [e-mail address]. Thank you.