Posted by TN Notary on 7/14/05 1:23pm
Msg #52119

Reverse Mortgage

I had a call to do one. They someone who had experience doing them. Are they that different than purchase loans?

Reply by Brian/CA on 7/14/05 1:26pm
Msg #52121

There are alot of documents that are duplicated in the package. Two DOT, two Notes, etc.
Generally the borrowers are well verse in the terms. It may take longer, just because the borrowers are older, but I did one last week, borrower was 87 and we did it in 45 minutes.

Reply by Sylvia_FL on 7/14/05 1:37pm
Msg #52124

It depends on the company.
Most of mine are like Brian's, very easy, can do them in 30-45 minutes.
However I had a company call me about a year ago, saying they needed a signing agent for a reverse mortgage. I told them I had done a lot of them (I was doing two or three a week at that time). So they sent me the package.
I had never seen such a huge package! I got to the borrowers and he had a mortgage broker friend of his there to go over the docs with him. The mortgage broker said he had never seen such a package. Took over 2 hours!!! I weighed the package going back and it weighed over 3 pounds!

Reply by CarolynCO on 7/14/05 1:53pm
Msg #52134

The reverse mortgages I do are all throught he same TC. They are always large and normally take around two hours. The loan officer is always present, too. They could possibly be finished in about an hour or hour and a quarter, but the LO usually talks to them about family, the weather, this that and the other -- to just get them comfortable. I've learned not to schedule anything within three hours after the signing.

Reply by TN Notary on 7/14/05 1:57pm
Msg #52140

TY all.

If I was to take one would I charge more than the normal refi?

Reply by TinaG_CA on 7/15/05 10:17am
Msg #52443

I have done several. The companies that I've done them for don't have a lot of money for the Notary as they are keeping the costs for the loan down. I get paid about $15.00 less than my standard fee.

Reply by PAW_Fl on 7/14/05 2:01pm
Msg #52149

They aren't "duplicates". There is a first and second mortgage as well as a first and second note. They may look like duplicates but they are separate and distinct.

Did one last night, lady was 85. Took an hour and half. She was not too well informed and difficult to write her name. Besides that, they misspelled her name on all the docs. Her name was misspelled on title as well. Oh well, just another hum drum day in the life of a Signing Agent.

Reply by SamIam_CA on 7/14/05 4:05pm
Msg #52198

**they misspelled her name on all the docs. Her name was misspelled on title as well**

Just curious - did you have her cross thru, initial, re-print and then sign correctly? Or is that something that compliance agreement and e&o can fix?

Reply by PAW_Fl on 7/14/05 5:09pm
Msg #52216

Fortunately, in Florida (and I believe **only Florida**), we have an authorized way to show name variations within the notarial certificates. Her name was a different spelling (European) of a common name (US) so it was commonly misspelled. In our certificates, we use the following type of wording:

"... this 13TH day of JULY , 2005 by JAYNE M. DOE , who took title as and represented to me that she is also known as JANE M. DOE and provided a Florida Identification Card as identification in the name of JAYNE M. DOE ."

This matches the AKA and Name affidavits in the package that wouldn't get recorded with the mortgage. Obviously, the notarial certificates would be recorded with the mortgage.

Reply by Sam on 7/14/05 5:36pm
Msg #52227

Very nice feature for Floridians. Thanx!