Posted by peterole_MN on 6/11/05 12:55pm
Msg #43960

Rverse Mtg, LO Present and Docs with LO

Had a call to sign reverse mortgage at borrower's home with LO present. LO would bring the docs and then take them with him. Is that a common practice...first time for me. For some reason, I like to see the docs ahead of time. And, without not seeing the instructions, not sure who should be sending the docs back. The SS said they would pay $50, I asked for more and they gave the usuall response of: " I will check with my supervisor and call you back." I am still waiting for a SS to call me back from a similar situation last November.

Reply by Calnotary on 6/11/05 1:20pm
Msg #43962

How much more did you ask? 50.00 its very low.

Reply by peterole_MN on 6/11/05 2:22pm
Msg #43972

$75. It would have been a short 4 mile trip from my home. More interesting question is the issue of the docs coming and going with the LO. I have had LOs present during signing (don't like that but..) and in those cases I have had the docs and then take them with me at the end. Any feedback on that issue?

Reply by Nicole_NCali on 6/11/05 6:53pm
Msg #43998

Reverse mortgages are a bit more involved..$75 is cheap

I also hate when LO is present or signing at the bank with LO present. From what I have read and even reviewing the reverse mortgages, I think that $75 is cheap, so $50 is like highway robbery.

Consider what your are about to undertake and price accordingly.

Reply by HisHughness on 6/12/05 12:39am
Msg #44032

Re: Reverse mortgages are a bit more involved..$75 is cheap

For a signing service closing in Austin, my standard rate is $75. For a reverse mortgage, the standard rate is $90. They are a bit more involved, and many times you are dealing with borrowers who have physical impairments that delay the signing.

I've had the loan officer present on a few occasions. I have in the past deferred to them, and let them respond to any questions. Lately, it was suggested on this board that during a closing is an excellent time to display your knowledge to the LOs, so I think from now on out I will offer to handle all the inquiries myself.

Reply by Sylvia_FL on 6/12/05 7:10am
Msg #44043

Re: Reverse mortgages are a bit more involved..$75 is cheap

The Wells Fargo Reverse Mortgages are easy and about the same amount of dpcs, or less, than a regular refi, so I will do those for my base fee.
But there is one company that has a reverse mortgage that is a huge package. I accepted a Reverse Mortgage signing from a company, and as I had only done the Wells Fargo ones I thought they were standard reverse mortgages! But the package was huge. Instead of taking the 45 minutes the Wells Fargo usually take me, this one took over 2 hours. And the package going back weighed over 3 pounds.
Now if I am called for a Reverse Mortgage I ask who the lender is, if it isn't a Wells Fargo then I charge more.

Reply by CarolynCO on 6/11/05 7:30pm
Msg #44004

Every reverse I've done, the LO was present. The first one, the guy took charge, which I felt was OK, because, I sat back and listened and learned a lot. I always bring my own loan packages and he always brings some more docs that are not in my package that always need notarized. I include his docs in the package with mine, and I FedEx them. All of my reverses are through the same company, so the same LO is always present, which doesn't bother me because now we know each other. From the second one on, now he just sits back and doesn't get involved until a question comes up re figures, i.e., how were they calculated, etc., or something that could be construed at UPL.

Reply by PA Notary II on 6/12/05 10:15am
Msg #44047

Re: LO Present

My daddy in law had his own welding shop some yrs ago specializing in trailer hitches. He had a large sign in his shop which reminds me of having a LO present at closing. The sign read: trailer hitches installed.....$100.....if you watch....$150....if you help....$250.00

Reply by CarolynCO on 6/12/05 2:39pm
Msg #44081

Re: LO Present

I still don't have a problem with the LO being present with reverse mortgages. If you've never done one, you can learn a lot from them, and if you have done them, you can still learn a lot -- additionally, as I've said previously, you can fall back on them to answer questions you either don't know the answer to, or questions that you are not allowed to comment on. As Hugh pointed out, as long as its not UPL, you can impress the socks off of the LO, and who know, you may just get the loan company to begin calling you directly.