Posted by SLM_CALIF on 10/17/05 9:41pm
Msg #70999

Wells FARGO HECM Reverse Mortgages

Has anyone completed on of these loan signings? I've done one before but it was a Wells Fargo. Wondering what others have to say about WF specifically!... Thanks

Reply by PAW_Fl on 10/17/05 9:51pm
Msg #71000

I've done a bunch. The Well's clients are very informed and going through the docs is pretty straight forward with no surprises. (Unlike some other companies.) Quite often, the local RM Rep from Wells meets me at the clients house, but stays out of the way and let's me do my job. She's there if there are questions though.

I usually allow a little extra time (and hour and half or so) for these with two signers, as sometimes it's a bit of struggle getting through all the papers. But others have had no problems and finished in 45 minutes. You just don't know until you get there.

Reply by ILNot on 10/17/05 10:29pm
Msg #71007

Agree with PAW: Wells FARGO HECM Reverse Mortgages

Just started doing these. I believe the borrowers must attend either a semiar or recieve some type of education regarding these loans before they proceed. I'd like to attend one of the seminars. The LO has never been to one of my closings but, they have all gone well with out incident. So far the borrowers have all been pleasant people who were happy to have someone in their home for a while. They do take a little longer.

Reply by Charm_AL on 10/18/05 11:44am
Msg #71039

I've done a few lately. The borrower must go to a counseling session to learn what the product is before the closing. I had a W.F. employee at one, and at another there was no one else there. Both went fine, just a little different than a re-fi and because they are seniors, they sometimes have more questions or difficulty understanding the docs.

Reply by MonicaFL on 10/18/05 5:22pm
Msg #71089

I have done quite a few of them. As for getting paid, I do the closings for Sylvia and ALWAYS, ALWAYS get paid in a timely manner. Wells Fargo seems to be the "reverse mortgage" company and I sure like working with Sylvia.

Reply by Sylvia_FL on 10/18/05 7:22pm
Msg #71097

Re: Wells FARGO HECM Reverse Mortgages - Monica

Thanks Monica
I also like working with you - you do a terrific job, which is why you are the first to be called in your area.