Posted by ML/PA on 4/28/06 2:25pm
Msg #116591

Taking reverse mortgage applications

Has anyone been contacted to meet with borrowers for reverse mortgages to take the application and collect paperwork? And if you are or have done it I would appreciate your comments. I was contacted by a reverse mortgage lender and it sounds interesting, but I am a little leary.

Reply by Kim_FL on 4/28/06 3:40pm
Msg #116613

You may want to check the mtg broker laws in your state. In Florida, to originate a loan you must have a mortgage brokers license or be on the Principal Brokers payroll as a regular employee, not an independent contractor. I am not familiar with reverse mortgages, so take my info with a grain of salt.....

Reply by ML/PA on 4/28/06 3:56pm
Msg #116615

The LO has supposedly already spoken to the borrowers and overnights the application and disclosures to me with instructions on what needs to be signed and to collect copies of Dl, Homeowners' policy, etc. The company actually hires you as an employee. Someone out there must have been contacted to do this. Please , I need your input before I make a decision.

Reply by janCA on 4/28/06 4:11pm
Msg #116620

I've done several of these. If you want to know more, please email me.

Reply by Kim_FL on 4/28/06 4:16pm
Msg #116621

So, basically you are just picking up the 1003? If you do a search for message #15097, it may help with some of your questions.

Reply by janCA on 4/28/06 4:18pm
Msg #116623

No, there is more involved in the application process of a reverse mortgage besides the 1003.

Reply by Ernest__CT on 4/28/06 4:44pm
Msg #116626

Kim_FL: Wrong message number?

Message 15097 doesn't have anything to do with reverse mortgages. Would you please post the one you meant? Thanks!

Reply by Ernest__CT on 4/28/06 4:46pm
Msg #116627

janCA: Please post a little info here. TIA

We'd all appreciate your help!

No need to write a book, just share some info so that we can talk intelligently.

Thanks!

Reply by Anonymous on 4/28/06 4:49pm
Msg #116628

Thanks Jan. I just e-mailed you.

Reply by Kim_FL on 4/28/06 4:54pm
Msg #116630

Re: Ernest

Sorry my message wasn't clear, it's been a long day. I was assuming reverse mtg broker just wanted the notary to p/u the 1003. So the message # was in regards to 1003, not a reverse mtg.

Reply by Ernest__CT on 4/28/06 4:55pm
Msg #116631

Thanks for the clarification! n/m

Reply by ML/PA on 4/28/06 5:15pm
Msg #116634

Jan, did you get my e-mail? n/m

Reply by LkArrowhd/CA on 4/28/06 6:01pm
Msg #116647

Re: Taking reverse mortgage applications -Well if you mean

assist in application process, I have been contacted to do this, in my case it was a simple matter of collecting information, personal forms from the borrower, you weren't giving advice, you were arriving with docs, the information the lender wanted was all data the borrower knew about themselves. I felt I was just there to deliver, and collect the forms the lender wanted. Not complicated in my case.

Reply by janCA on 4/28/06 7:26pm
Msg #116657

Re: Taking reverse mortgage applications -Well if you mean

You are right. There is just a lot of paperwork and many times you will be the one filling out the information because some of these people are quite elderly and have a hard time doing it. Of course, they have to sign the document. You also need to have a "traveling" copier as most applicants do not have access to one. When I first started doing these, I would have to take all the necessary documents and find somewhere to do the copying. So it's much easier to have a lightweight copier and at the end of the app. process either bring the copier in or if you have it hooked up in your car, do it there. You should always allow at the very least an hour and I allow two for these assignments. If the applicants have any questions that I can't answer, their counselor is always usually available.

Reply by janCA on 4/28/06 7:33pm
Msg #116659

Let me elaborate a little bit more

Many applicants are very nervous when I arrive. I let them know up front that just because they are signing documents does not obligate them in any way. This is just the beginning process of establishing whether or not a reverse mortgage will work for them. This really puts them at ease.

Reply by ML/PA on 4/28/06 8:01pm
Msg #116665

Jan, Are you considered an employee of the company?

The company that contacted me does. And all the paperwork reflects that.

Reply by janCA on 4/28/06 9:09pm
Msg #116691

Re: Jan, Are you considered an employee of the company?

Yes, they do. In other words, they don't want you doing this for anyone else, plus, and I asked them about this, your title is LO. I was told that you have to have that title for HUD. When I speak with the applicants I just say that I represent so and so and I will be starting the application process for them. I don't refer to myself as an LO, because I'm not.

Reply by LkArrowhd/CA on 4/28/06 11:15pm
Msg #116708

Re: Jan, Are you considered an employee of the company?

Also one might mention with reverse mortgages many of these retirees have spoken wih their children/close trusted family friends at length on the subject. The reverse mortgages I have done they have been pretty well informed. Also Jan in regards to a portable copier, yes a small unit brought into the borrowers house can be must useful.

Reply by ML/PA on 4/29/06 6:44am
Msg #116735

Thanks Jan and LK for the info! n/m

Reply by Pat/VA on 9/17/06 6:10pm
Msg #146635

Re: Taking reverse mortgage applications -Well if you mean

Did you get the borrower's signature on every page or did the LO indicate to you specific places? HELP