Posted by Elizabeth Soliday on 8/22/06 11:14am
Msg #139905

pls. respond -My first Reverse Mort. application

I am getting $50 for this 45 min appointment. So far I have called the man to schedule and he had not yet received his mandatory counseling, then called again (on Saturday) and told him the time. Finally, the company rep. calls me and tells me elderly gentleman who is doing the app. has forgotten the time which I had already scheduled (which I already had a babysitter for) and wants to change it. I really feel like telling the company forget it. What compensation do others get for this type of service? Are these always a hassle?

Reply by Poppy on 8/22/06 11:30am
Msg #139909

Elizabeth,
This is to be expected when dealing with a Reverse Mortgage. You're dealing with the elderly (I hate that word since I'll be there none too soon) Anyway... If reverse mortgage's are a source of business you would like to pursue you will need an abundance of patience, be able to proceed with TLC and while not required I would suggest you familiarize yourself with the needs of the elderly and the services your county offers. (I hope I don't get greif for this) but you will see a vast array of needs and perhaps be able to offer a phone number or two that can provide assistance for someone who may really be in need of it.) Okay, off the soap box...
Yes, reverse mortgages will by nature of the type of borrower take longer and require additional skills. Price accordingly...
Brenda has a booklet if your interested in learning more and AARP has a lot of information as well.... Although not signing specific such as Brenda's....

Good Luck!

Reply by PAW on 8/22/06 12:05pm
Msg #139913

As a Reverse Mortgage broker, the application can be very time consuming, depending on the client. However, the lender or broker, imo, should be taking the app, not farming it out as you cannot interpret some of the questions for the borrower nor explain the effects of the answers that are needed on the RM app.

Now, $50 per app, depending on your costs other than spending the time with borrowers, may or may not be the right fee. Only you can determine what's "right" for you.

Reply by BrendaTx on 8/22/06 12:10pm
Msg #139915

I don't blame any notary for doing things to flesh out their business. However, I do blame a mortgage lender who cannot be bothered with going out to visit the clients for the loan app.

Reply by John_NorCal on 8/22/06 6:53pm
Msg #140001

I agree whole heartedly with Brenda. I have made posts about taking applications whether it was a reverse mortgage, regular mortgage, etc. It takes special skills to do this correctly in a way that the borrower will want to go through with the loan. Any lender who can not be bothered to meet and take the application themselves should not be in the business. This should not be a signing agents function.

Reply by Lee/AR on 8/22/06 1:37pm
Msg #139939

Elizabeth...Please do a follow-up post on this.

I have serious doubts that you'll get out of there in twice the time they say. Consider it a learning experience & you'll know what to charge the next time (if there is a next time---no slam at you--just the biz). I'd be interested in hearing your experience with this.

Reply by BrendaTx on 8/22/06 1:53pm
Msg #139944

Re: Elizabeth...Please do a follow-up post on this.

Lee, I agree. The only way I would do one of these, I believe, is to go after the LO had been there to answer questions, sell the loan and so-forth.

I perceive these people must be calling a number off the tv and being told that someone will be there to collect their info and get them started. Then, I'd guess sometimes these "leads" are sold for a premium to the brokers.

I don't like it. But, I have never done one.

All the above is conjecture. No self-experience on this at all.

Reply by Elizabeth Soliday on 8/22/06 2:58pm
Msg #139952

Hi, Thanks for all the comments. I haven't gone to the appointment yet because the loan package has not arrived in the mail (my appointment is in 1/2 hour) Oh well, right?

When I told the gentleman I could not change my appointment time he remarked "what is this world coming to?" as if he were the master of the universe. I can't say I'll be missing him. Hehehe

Reply by BrendaTx on 8/22/06 3:37pm
Msg #139963

I think it is funny that he said that, but you know...he's thinking he is the customer and you should snap to for him.

Good humor, "Master of the Universe."

His name isn't "He-Man" is it?

Reply by JM_NY on 8/22/06 5:20pm
Msg #139986

That is the way it was when he was younger.

Reply by Sandy_MD on 8/22/06 6:30pm
Msg #139995

I did my first application for a reverse mortgage not that long ago and it went really well. The lady was redoing a reverse mortgage that she already had, her appraisal on the house went up $30,000 from when whe first did the mortgage. It still took 45 min to do the application because I had to do most of the writing for her, she had had a stroke a few weeks before and her right side didn't always obey her. But all in all it was a good learning experience the next time I agree to do an application not only will I know what I am doing, but I definately will charge more.