Posted by Linda_H/FL on 11/26/06 9:41pm
Msg #162173

Reverse Mortgage Applications

Was contacted last week to do one of these Wednesday morning - anyone able to tell me what's involved? Anything special I should be aware of? TIA

Reply by Larry/Ca on 11/26/06 9:57pm
Msg #162174

If the borrower is fairly with-it these are easy. Informational documents for them to fill out and usually you must collect a few records from them and return with the package. Borrowers I have had were well versed on what was going on as they had their mandatory consultation prior to me showing up with the application. I only get $50 for the application so I'd rather do the signing for which I get $125. There are no notarizations in the application. I've done less than a dozen of these, perhaps others have had different experiences.

Reply by Linda_H/FL on 11/26/06 10:02pm
Msg #162176

Thanks Larry - I'm also getting $50 for this one because (a) it's my first one and (b) they promised me the signing and met my fee for that..

I figured it was fairly straightforward but thought I'd ask here..thanks for the input.

Reply by BrendaTx on 11/26/06 10:17pm
Msg #162179

**Thanks Larry - I'm also getting $50 for this one because (a) it's my first one and (b) they promised me the signing and met my fee for that...**

That's interesting...I'll be interested to hear others comment on it, if they do.

Reply by Leslie_Mo on 11/26/06 11:24pm
Msg #162185

I've done a couple of reverse mortgage applications for Financial Heritage. First they hire you as a part time employee in a loan officer position. They let you decide on 1 of 2 pay options. One - you get $125 per application and an additional $50 if the paperwork is correct and the loan goes through. The other option pays $200 and an additional $50 when the loan goes through, but if the loan doesn't go through, you aren't paid anything. With this company, you can't also do the loan signing for any application you've helped a borrower with because you were the loan officer and that would be a conflict of interest. I think $50 is low for a loan application due the time you may spend "assisting" potential borrowers. JMHO

Reply by BrendaTx on 11/26/06 11:59pm
Msg #162191

Re: Reverse Mortgage Applications-Enlightening, Leslie. n/m

Reply by Linda_H/FL on 11/27/06 8:04am
Msg #162208

You may be right Leslie - but I have no intention of becoming employed as anyone's LO. If that's their intention then they'll need to find someone else.

Reply by Kate/CA on 11/27/06 10:00am
Msg #162237

I totally agree

I have done applications for them, I questioned my doing the signing also, as I thought it was a conflict of interest. They checked with human resources and agreed. I have been doing them for nearly a year. I get alot more than $50.00. I get more for the appliction, than I would for the signing.

Reply by TitleGalCA on 11/26/06 11:31pm
Msg #162187

Try a search.

Thread 154270 came up first.....but there's more. Try a search using your membership here. LOTS of great information.

Reply by Linda_H/FL on 11/27/06 8:08am
Msg #162210

Re: Try a search...thank you - I did

and the post you cited is geared more toward the actual closing presentation - I was asking about taking the application..and when searching I never did find anything on point about that - which is why I posted.