Posted by CLOSERS LLC - JAS LOAN on 11/12/06 5:21pm
Msg #159357

Reverse Mortgages

I have done quite a few of these mortgages where the lender is Wells Fargo. The problem that I have come accrosse just recently is at the last minute the title company calls the signing company and says they will be email docs. The straw that broke the camels back for me was when I was 10 minutes from the borrowers home and they call and tell me they will be emailing the docs. The loan is due to close in 25 minutes. It took me 45 minutes to get to this borrowers location to start. Has anyone else had this experience. I can tell you that I told the signing company that I would do no more for Wells Fargo's Reverse Mortgages for less than $100.00 and their 1st reaction was they laughed until they realized that I was serious. These are the ones where the loan officer is present and he presents the docs and you just watch and double check for 1 hour. He has to explain the docs all over again.

Reply by BrendaTx on 11/12/06 6:00pm
Msg #159364

Re: Reverse Mortgages - Charge more than $100 for that

kind of distance. Minimum $150. Seriously, Jas Loan.

Reply by Jason on 11/12/06 6:05pm
Msg #159368

Brenda is right re $

I chg $125 for revmort when o/n docs, 15 minute max drive o/w.

More for edocs, distance, etc.

RMs take longer b/c elderly have lots of ? As they should

+ lenders make tons of money on RMs. They can afford excellnt nsas.

Wells Fargo has alwyas been cheap. Tell them to pay 4 good svc or be sacrificed to a notary who doesn't know what the heck he is doing.

Stand yr ground.

Reply by cntrlcalntry on 11/12/06 8:24pm
Msg #159409

I also agree

That $125.00 for o/n on a R.M. is fair.
Wells Fargo packages are by far the largest.
Did one with a p.o.a. that took three hours and also
assisted on another with bilingual (sp) friend of mine that
also took as long. Generally, I allow two hours for each
of these so that is a very fair price.

Reply by Jenny_CA on 11/12/06 8:55pm
Msg #159416

Re: I also agree

As soon as I get settled in into my new office I am going to research further RMs. So far the ones that I am aware of are the HECM, HOME KEEPER and the JUMBO LOAN ( thanks CntrlCalNtry for making me aware of the other two).

Does anyone else know of other RMs I can research? Also would you say they all take approximately the same amount of time? I know that in Spanish it will take extra.