Posted by Lee/AR on 4/2/07 2:22pm
Msg #183387

Opinions wanted on RMs

Does anybody accept a signing for an edoc RM and is OK with not getting paid even a dime if it doesn't 'get thru escrow'? No show/no sign/no fund for whatever reason. You OK with this?
I'm not.

Reply by Brad/AZ on 4/2/07 2:57pm
Msg #183392

Unless I'm getting paid regardless, I don't touch it. That's just me though. My standard deal is to receive $X no matter what (this is the price that the title company always pays up to), then anything beyond that is put on the HUD and disbursed at closing. This way I will always get paid $X, and I only charge them over $X if it is an 80/20 or at two different locations, etc. As long as I get $X, then I don't really care if I don't get the extra $25 for doing an 80/20 or for separate signing locations.

You'll probably run into a lot of TC's that won't want to pay you unless it closes though. The way I look at it is that I did my job, so I get paid. If the LO set up a deal that they can't get an investor for, or if the borrower decides to back out, it's really not my fault. If the TC ends up out $X, then that's just a cost of doing business.

Reply by PAW on 4/2/07 2:58pm
Msg #183394

If you're not okay, then don't do it. Not a big deal. Personally, I do RM's for most lenders with this stipulation simply because the chance of not funding is really low. By the time you get to the table, the borrower has been through the deal and should be we versed in what's going on. I don't think have had a single one rescind in the past 7 years. I did have one that didn't complete the signing, but I still received my fee.

Reply by BrendaTx on 4/2/07 3:35pm
Msg #183397

Re: Opinions wanted on RMs - Ditto for Paul's comments

Never had one rescind. JMHO.

Reply by Lee/AR on 4/2/07 3:51pm
Msg #183398

Re: Opinions wanted on RMs - Ditto for Paul's comments

Wish I had your experiences, but I don't. So they pay me. Further.... and this IS interesting, I was told that 'B pays' form is for CA only. Does anybody really know? Including them.

Reply by Linda_H/FL on 4/2/07 4:41pm
Msg #183405

Re: Opinions wanted on RMs - Ditto for Paul's comments

Haven't had one rescind but had one where neither title nor lender could agree who was going to pay me - no one had ever had to address that issue (???) - ended up the LO paid me at the table.

Love RM's - have fewer questions and problems with RM's than with any other loan...IMO

Reply by Leon_CO on 4/2/07 4:16pm
Msg #183401

I do RM closings for a title company that makes the stipulation that, if the borrower cancels, the borrower still has to pay the notary fee. Fair? Right? I just present it to them. The borrower's have never had a problem signing the document. They **want** the loan. They'll even say, 'No, no, I don't intend to cancel.' I've never had a no-sign. I've never had one cancel.

Just a guess, but RMs probably have a very low cancellation rate. If they've made it to the closing table, then usully all of the requirements have been met, and all that's left to do is sign the documents. And with more and more fixed rate RMs coming into vogue, there will likely be even more satisfaction with them from the borrowers, and even more of them being done. See this recent article: "Fixed rates return to reverse mortgages", dated March 14, 2007

http://www.boston.com/realestate/news/articles/2007/03/14/fixed_rates_return_to_reverse__mortgages/

From the article: >> "Seniors who previously were put off by the adjustable-rate options will now have fixed-rate options, and seniors who previously did not qualify for a reverse mortgage due to insufficient loan proceeds will now be eligible." <<

Good luck.

Reply by Lee/AR on 4/2/07 7:37pm
Msg #183427

Guess you folks have better LOs than I. Had one rescind and 2 that would not have funded if I hadn't caught the mistakes. Yeah, yeah, I know "I don't know anything", but, in both cases the LOs were in attendance & missed a few little details & managed to get 'em fixed on the spot. No pay/No go. That's my business policy. Oh... and that form? Lawyers opinions may vary by state, but in AR, it isn't going to fly.

Reply by marlindog on 4/3/07 8:27am
Msg #183499

Hell no we wont go............Hell no we wont go!!!!!!!!!!!! n/m