Posted by Leon_CO on 2/2/07 7:51am
Msg #173721
Reverse Mortgage "Training"
I would like to encourage notary signing agents to think twice about paying companies and/or entrepreneurs for Reverse Mortgage "training". In my opinion, the only people who need reverse mortgage training are loan officers.
Anything that a notary signing agent needs to know about these loans can be found on the internet. There are a lot of sources of free brochures. And it doesn't require much searching to find it. But there really isn't that much difference between Reverse Mortgage loan packages that warrants any special training. Especially not the kind that would require purchasing training materials from someone.
I have done many of these, and in each one I have found that either:
1) the loan officer was present and explained everything to the borrower (and the borrowers have already attended a counseling session on these loans),
2) the free set of reverse mortgage loan documents that I downloaded helped,
3) the signing service provided detailed instructions on reverse mortgages (i.e. SigningPro), or
4) the title company provided all the necessary information about the loan.
But with the exception of the 2 Deeds and 2 Notes, and a few other documents, you really won't see much difference between a Reverse Mortgage and a conventional loan. And you should have ample time to study the documents before going to the closing. It's possible, but I have never done a short-notice reverse mortgage closing. And while I'm on the subject, it doesn't take an unusually long time to complete the closings. I listen to the war stories, nod my head, smile, and stay on task.
I am mentioning all of this because I discovered this morning that a well known author/entrepreneur of notary training materials will be coming out with a Reverse Mortgage Training program. A few things you can be sure of: it will cost you a lot more than what it's worth, and it won't tell you anything you couldn't have learned on your own. I won't mention her name, but if you've been around a while, it Ring's a bell.
Instead of training, focus on how you will market yourself. The first time I did a reverse mortgage, it wasn't because of any type of training I had, or any kind of certification that got me the closing assignment. Get experience. Start by signing up with the right companies. Not all signing companies are into these. One signing company told me they had no interest in them. I'm sure they'll eventually change their mind.
If you're going to spend any money on Reverse Mortgages, invest it in soft grip pens (black or blue ink, of course) that are comfortable to write with. Have patience, understanding, and compassion. You'll do just fine.
Good luck.
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