Posted by REE_NJ on 3/9/07 7:20pm
Msg #179263
Reverse Mortgages Fees in New Jersey
Is there a new NJ state statute which states the signing agent can only receive $125 now?
I have asked for a copy of this state statute from the company but I have failed to receive it. Or is this because they want to reduce the SA's fee because they are only allowed to charge a certain amount as a title company?
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Reply by MikeC/NY on 3/9/07 7:30pm
Msg #179265
Only thing official looking I could find is this:
http://www.nj.gov/dca/hmfa/consu/owners/revers/
Item 7 says the closing costs should be normal and reasonable - nothing there that limits the amount specifically. If they can't supply a specific cite to the law, there's a pretty good chance it doesn't exist.
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Reply by James H. Lissemore on 3/9/07 7:43pm
Msg #179268
1. There is no such thing as a signing agent in New Jersey.
2. The state mandated fee is $2.50 per notarazation
3. Notary may charge travel fee
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Reply by ME/NJ on 3/9/07 7:44pm
Msg #179269
You have to charge the state fee for the notary acts, travel fee, edocs what ever you want to call it is up to you.
RM's are a PITA and take 2 hours or more.. I was trained through Bank of NY for them years ago.. Not worth IMHO The one company that gave them to me stopped because I raised my fee due to the time factor needed with them.
Edoc RM -175 min
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Reply by James H. Lissemore on 3/9/07 7:51pm
Msg #179270
The time depoends on the borrower. A lot of forms. Borrowers are over 62 and sometimes they have emotional problems with the trasaction. You need patience.
It is a business transaction and it is expensive for the borrower. You are entitled to your fee.
Don't do the lender any favors.
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Reply by REE_NJ on 3/9/07 8:20pm
Msg #179277
Thanks to everyone that replied. I appreciate it. I have been conducting RM signings for a little over a year. I have been paid $175-200. Now, the company is trying to claim some state statute which is mandating the fees they pay to the NSA. I read and research alot so I thought I missed something.
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