Posted by docs1954CA on 11/19/07 1:48pm
Msg #221994

Bancserv & Countrywide reverse mortgage deal

I received an e-mail today from Bancserv announcing their new partnership with Countrywide to close reverse mortgages.It sounds like you have to go through their " special" training program to be " approved" . Bancserv is known for their quick payments and lowball fees, so I wonder how little these will pay.

Reply by docs1954CA on 11/19/07 1:50pm
Msg #221995

Here's most of the letter in case you weren't special enough to get it.

Dear Signing Agent,



*****WE HAVE A NEW SIGNING OPPORTUNITY FOR YOU*****



We’re excited to invite you to join us in servicing an expanding area of business for Reverse Mortgage loans! As we’re sure you’re aware, Reverse Mortgages are one of the fastest growing financial products in our industry today and your ability to service these loans will give you the opportunity to grow your own business. Bancserv has partnered with Countrywide Bank on a new channel of Reverse Mortgage business and in preparation we are bringing you a customized training program that will give you a better understanding of this unique product. Not only will it educate you on the general characteristics of Reverse Mortgages, it will also inform you of Countrywide’s specific requirements, which will enable you to handle their signings with confidence and ease. You’ll learn about a newly designed Application Signing that’s just being introduced, as well as special things to consider when dealing with senior borrowers. Both Countrywide and Bancserv want to ensure the best possible signing experience for these borrowers. The program also includes conducting the Loan Signing, so your participation doubles your signing opportunity!

Reply by Carmi/CA on 11/19/07 2:20pm
Msg #222005

Got the same email and I was wondering

how they will pay for RM signings, too.

Reply by jba/fl on 11/19/07 2:25pm
Msg #222007

"The program also includes conducting the Loan Signing, so your participation doubles your signing opportunity!"

Does that also double your signing fee?

Reply by Phillip/TX on 11/19/07 2:29pm
Msg #222008

Highly doughtful! n/m

Reply by EastTxNotary on 11/19/07 4:30pm
Msg #222026

Basically, it should. I get a nice fee for the RM applications I do and I earn it. I feel the application takes much more time than the signing. So many of these folks don't understand things like the Insurance Declaration page and therefore I have to work with them to find it, or to help them by having them call their agent and have the agent fax it to me so it can be returned in the package.

Understanding how the RM works is very helpful when closing time comes because no matter how much they're counseled and how much they like their LO, they still ask questions because it just sounds too good to be true.

I LOVE doing RM's. I have met some of the most wonderfully entertaining and intriguing folks. One couple I closed....SHE couldn't hear and HE could barely see and yet they were laughing and joking around...it was almost like a party!

Reply by Therese on 11/19/07 2:29pm
Msg #222010

I would think this would be a prime opportunity to stick together
and not accept any low ball offers.

Reply by ME/NJ on 11/19/07 2:08pm
Msg #221999

Not worth it IMHO unless its $$$$$

The time it takes to do a RM is 2 hours or longer so it kills alot of my time which I can make more or the same money doing other things.

SS's want to pay the normal refi rate for them, Noooo thank you find someone else.

Reply by Phillip/TX on 11/19/07 2:15pm
Msg #222000

To much hand holding by BancServ too! No thanks! n/m

Reply by Yoli/CA on 11/19/07 2:18pm
Msg #222003

I received the same email today.

Guess that answers my questions ....

Reply by kate_nortca on 11/19/07 5:41pm
Msg #222042

Re: I received the same email today.

For what its worth Bancserv seems to have become a bit disorganized. At least in my recent experiences. A few weeks ago I was discussing with a couple of other posters how for months and months they kept asking me for another copy of my commission. Even though it had been sent to them twice. Then recently they felt a sudden urge to have a copy of my drivers license on file. I just ignored that email totally. I have to say it did not bolster my confidence in them at all on a number of levels. Not the least of which was that according to them they could not give me work without a copy of my commission. Yet my file was active enough they needed to 'update' my drivers license? Makes no sense at all.

Kate