Posted by Carmi Salvador on 11/3/07 7:46pm
Msg #219617

Reverse Mortgage Closings

I've never done reverse mortgage closings. Are you suppose to ask for an additional fee to perform such closings?

Reply by jba/fl on 11/3/07 8:00pm
Msg #219619

Carmi: there are many posts on this site regarding fees,

how to do stuff and so on. One of the first things that you need to do, according to what I keep reading from your posts, is to discover what the orange Search button is for, then try looking things up from time to time. When you look up a word in the dictionary, you will remember more about that word than if I tell you what that word means. There is something about digging for yourself that gives more than just muscles.

Either you are taking a test and fishing for answers, or you are wanting someone else to write your business plan. Please dear - do your homework. If you don't find anything about RM's in the posts, then ask, but there are many who have ideas, thoughts etc that they have already given here and you are ignoring possibly great ideas and thoughts by not looking for yourself.

Now, (since I may be accused of it and have not been) for the snide remarks: If you don't have a thought for yourself, go to 'Just Politics' and get on the cut and paste bandwagon w/H and Me too.

Reply by Carmi Salvador on 11/3/07 8:06pm
Msg #219621

Re: Carmi: there are many posts on this site regarding fees

I'm sorry about that. I don't mean to bombard you all with questions. Don't worry . . . I will do what you suggested before asking in this forum. I'm fairly new to this site and not yet familiar with all the options available. Thanks for the advice. I really appreciate it.

Reply by Carmi Salvador on 11/3/07 8:50pm
Msg #219631

Re: Carmi: there are many posts on this site regarding fees

I went to another forum and found out that some charge an additional $30 or $25.

Reply by JK/TX on 11/3/07 8:19pm
Msg #219624

jba/fl...................thanks for the flashback...

**When you look up a word in the dictionary, you will remember more about that word .... ***

I remember my dad telling me that when I was a small child ...." To this day, I still know how to spell rabbit !!

Reply by jba/fl on 11/3/07 9:24pm
Msg #219632

my parents too! Always, no matter how rushed, tired, etc. n/m

Reply by Carmi Salvador on 11/3/07 8:28pm
Msg #219625

Re: Carmi: there are many posts on this site regarding fees

Okay . . . I spent a good fifteen minutes reading posts about reverse mortgages. Majority is saying to charge more because it's a lot more paperwork and it takes more of your time. It didn't, however, specify how much more. Some mentioned how much they charge but without knowing their base fee, I won't be able to figure out how much more they are charging.

Reply by Charles_Ca on 11/3/07 8:32pm
Msg #219628

Those posts should tell you how much more work it is

No one can tell you ahmuch you should charge. You need to have an idea in your what your charges are to cover you costs, your time and a little profit: most people refer to this as your busines plan but some object to having one for such a simple little business.

Reply by jba/fl on 11/3/07 9:44pm
Msg #219636

Carmi: regarding fees

I don't charge any more for RM than anything else. As some one else said not so long ago, sometimes they take longer, sometimes not, and they just feel it all averages out in the long run.

Some signings just take longer depending on bor. I've had refi's go 4 hrs. and RM's go 30 min. Most telling is LO: if they do their job, their bor. is totally prepared to sign, period. Most RM's I do are for a particular LO, altho I do lots of others too. With few exceptions, LO's have been at the signings, they have helped me point and sign, and when I am done, they chit chat w/bor and go over any sticking points. Bor. for RM's have to have counseling about these loans prior to getting the loan, thus they are savvy. Of course, there are always variables, and sometimes you may have someone who isn't as quick signing their name as the average person. You just never know until you are there.

I had 2 last week - one was about 30-45 mins and the 2nd was 1.5 hours. The second had her dau. there keeping her mom on track, but the woman was just tired (not to be confused with addled, because she was sharp as a tack) from a long day of waiting on me and the docs. Was for 3pm, ended up 8pm. Since it was my last appt of day, I kept letting her take breaks to keep her calm. The LO was there, so that also gave me time to strut my stuff, while being compassionate and caring. Dau. very happy, LO happy, Bor. happy = me happy and lender happy. That is the objective.

Reply by Charles_Ca on 11/3/07 8:28pm
Msg #219626

"cut and paste bandwagon w/H and Me too" Ouch! ;) ROTFL n/m

Reply by jba/fl on 11/3/07 9:26pm
Msg #219633

Chas: just an echo, cho co (haha) n/m

Reply by Yowheelz on 11/3/07 8:04pm
Msg #219620

Forms are different but if you take your time and make sure you notarize properly you will be ok. It's not our job to explain the docs, just verify id's and make sure acknowledgments are done properly. I do not charge extra for reverse, the few I have done had less paperwork than some of the refi's.

Reply by noteclub/MD on 11/3/07 8:37pm
Msg #219629

I did a reverse mortgage app the other day, it took upwards of 3 hours bec the senior was very hesitant, she didn't understand anything and her phone kept ringing. I also had to be sure she had copies of homeowners's insurance, cc info, deed etc.....which eventhough I told her in advance what she needed she still had to get these things together.... so that took up more time. I was told by the company that if all the components were there I would even get a bonus on top of my fee.... we'll see.

So yes I would charge more.....


RM

Reply by MichiganAl on 11/3/07 9:39pm
Msg #219635

If you need some info on R.M.s

I have a couple of tip sheets that can help you. E-mail me, [e-mail address]. I'd highly recommend e-mailing Brenda Stone and getting a copy of her e-book book as well. Well worth the ten bucks.

Reply by CopperheadVA on 11/4/07 6:01am
Msg #219645

I've done one RM and I didn't find out it was an RM until the e-docs came. I had already charged my regular fee and since I had never done an RM before, I went ahead and did it to get some experience.

I get there and B is there with two of her children. BUT, we have to wait for the other daughter to get there since she was the one who had been speaking with the L/O. They also thought the L/O would be there - NOT! B would not even sign my notary book until her daughter had arrived and had spoken to the L/O. B and family members DID NOT understand the documents and although I have a general understanding of how RM's work, I was not about to try and explain the docs or the numbers - that should have been done by L/O prior to my arrival. B and family members were completely uninformed and I highly doubt they had received any RM information counseling. It took a while to get a hold of L/O so I was waiting through that and also for quite a while as L/O explained things to B's son over the phone.

The appt took 2 hours and 15 minutes. I certainly should have charged more.

Reply by BrendaTx on 11/4/07 6:48am
Msg #219647

My advice to people new to the RM world is to figure you'll be doing $25 more work in 90% of the appointments.

Borrowers have to get settled down at the table which takes a few extra minutes. No big deal. But, then the phone calls start. You and I would ignore the phone if we weren't in business and needed to focus on the task at hand. Not so for the senior citizen of my mother's polite generation. The phone ringing might be The Bobby Pin calling about her Thursday hair appointment, or it might be that boy who traps those wild hogs that keep rutting up her yard. (Obviously, neither of those know how to leave a message on her answering machine and even if they did that thing doesn't work half the time, you know.)

Oh Lordy and if the appraisal didn't come in as high as they thought it should have there's five minutes of discussion on how that fella didn't know what he was doing. Then there's the long and convoluted discussion (ten minutes) explaining how the surveyor got it all wrong, how long that set back the closing date, and if the LO's there, he/she has to offer apologies yet again.

Just try to schedule your appointments around them going to square dancing or lunch at the Sr. Citizen center. Give them 1 and 1/2 hours before their event. They will need to leave 1/2 hour before hand (even if it is next door--seniors don't EVER want to be late). If it is in the evening, try your best to schedule before the Wheel of Fortune or before the news. That also will move things along.

Arrive punctually or be aware you will become part of their horror story on how things didn't go exactly as planned.

All in all, enjoy the trip and the rev mort borrowers. They are delightful people and you and I should learn to live life so gracefully against so many odds.

Tip: Find out if the rev mort LO will be there. If they will be DO NOT CHANGE the time unless you keep them in the loop. If you do change the time, they will appreciate knowing this. They may decide not to come...however, you'll miss a huge opportunity to become their go-to-person unless you botch the assignment. Consider this when rescheduling to fit more signings in. Two good LOs can keep you busy and are VERY loyal. The only loyalty I have found in this business.

Tip: Ways to botch? Being insensitive and show a lack of intuitive ability to go with the flow. Don't correct the LO, don't try to be too amusing or jokey. The LOs hate the comedy routine. Don't tell the borrowers that the Deed of Trust means that their lender can foreclose on the house. (Yep, I had a horrified LO tell me about a "funny" notary who mentioned this.)

Tip: This is one place that age is a bonus. LOs tell me that the gray streaks in my hair make me seem more credible to the borrowers. So do my "cheater" glasses. Slipping those on during the signing make me seem grown up enough to know what's going on.

Tip: Recognize that the Note and Deed of Trust in an RM has numbers in it that has nothing to do with the reality of the numbers on the HUD and the money that is being distributed to the borrower. Get very familiar with the documents.

Tip: I do 99% Financial Freedom and Wells Fargo RMs. These LOs have always (without fail) wanted me to have the senior sign the invoices where they had improvements, repairs and upgrades done to their homes. Also, the insurance bill, and tax bills if they are paying off taxes. Some packages have as many as five or so. Have the senior sign them to show they've seen them. Most of the time there is a X_____________ for the borrower to sign them, but if not, I have them sign anyhow because that's how I have been instructed repeatedly.

Finally, be aware that sometimes you might run into four or five kids at the table who want to ask questions. Have the LO number where you can reach them if need be.

I enjoy EVERY RM I do. I don't stress over the extra time because I charge enough. And, believe me, if you ever get into contact with an LO don't low-ball your fee to them. They will think you are a nut job. Keep the fee discussion with the title company. The LO doesn't care and thinks anyone willing to drive, stay, and show professional patience for the $80 they offer to the LO to undercut their neighboring notaries is just what they are...inexperienced, desperate, undercutters. (First hand remarks from LOs.) An intuitive, smart notary knows how to navigate the RM maze. Where the mouth is concerned...less is more. The notary doesn't need to be the "star" -- everything should focus on the borrower.

Reply by MotoNoto on 11/4/07 8:17am
Msg #219649

Get Brenda's book

Its only $9.95 and its an invaluable resource on reverse mortgages.

Reply by Yowheelz on 11/6/07 3:29pm
Msg #219939

I must have just lucked out on my rm's though I must admit the borrowers were not that old and seemed quite well versed on what they were signing. The rm's I have done went quickly and smoothly with minimum fax backs and no additional items to collect at closing.

Reply by Laura Vestanen on 11/4/07 12:15pm
Msg #219654

I charge $300 - - n/m

Reply by Jacqueline Dyson on 11/4/07 8:32pm
Msg #219691

Re: I charge $300 - -

With all due respect because you have earned it and truly deserve it. In this case I must say "shame on you Abby!"