Posted by Linda_H/FL on 9/17/07 11:42am
Msg #211516

Reverse mortgage applications

Just got a call to do a RM App Wednesday AM and they'll give me the signing when it closes .... "is $30 okay?"....ummm...nope...

Sigh..

Reply by Dennis_IN on 9/17/07 12:26pm
Msg #211520

I have done several RM apps...usually 125. They take so long to get info/ signed...nothing to notarize and I have a scanner & printer in my car...they never make copies or information required to pick up, and I had one try to give me his current mtg bill..over all not a bad deal for the right price

Reply by Hugh Nations Signing Agents of Austin on 9/17/07 12:26pm
Msg #211521

While reverse mortgage applications are not as time consuming as the closing itself, my experience is that they take about as much time as a normal closing for anything but some of the bottom-feeding subprime lenders who try to hogtie borrowers with every self-protecting document ever conceived by lawyers with too much time on their hands and too little compassion in their hearts.

$30 is one-third of what the fee should have been.

Reply by MC_oh on 9/17/07 12:38pm
Msg #211523

I agree. The fee should be more than the closing fee since it takes longer and all the additional information that has to be collected. Also, the applications I have done, I could not do the closing because my name was listed as LO for taking app. It looks like a conflict in interest.

Reply by Linda_H/FL on 9/17/07 12:46pm
Msg #211524

I did quote a fee of $85-$90 to take the application and $xxx to do the signing - I have a minimum 30-45 minute drive to the signing location not counting package dropoff (printing not an issue - it's o/n docs)

I'm not a LO - I'm an independent contractor - notary signing agent hired to collect signatures and supporting documentation for the application process - I could be wrong but I don't see a conflict here...I'm not signing anything as a loan officer and would not represent myself to be one...I'm basically just the messenger. I also expect to be paid for these apps whether the loan funds or not and within 30 days and I have that information included in my confirmations.

All probably a moot point as I haven't heard back from anyone yet..

Reply by EastTxNotary on 9/17/07 1:16pm
Msg #211528

Was that $30 offer for a company beginning with an"O"? I got a call a couple weeks ago to take a RM app for $50... I have another good company that calls me and regularly pays nearly six times that amount. I find that the appln signing takes about as long as a closing and that the BO's have to be "assisted" with the return items. Often they don't have the declaration page of the Homeowner's, but I can usually get them to call their agent and have it faxed to me for return in the package or direct to the company hiring me. Otherwise, the applns are much like a closing and I enjoy meeting most of these folks...they have some good stories to tell!

Reply by LJ on 9/17/07 1:20pm
Msg #211530

I am doing an application and closing when its ready. I am getting $200 for the entire thing.

Reply by Sylvia_FL on 9/17/07 1:22pm
Msg #211531

Re: Reverse mortgage applications - LJ

What happens if there is no closing? After the application the borrowers may change their mind or it may not go through for some other reason. Are they still going to pay you $200 for doing the application?

Reply by LJ on 9/17/07 1:46pm
Msg #211536

Re: Reverse mortgage applications - LJ

I get $100 for app and $100 for the closing is what is on my confirmation. It says I am guaranteed the closing if it happens. Hope so.

Reply by Linda_H/FL on 9/17/07 5:09pm
Msg #211605

Re: Reverse mortgage applications - LJ

IMO $100 to do a reverse mortgage signing is on the low side - you could be there for 2 or 3 hours depending on the borrowers...and sometimes the packages are substantial. I add $25 to my standard base fee for reverse mortgages.

Reply by Ilene C. Seidel on 9/17/07 1:44pm
Msg #211535

By the time you put gas in your car and spend time with the borrower (who is a senior)
$30.00 is a joke.

Reply by Sharon Taylor on 9/17/07 2:02pm
Msg #211547

One company gives originator $150 to hire notary...

I and some other notaries signed up with one company to try being a reverse mortgage originator - sending out brochures, following leads, making cold calls, etc. I did work it for a month but realized it is just not my type of work.
Anyway, I was told that as originator I needed to have an appraiser on standby and a notary on standby. The prospect would pay for the appraiser by the time the notary went out and did the application. And I had an allowance of $150 for the notary's payment. My fee if the prospect went through to a final closing would be $500. We were told that we had $150 to pay the notary, and it was up to us if we paid the notary the entire $150 or not. I said I would, but a couple of the other notaries there said they'd only pay ($75) to the notary and keep the other $75 for themselves.
I don't know if it's true for all reverse mortgage lenders, but in this case the originator had X dollars allotted to spend for a notary and could either use it all as the notary fee or get as cheap a notary as they could find and pocket the difference. That's of course in addition to the $500 they would get as the loan originator.

Reply by Lee/AR on 9/17/07 2:27pm
Msg #211552

Re: One company gives originator $150 to hire notary...

Anyone who originates any loan for $500 is...well...being taken advantage of, big time.

Reply by Margaret_FL on 9/17/07 6:05pm
Msg #211621

Re: One company gives originator $150 to hire notary...

I have been originating RM loans since January of this year. They are cheating you if they only pay you $500. I do have a relationship with an appraiser and a notary. They pay the appraiser $350 and the notary 150. The origination fee is 2% of the home value and I am getting 35%.

Reply by Margaret_FL on 9/17/07 4:48pm
Msg #211597

Upstate Capital Pay me $200 for taking the application and $200 when it closes. And yes I do get the $200 for the application if the loan does not go through for some reason.

Reply by Linda_H/FL on 9/17/07 5:08pm
Msg #211604

I liked working with them, Margaret - but I think they took me out of their database when I got annoyed that it took them 60 days to pay me. A shame too - I think it was just an oversight on their part.