Posted by g/ca on 1/16/08 9:59pm
Msg #231012

Reverse Mortgage Originators

Hi, I was wondering if anyone has been able to get into this business. Years ago I sold Real Estate, but have been in the Notary Signing Business for over 2 years. I have quite a bit of experience in reverse mortgages, as I have had many RV loan signings, prior to that I and prepared RM Docs, so I knew it from almost the inside out, but....have forgotten about the particulars, they are quite different from forward mortgages., I know I would need some type of refresher course so that I could explain these loans to the borrowers in a loan officer capacity. As we know as a Notaries we are limited in that area. My question is, are lenders hiring people with this type of experience, people that have integrity and a good rapport with Seniors, or are they just looking for the basic loan agent just looking for a good sales pipeline. I love working with seniors, but I would not be willing to CLOSE THAT LOAN no matter what, unless I felt it was in the borrowers best interest. I feel RVs are great for some seniors but maybe not for all. Sorry for so long, bottom line, are these companies just looking for sales people with a good track but really no nothing about reverse mortgages or someone that has more interest in the Seniors????

Reply by janCA on 1/16/08 10:03pm
Msg #231013

Okay, pick me up off the floor because I know what's going to happen here. You keep repeating RV's and I know you mean RM's but....well, you'll see.

Reply by g/ca on 1/16/08 10:10pm
Msg #231015

oooops I meant RMs sorry I guess I got RV from ReVerse! Need another cup of coffee!

Reply by g/ca on 1/16/08 10:12pm
Msg #231016

BTW what will I see? n/m

Reply by LarryTN on 1/16/08 10:18pm
Msg #231017

I've been doing reverse mortgages for a couple of years now (not an expert mind you) and basically you just notarize those DOCs that require notarization just as you do a regular loan.
Many companies require the borrower be counseled three times prior to the signing, but other than that and the fact that it's a mortgage in reverse, that's the only difference I see!
I have only done one application for a reverse. I charge a higher fee for a reverse because they generally require more DOCs to be presented.
You might want to take advantage of one of those free vidieos advertised on TV for prospective borrowers. I would imagine it has a wealth of info on it, and it might help you to explain the workings of a reverse mortgage.

Reply by g/ca on 1/16/08 11:18pm
Msg #231020

Hi Larry, thanks so much for your information, I to have done respas and RM loan signings, but I am looking into an actual Reverse Loan Originator position. That quite frankly is willing to hire someone with that type of experience -but- not a big sales track record.

Thanks again

Reply by Becca_FL on 1/16/08 10:27pm
Msg #231018

g, email me and I can hook you up with a few companies that are always recruiting RM originators.

I've had the opportunity and have seriously considered it, but I have decided to move in a different direction.

Reply by g/ca on 1/16/08 11:32pm
Msg #231021

Thanks Becca, I just emailed you!