Posted by lindetteh_PA on 7/24/08 2:47pm
Msg #256625

Question 200+ page Reverse Mortgages

received loan docs for a SS I've worked with for a long time usually Docs 115-120 max today 107+95 title docs. I called to see why so many they said TC has new requirements and they want two sets of note and Mortgage okay but there are several Aff and lots of other docs and everything needs a signature. I usually chare extra for this many pages. How many people doing the same? I mean this is almost a whole ream of paper (borrower's Copies) included. SS said they would call TC and check I would hate to have to stop closing these loans the SS is great to work with but I can't cover the cost of TC NEW REQUIERMENTS

Reply by droman_IL on 7/24/08 2:58pm
Msg #256628

I've invested in a copier that does duplex and I double-side the borrower's copies. It saves a ton of paper. Typically, I charge more for packages that are over 125 pages, and I have been compensated for it.

Reply by A-1 Signing Agents, LLC on 7/24/08 3:01pm
Msg #256629

That is ridicilous. Kensington docs are like that too. And yes, I charge more. I don't see the reasoning behind their paper work. If you look at it all, I can't recall anything but the sig name affidavit needing to be notarized. Most of it seems to be what info that would have taken at the time of the application. I know with all RM's there are always 2 mortgages & notes tho. You don't need to make 2 copies of that for the borrower though. I am thinking alot of this is unnecessary and only to cover their behinds.

Reply by lindetteh_PA on 7/24/08 3:03pm
Msg #256630

Yes There is always 2 notes and 2 mortgages they now want a total of 4 signed 2 sets of each

Reply by ZeeCA on 7/24/08 3:14pm
Msg #256635

MO: they want more copies and decided let the notaries do

our admin work and lookie at all the $$ we will save....

Reply by Lee/AR on 7/24/08 4:02pm
Msg #256641

Re: MO: they want more copies and decided let the notaries do

Not gonna happen. More time & materials = higher cost. I am asking about pkg. size & getting not-even-close answers. So, it's renegotiation time &, darn right, I want a higher fee for all the extras. There is no free lunch.

Reply by CopperheadVA on 7/24/08 5:30pm
Msg #256654

<< with all RM's there are always 2 mortgages & notes tho. You don't need to make 2 copies of that for the borrower though. >>

I do feel that the notary should give the borrowers a copy of both Notes and Mortgages/DOT's - they are slightly different. One names the lender as beneficiary and the other names Secretary of HUD as beneficiary.

Reply by CaliNotary on 7/24/08 6:09pm
Msg #256657

That's not what they mean when they say only one copy to the borrower. The lender is asking for 2 copies of each note, the borrower only needs one copy of each.

Reply by Jack Tri on 7/24/08 8:42pm
Msg #256682

Question 200+ page Reverse Mortgages that could be the application...More docs with loan package