Posted by A-1 Signing Agents, LLC on 7/1/08 7:38pm
Msg #253839

Reverse Mortgage Applications

Just curious what is a good price? Thanks in advance for any input.

Reply by Becca_FL on 7/1/08 9:01pm
Msg #253850

Not $65 which is what I was offered today for an email pkg from a SS with CJ in the company name. Who the heck are you kidding?

Note to SSs, learn better negotiation skills and you will have a better bottom line. Don't sell services on price alone because you are selling a SERVICE. What sets you apart from the rest?

DUH!!!!!

Reply by A-1 Signing Agents, LLC on 7/1/08 9:05pm
Msg #253851

Thank you for reply Becca. What is a fair price other than not $65.00. I don't want to out price myself being as I have no clue what a fair price is.

Reply by GA/Atty on 7/1/08 9:19pm
Msg #253853

I would charge the same as for a loan signing

but usually they say no.

Reply by ML/PA on 7/2/08 9:38am
Msg #253896

I just got a call from CJ for one that is 25 miles away @ $65 . No thanks. Who takes these?

Reply by sue_pa on 7/2/08 5:55pm
Msg #253996

they 'got' me

I did 2 applications (not reverse) for them back in January when I was slow. $60 each - 26 pages. I was in and out - both were close to home; however, the one set of borrowers asked me on the phone if I'd help them with the documents that were requested to be returned - husband had scanned all sorts of records into the computer but they weren't exactly sure what was needed. I told them to print everything and I'd send it all back or they could call their LO and make arrangements to forward the info the next day - no way would I spend any additional time for $60. By the way, when the order came through it said that they paid $30 if the borrowers didn't sign. I had her put it in writing that I got my full $60, especially since this was SOOOO preliminary for the borrowers.

Did the orders on January 7 and check arrived the beginning of March. Slow pay and low pay don't go hand in hand - needless to say they haven't called me much since then and when they do I am 'unavailable'.

Reply by jojo_MN on 7/2/08 12:16am
Msg #253869

I would charge the same for a reverse mortgage application as a regular one. Applications seem to take twice as long as a signing. They have more questions eventhough you explain to them that these aren't the final numbers/pages. The borrowers still have issues.

When you get to the final docs, the reverse packet is 150 pages, not including borrowers copies, so you need to quote your fee to cover the extra. Some notaries charge $50 for a regular signing and more for docs over 100 pages.

I work for a few awesome loan officers with reverse mortgages that actually go to the closing. I have never had any issues with a reverse mortgage.

Reply by CopperheadVA on 7/2/08 6:28am
Msg #253879

<< Some notaries charge $50 for a regular signing and more for docs over 100 pages. >>

Jojo_MN, are you talking about the e-docs fee only?

Reply by CopperheadVA on 7/2/08 6:29am
Msg #253880

Sorry, I meant the printing portion for the e-docs?

Reply by jojo_MN on 7/2/08 1:53pm
Msg #253948

Of course not. Some notaries charge $50 for the e-doc portion of the closing only. I charge $25 for up to 100 pages (200 counting borrower's copy). I add $10 for every 25 pages.

I know we can't set fees for the entire profession, but I would never accept less than $100 for an e-doc signing. (within 25 miles).

Reply by Lee/AR on 7/2/08 7:07am
Msg #253883

Used to be an LO. This is LO work. LOs get paid the big bucks. I think they should earn 'em.
But if you do their work, be sure you get paid a nice fee as this is time-consuming.

Reply by BrendaTx on 7/2/08 8:05pm
Msg #254006

Re: Reverse Mortgage Applications - if you have good LO's

to work for doing RMs you won't do these paltry application fee/SS jobs.

You're taking the food right off their table and helping those silly signing services and far-away LOs take the food off your table with those silly fees.

>>>>They are getting $175 to farm these out...OR MORE! Don't take them for $65 and help scr*w yourself and your LOs in the process!<<<<

A good LO is worth their weight in gold. And, they see to it that you're paid better than the rinky-dink $65 signing services.

Every time I hear about one of these signing services working this area I call my fave LO's and give them the name of the SS...they are investigating the "ethics" of this LO work being done by SS contractors.

Sorry...but when the SSs started offering such a pathetic price it was time to let someone know that the poachers have come in and started trying to knock out these applications for next to nothing.

Reply by MW/VA on 7/2/08 8:06am
Msg #253885

I think a reasonable fee for the application would be $125/$150. The application process can be time-consuming. I'm closing RM's for a major bank. They handle all the application issues.
My fee for closing is $150 w/edocs. It is a fair fee & I actually enjoy doing these. IMHO, RM's are the growth side of the business these days.

Reply by hcampersFL on 7/2/08 10:04am
Msg #253898

I got a call yesterday for one about 15 miles north of me. They wanted to pay, wait for it............$45 and the lender would allow another $5 for shipping. I didn't get into what that was about. I said no thank you. This was Loan Closers calling.

Reply by BrendaTx on 7/3/08 6:33am
Msg #254033

**I'm closing RM's for a major bank.**

Exactly. Why take apps for a far-away LO who won't BE THERE to help the borrowers and/or who won't pay you the $150+ for the RM signing? I won't do it.

I've got a major bank looking into the ethics of this application procedure.

Reply by nolanotary on 7/2/08 12:16pm
Msg #253918

I usually charge about $25 more than a regular single loan closing because they do take longer. I do enjoy doing them, as the older citizens seem to be more appreciative of your services...but time is money.