Posted by lindab on 3/9/08 10:34am
Msg #238601

Bancserv Reverse Mortgages

Does anyone happen to know what Bancserv is intending on paying for the preliminary trip and then the actual closing for these types of loans. I got the email about taking the test for countrywide to see if I am smart enough to do them. I passed(whew) but before I send in my info I am curious as to their fees. They haven't responded to that request lately. With the price of gas etc I can't work for next to nothing.

Reply by Lee/AR on 3/9/08 12:07pm
Msg #238607

Well, that seems to be a red flag. If they're not willing to let you know what the pay before you take a test, seems to me that it's because they're not real proud of it. Conversely, if it actually was a good fee, they'd have people standing in line to take the test.

Reply by Jacqueline Dyson on 3/9/08 12:24pm
Msg #238610

I was thinking they would need to build their database to justify the contract. The training is a good overview of RM's. Great for a newbie looking for training. I took the test. If they call and the fee is not what I expect, I will have the choice to say no and so will you.

Reply by LKT/CA on 3/9/08 12:54pm
Msg #238612

Their RM mortgage training was offered many months ago. The real reason for this training offer is to get people to pay money for a background check through their affiliated company. You'll notice that it says that CW is *requiring* it's Notaries to be background checked and that part of completing the training process is to show proof of a b.c.

When I told them the CA SOS bc's it's applicants and that should suffice, I was told that it wasn't good enough, I had to go through their affiliate company for a b.c. I told them to take a hike. They pay lowball fees for regular signings and will probably do the same for RM's.

Their latest email is a *survey* to see who's equipped to handle e-notarizations/e-signs and is one equipped to do so through the NNA's training.

Reply by Stamper_WI on 3/9/08 6:07pm
Msg #238650

Get your fee in writing on the confirmation. This has been discussed a lot.

Reply by LKT/CA on 3/10/08 6:39pm
Msg #238752

I doubt Bancserv will call me. I sent Chris Lizar an email showing how the $50 signings they offer equate to less than minimum wage. He was highly insulted and said he was removing me from their list. Okay by me.

Reply by Kathi Conahan-Baltzelle on 3/10/08 7:59pm
Msg #238760

I have one for Thursday and they are paying $75 for the application process. I even was able to get the confirmation printed on the job order. So I will see how that goes.

Reply by LKT/CA on 3/10/08 9:05pm
Msg #238767

<<<I have one for Thursday and they are paying $75 for the application process.>>>

Just curious...did they *offer* $75 or did you *charge* them $75?

Reply by Kathi Conahan-Baltzelle on 3/11/08 10:57am
Msg #238826

I asked and that is what they said they paid for the application process. This is actually my first Reverse Mortgage application. From all the other posts I thought they would only pay $50 so that is when I asked. Hope this information helps.

Reply by Kathi Conahan-Baltzelle on 3/11/08 10:59am
Msg #238829

This is also for the application process only not the actual loan closing. Approx 30 pages no copies to borrower local location.