Posted by Prosperity on 10/8/08 8:49am
Msg #266610

Application Assistance for a Fee

Received a call yesterday from a SS looking for someone who can help a client complete a Reverse Mortgage application. No notary or signature from me, just assistance to the borrowers (for a fee). Was excited until a friend told me that this could be some kind of conflict. Any thoughts?

Reply by sue_pa on 10/8/08 8:56am
Msg #266611

I'm confused.

The actual application, the 1003, can be filled out in minutes - some of it you can't do - thinking of the credit portion. The basic facts and the assets are a snap.

Are you sure they don't mean obtain signatures on the prefilled out initial packet? As for a conflict, no idea what that could be.

Reply by Yowheelz on 10/8/08 9:29am
Msg #266614

sounds like RESPA App, new name, less money n/m

Reply by MW/VA on 10/8/08 9:48am
Msg #266616

Apparently this is fairly common. They obviously want the applications completed & returned in a timely manner, and can't always get the borrowers to handle it. Some see it as a great way to generate new business & negotiate going back to do the signing. Why would it be a conflict? Again, you're not advising the client--only helping to execute paperwork. It may be the way they presented it to you, when they said you were "helping" the client complete the application.

Reply by Prosperity on 10/8/08 10:55am
Msg #266619

You All Are Wonderful. Thanks so much.

Reply by davidK/CA on 10/8/08 12:06pm
Msg #266624

Modification fees

The going rate from LIA Signings was typically $35 to $50 for a one page modification, but of course LIA didn't actually pay the NSA, they just issued a worthless promise. But hey, that's how to make real money in the SS business, all revenue, no expenses.

Someday, if all goes well, many of these crooked SS operators will be joining OJ in 24/7/365 government housing.

My suggestion is to apply the same research and quality checking thru Signing Central to a quick and dirty modification assignment as you should and would for a full blown assignment. A $50 bad debt has the same value as a $150 bad debt - nothing.

Reply by MistarellaFL on 10/8/08 12:12pm
Msg #266626

Depends on who does the hiring

TC's are paying upwards of $50, don't know about SS.
Brw's calling me direct are paying fees of $25 for local in-town mods.
A little more for extended travel.
I am seeing 1-2 notarizations in the packages.

Reply by davidK/CA on 10/8/08 1:10pm
Msg #266635

Working for nothing?

Two signatures at $10 each plus $5 for travel? I think you lose money on that deal. And if it's a Husband and Wife that makes it four signatures, so it becomes an even bigger loss.

Don't sell your self short.

JMHO

Reply by MistarellaFL on 10/8/08 1:35pm
Msg #266640

Re: Working for nothing?

$25 for 10 minutes work is not nothing. It is actually $150 per hour. too bad I can't do them all day. In case you don't have the same experience we are having in rural FL, business is waaaay down to less than a trickle. And we can't charge for each signature in FL as you can in CA.
And UPS is doing them for $10-15 per mod.
Brws won't pay more than $25...I have tried and lost on THAT.

Reply by Les_CO on 10/8/08 2:02pm
Msg #266647

Broken Rules!
There are a lot of these floating around. Different companies different deals. Some require you go to the (potential) borrower, and pick up a signed ‘package’ along with some copies of SS, Card, ID, Hazard Insurance, and signed “Counseling Certificate” (HUD 92902), and maybe current mortgage info. Some are 20 pages sent to the borrower you just check if signed properly and send it back. Some are edocs, you PRINT off the docs, (2 sets) take to the borrower, get them signed, pick up their copies of ID etc., fax back 5 or 6 docs, then send them off. Almost none are worth your time.
I just said okay to one for a company I haven’t worked with before. The scheduler was nice, said small pkg, needs to be printed taken to borrower, signed and mailed back US mail, can’t afford FedEx. She said they only pay $60…. I think….then say what the heck…it’s close...okay I’ll try it.
Then I get the instructions and the docs from the company…I should have call back and cancelled…but old stupid work ethic…if you take a job do it.
I call Borrower get him after 3 tries, confirm time and if he has copies.
Turns out I print 196 pages, some letter, some legal… Go to this home, (14 minutes) go through ninety some pages of docs, get them signed (34 signatures, he’s widower, so just one person signing) takes 48 minutes (yes I timed it) leave him a copy, pick up his copies of ID etc. Drive back to office (16 minutes) fax back 5 items. Wait for okay to drop off package…have to go buy a legal (large, hard to find) envelope put in package, address it take to the PO wait in line pay ($2.87)postage and mail it off (another 30 minutes)….Now if I’m lucky in a month or so I’ll get my $60.
I just broke one of my rules…(I don’t work for a loss) Curiosity killed the cat!!