Posted by roxy/fla on 7/22/10 8:48am
Msg #345931

Reverse Mortgage Application Docs

Has anyone had reverse mortgage APPLICATION doc signings? I have been called for one in my area and can't help but feel skeptical about payment/waisted time. Email confirmation (that I had to ask for) confirms that Senior Lending will guarantee my payment for the signing, lists client & file info - no date for signing) I tried to do the pay pal thing but they "never heard of paypal and like to do business the old fashioned way" Curious as to your thoughts. Search came up with nothing useful. Thanks in advance for your help as always!

Reply by Philip Johnson on 7/22/10 9:04am
Msg #345932

Isn't pretty much the chance you take on everyone?

I would apply whatever standard you use for everyone else you do business with and if they meet that fine, if not, there's your answer.

Reply by Lee/AR on 7/22/10 9:07am
Msg #345933

As it's an Application, it is not really date-sensitive (tho' hiring party very well might want it done on a particular day/time). These usually take almost as much time as a regular loan signing, so keep that in mind when quoting your fee. The 'plus factor' is that you usually will get the actual loan signing if/when the application is approved.

Reply by Michelle/AL on 7/22/10 9:25am
Msg #345934

Roxy, I understand your concern. I completed one of these years ago. I don't remember the name of the company. It took a long while for me to get paid. They promised that I'd do the loan closing but I think the BO cancelled.

You may want to check the internet and other notary sites to see if anything is posted by notaries and consumers about the company hiring or about Senior Lending. The Better Business Bureau may have information as well. If you're still reluctant then ask for a check up front - in advance.

I was on MetLife's careers website last night and they are doing a lot of hiring nationwide for Reverse Mortgage Specialists. I didn't view the job descriptions but seeing all those job postings gave me the impression that this product may be gaining momentum.

Reply by roxy/fla on 7/22/10 9:45am
Msg #345935

This is actually a Met Life product. I hate to have to be so skeptical, not in my nature. The Better Business Bureau gives them a good rating. I will keep you all posted. Thank you all so much for always making me feel "connected".

Reply by JulieD/KS on 7/22/10 9:47am
Msg #345936

I did one last month. Fee offered was $100. Package was 47 pages and I made a copy for the borrowers. I had to pick up several items from the borrowers (copies of several different items plus a counseling certificate).

These people were astute, knew what was going on, signed everything quickly (as opposed to reading every word) and the process took about 45 minutes.

The Counseling Certificate that I was to collect apparently wasn't dated by one of the borrowers, so I was requested to drive back and have them date it - on my dime, of course. I proposed the idea that since I was only told to COLLECT it, that the fact that it was not dated properly was not my omission. The company agreed and paid me $25 to go back.

I was then called a few weeks later to do the reverse mortgage signing. That went fine, too. I again wound up having to make a second trip back since only one W-9 was in the package and they needed one for each borrower. They offered $60 for my return trip, I said $25 will do. I'm a reasonable person.
All in all, a pleasant experience and good pay, also.

Reply by janCA on 7/22/10 1:22pm
Msg #345967

"Back in the Day" I used to get $250 for these applications alone, overnighted docs, from Heritage Financial. Boy, those were the days and how things have changed. And they usually took more than a normal signing as many people did not have the proper paperwork collected and ready for me even though they stated they did when I called to confirm the appointment.

Reply by Ernest__CT on 7/22/10 4:28pm
Msg #346003

Be prepared to spend time++ doing the application!

As has already been stated, borrowers most often do not have the required documents ready. Sometimes they cannot find them. Often the borrowers want to tell a stranger their life stories. Sometimes the borrowers are in such a bind that they are in tears.

If you have the time, Reverse Mortgage application signings are usually pleasant. Do not plan on the application process being quick!