Posted by Kaci/TX on 6/17/10 1:54pm
Msg #341399

RM anything I should know?

Got a call for my first RM tomorrow. Anything I should know about these?

Reply by Philip Johnson on 6/17/10 2:08pm
Msg #341402

Nope not really.

All I have seen have their names where their signatures need to be and if the HUD is good, smooth sailing. They always seem to take a bit more time for me, but that's because I like talking to older folks, because sooner rather than later I am heading that way.

Reply by Kaci/TX on 6/17/10 2:13pm
Msg #341404

Re: Nope not really.

Thanks! Does the HUD need to be signed on every page even if there's not a spot?

Reply by Linda_H/FL on 6/17/10 2:14pm
Msg #341406

As title about signing requirements n/m

Reply by Linda_H/FL on 6/17/10 2:23pm
Msg #341409

Woops..sorry...that's "ask" title about...:) n/m

Reply by MistarellaFL on 6/17/10 2:17pm
Msg #341408

Yes

You'll likely see 2 DOT's/Mtgs and 2 Notes.
One is for the lender, the other is for HUD, in the event the lender fails.
You might see monthly payments being made TO the brw, or a cash out like a refi.
Or it may be payments made to brw "whenever", like a HELOC.
Often, the amount lent is less than the appraised value of the property.
The amount that can be borrowed depends on brws age, the current interest rate, and the appraised value of the brws home or FHA's mortgage limits for their area, whichever is less.

Reply by Linda_H/FL on 6/17/10 2:14pm
Msg #341405

You may have two notes and two mortgages....and the packages sometimes are bigger than the norm..

Go to Brenda/TX's website - she has a great RM manual you can get for about $10 - it will help you immensely..

Allow extra time - you'll be able to tell by their demeanor on the phone if they're going to need it or not - if they talk slow they'll probably sign slow.. I love these...the people are usually really savvy about their loans and know all about them up front. LO's are USUALLY more supportive of their elderly borrowers and many borrowers also have trusted family members who's gone through the process with them.

That's about it - Good luck.

Reply by Kaci/TX on 6/17/10 2:34pm
Msg #341411

Yikes, they changed it to tonight!

Reply by Grammyzoom on 6/17/10 4:48pm
Msg #341435

Just relax

RMs are actually very easy. All of the work explaining the terms of the loan have probably been taken care of by the loan rep. I have done hundreds of these and the first thing I learned was to NOT go over everything with the borrowers unless they ask specific questions. It confuses them. Depending on their age, plan on spending some extra time with them. Listen to them and converse with them for a few minutes before you go through the documents.

Many of these seniors are lonely and really enjoy just having someone to talk to. They are often very interesting and you can turn a signing into a very pleasant experience if you are open to it. We have met some amazing people who did incredible things in their younger life.

As always, one page at a time!

Reply by Kaci/TX on 6/18/10 1:23pm
Msg #341528

I went very smoothly and easily. I was a bit confused because instructions said that legal sized docs cannot be shrunk to fit letter size paper but all the docs were in letter size .pdf. But I guess thats what they put on all their instructions.

The family was kind, it was an easy signing.

If you haven't bought Brenda's book, I would recommend it. Full of wonderful information!

Reply by jba/fl on 6/18/10 1:51pm
Msg #341531

"If you haven't bought Brenda's book, I would recommend it. Full of wonderful information!"

What book is that? Brenda who? Tell all details for those who may not know.

Reply by Kaci/TX on 6/18/10 3:32pm
Msg #341537

Go to Brenda/TX's website - she has a great RM manual you can get for about $10

Reply by BrendaTx on 6/18/10 4:05pm
Msg #341538

Thanks, Kaci :) - Best way to get my RM book...

Go to my profile on NR and follow those instructions.

Reply by MW/VA on 6/18/10 6:16pm
Msg #341549

You're doing great, Kaci. Obviously, you are very

conscientious & working hard to learn this trade. Kudos! RM's aren't that much different from another transaction, and there's no reason to be intimiated by them. As Carol (GrammyZoom) said, "one page at a time". That's the approach I've always used & it has worked well for me.

Reply by C. Rivera Chicago Notary Services on 6/19/10 10:45am
Msg #341584

you should see very happy faces on the BO's!

cause most have this wonderful attitude of 'well, its my money, and I can't wait to get all back!"

Most are absolutely thrilled about receiving all that cash back from their home!

I often wonder if they go straight to Florida after the it funds (and if they can take me with!) HA HA!