Posted by KEK_FL on 11/16/10 12:08pm
Msg #361555

Reverse Mortgage $$

I already did a search on this topic did not find what I was looking for other than $85 for a Reverse was too low for another notary...however as a newbie...

What price should I ask for...this company is a 4* as well

Received a call at 11am today for 5pm signing tomorrow night. Offered $85, I simply asked where in my town the location is and she offered $95 for this Reverse Mort meeting and then stated that I would do the Close Signing as well, and would get my "normal" fee for it (my normal is $125 plus milage over 10miles),
*the location is 7 miles from my house.
* e-doc; need to print 60 pages double, and 90 pages once (total 220 pages)
*get to do the Closing as well for normal price

I don't think this is a bad rate for 6 hours of work @ $36.6 per hour.

And any advise on Reverse Mort. would be great I have not found much and this is my first one...Thanks for your help

Reply by Donna McDaniel on 11/16/10 12:13pm
Msg #361556

Is this for Performance Closings?

Reply by KEK_FL on 11/16/10 12:16pm
Msg #361558

No for PLS

Reply by KEK_FL on 11/16/10 12:22pm
Msg #361559

Re:Why Donna.... Reverse Mortgage $$

does it make a difference which company it is

Reply by Donna McDaniel on 11/16/10 12:27pm
Msg #361562

Just sounded too familiar, that's all.

I once foolishly handled a RM application signing at a discounted fee on the promise from Performance Closings to get the closing. I never got it and it took 3 months to get paid.
Anyway, BankServ has a very good online training program for BOA RMs, but they are all about the same. Go to www.bankserv.net to sign up and get started.

Reply by Donna McDaniel on 11/16/10 12:38pm
Msg #361563

I just emailed the PDF to you, Karen.

This is the correct link if you want to sign up with them.
https://www.bancserv.net/interactive/bancserv2/notary%20processing/notarysignup.aspx

Reply by Linda_H/FL on 11/16/10 12:51pm
Msg #361566

Don't plan on being in and out with the application - 9 times out of 10 the people do NOT have the documents ready for you that you need to return with the signed application (H.O. Insurance, Counseling Cert <if they've done counseling already>, copies of ID, bank statements, mortgage statement, etc. etc)....these appointments can take as just long as the final signing. Are you prepared in some way to make these copies if they don't have them?

And you need to consider you are not making $36.6/hour PROFIT - that's $36.6/hour LESS taxes, costs, travel, consumables, expenses, time, and all the other incidentals I forgot...take all that into consideration and you're NOT making $36.6/hour.

I personally think $85 is a good fee for the application, at least in my area - my fee for the final closing is higher due to the size of the package and the time involved most of the time.

Reply by Linda_H/FL on 11/16/10 12:53pm
Msg #361568

Also forgot to mention...

Should this loan not close for whatever reason, make sure you have it in writing for this application appointment that you will be paid, regardless.

Reply by MW/VA on 11/16/10 9:58pm
Msg #361642

IMO $85 is fair for the app. What I'm not comfortable with is that the LO's are sometimes using us as "assistants" and doing their work for them. We are not their adm. assts.

Reply by Robert Williams on 11/17/10 9:36am
Msg #361671

I think for the amount of $$$ they're willing to pay me it's none of my business which part of "Their" job I'm doing. Picking up documents or making copies is just part of the deal. I usually ask borrowers to make copies when I call to confim an appointment, but I carry a portable scanner just in case.

I've never done a RM on either end of the transaction, so this is very interesting for me...

Reply by MW/VA on 11/17/10 4:57pm
Msg #361750

Well it really is a concern. There are many notaries that won't do the app part, because we are not licensed in the mortgage industry. There's no notary work in an app.

Reply by KEK_FL on 11/18/10 1:22pm
Msg #361821

Re: Thanks all... Reverse Mortgage $$

Just wanted to say thanks for all the help and the application appt went fine...once we got copies of all the needed documents (took about 45 min). All said done took about 1hour 45min.
Thank you again!!

Reply by John/CT on 11/18/10 3:28pm
Msg #361858

The 1hour 45min for an RM application ...

easily justifies the $150 that I charge.

Reply by Patsy Cabiness on 11/18/10 11:27pm
Msg #361916

In their paperwork sent to you, they want you to say to the borrower that you are their "assistant". This to me is a misstatement in my role as a notary.

Reply by Patsy Cabiness on 11/18/10 11:19pm
Msg #361913

SS companies have tried to say that I would get final closing also. I told them that this wasn't always true 'cause I wouldn't necessarily be available and this would go to another notary. It has happened to me several times. I told them that I needed my regular fee for this. Since then, they have paid me the regular fee or have found another notary.

I don't like to play games with reverse mortgages. They are hard enough because of the age of the applicants. Sometimes they don't pass the initial test for a final loan. Sometimes they are early alzhiemers or are deaf. You have to determine if they are cognizant enough to sign docs.

As a bonus, I am often greeted on the return visit with "Oh, I am so glad to see you. I was hoping that you would be the one returnimg to sign us up"

You could point out to the SS company that you are building good will with these on behalf of the SS or TC company.

Anyway this is my .02 cents worth. Once you start doing these you will like them. If you want to p/m me I can give you a site which gives a free short course on reverse mortgages.