Posted by ShelleyTX on 4/29/11 11:22am
Msg #381738

RM not a refi

This is probably my first posting here, I'm a 'closet reader'. I LOVE reading all the advice that the seasoned signing agents offer. I've been an SA since Jan 2008 after being laid off from a very large bank/mortgage company.

Anyway, what would you do if a signing service told you the loan was a refi and when you get the docs you see its a reverse mortgage? Do you typically charge more for RMs? When I told the SS my fee for RMs was higher she was surprised and asked why. Since I just got the docs and the closing is in 3 hours, after going back and forth I told her I would sign this one for the fee we agreed upon but next time if I am told the loan is a refi and its a reverse mortgage I will not do the closing and she will have to find someone else. What are your thoughts?

Reply by Ireneky on 4/29/11 11:52am
Msg #381739

I agree RM is not refi, double the work and the time. I normally chearge for 1 refi plus another $75.00 Hang in there. I would have done the same thing. We work too work to be lied to.

Reply by DD/OR on 4/29/11 11:54am
Msg #381740

Everyone has their own way of running their business, but I charge the same fee. I make it simple because I charge just one fee, which is over $100, regardless of what kind of loan. I charge more if borrower is further away.

Reply by Ireneky on 4/29/11 11:57am
Msg #381742

K it's ur time and supplies n/m

Reply by Grammyzoom on 4/29/11 5:30pm
Msg #381773

Just wandered in and saw this post. I am passionate about this subject. I have probably done over 200 RMs and they are so much easier than forward mortgages. The borrowers have been, in most cases, prepped and schooled to the point that they know everything they need to know about this loan.

When I first started doing them I began going through the documents trying to give explanations. Mistake! All I did was to confuse the borrowers. I now just go through the document gives the complete breakdown financially and point and sign. I would rather spend my time (and yes they may take a little extra time), chatting with these elderly borrowers. They are often very lonely individuals and love a chance to have someone listen to them about their lives. We have met some of the most fascinating people through RMs.

So relax, enjoy them and unless it is your practice to get in and get out as fast as you can, you just might learn something. Oh Yes, we do not charge anymore for these than a regular refi and are happy to take them Always!

Reply by LKT/CA on 4/29/11 7:17pm
Msg #381782

See msg. 381370 n/m

Reply by C. Rivera Chicago Notary Services on 4/29/11 8:12pm
Msg #381787

Yes, I'd charge more for RM because they take much more

longer than a refi...almost the same amount of time as a purchase (some cases)

I had a closing like this yesterday...was told it was a refi, and it was a purchase...luckily it was under 100 pages, they met my fee for faxing back all signed pages, and it was a very good rated company that pays fast...so no complaining from me...

But as to your question, I'd follow up that conversation with an email to the scheduler reaffirming what was discussed, so in case the "next time" happens, and it will, you can send them proof that they did this to you before and that they agreed to up your fee.

As to what you charge for the mistake, that's up to you as to what your time is worth...

Reply by Blueink_TN on 4/29/11 8:21pm
Msg #381788

A job acceptance - my fee $125.00 One doc notarized, $125.00, a 130 page closing package completed and notarized, faxed back, completed in purple ink... $125.00. It's not the type of job, it's the distance, time, etc.

Reply by GraysBooks on 4/29/11 10:08pm
Msg #381792

I've not yet done a RM, but would like to know more about them in case I ever get another call. Got one the other day for a RM, but since I'd not done one, wasn't as confident as I could have been and so turned down the job. I've primarily done refi's.

Also, why is it that TCs and SS's try to jip you on the fee? I tell them the standard rate for a refi here in Denver is around $125 and they try to get away with paying $60-85 for the job. You're talking 2 sets, most often having to fax back signed pages (and I don't have a fax machine right now, so that's a cost incurred at a store and can get expensive wiping out any profits), wear and tear on my printer, my car, and my time.

Reply by Lee/AR on 4/30/11 6:52am
Msg #381805

Low fees: More $ for them = less for you. Don't do it.
If you have a scanner, scan & e-mail in lieu of faxing.

Reply by ShelleyTX on 4/30/11 12:27am
Msg #381801

Thanks for the input everyone ..... closing done and the weekend is here!