Posted by TracyKY on 3/24/11 10:18pm
Msg #377443

Hope I did the right thing....

I got a call tonight from a wonderfully rated SS for a signing tomorrow afternoon. I was excited, and a little nervous, until he asked if I had alot of experience with reverse mortgages. I was honest and told him I was new so I did not. He very nicely apologized and said they would need to contact someone else. I understand that completely and from what I've read on here, I probably don't need to cut my teeth on a RM. I also understand that the SS of course prefers NSA's who are experienced over those who aren't. I just hope I wasn't cut from their list for good.

Reply by Lee/AR on 3/24/11 10:29pm
Msg #377444

Yes, think you did. Far better to be honest as they will most likely give you a chance again.
But, taking it and screwing it up will not get you another chance.

Reply by JulieD/KS on 3/24/11 10:38pm
Msg #377445

I've been a signing agent for a lot of years and I still am not comfortable with RM packages. I do them occasionally but certainly wouldn't want my first signing to be one!

Reply by Moneyman/TX on 3/24/11 10:48pm
Msg #377447

Agree with Lee. ...Tracy check your in box, sent you a PM n/m

Reply by Les_CO on 3/24/11 11:01pm
Msg #377450

Yes you did the right thing.
First of all a Notary Public simply can¡¦t lie. As a Commissioned officers of the State, our ¡¥word¡¦ on a document is trusted throughout this country, and in many places around the world. We are relied upon in every court in the US, and in virtually all real estate transactions. To misrepresent your experience, when someone is relying on not only your word as a notary, but your ability to do the job requested, does little to gain you the public trust necessary for to be a notary, or a notary signing agent.
I believe Reverse mortgages to be more difficult to present than a standard loan package. To start with the borrowers almost always have questions. Many really don¡¦t quite understand the concept, or the documents, or what their obligations and benefits may be. Also you may me the first person that they have spoken to face-to-face. It is really not your job to try and explain everything to these people, but knowing what you can say, and what you probably should not say, you need to learn. Be honest with those hiring you (even if they are not) say that you understand the job, are good with the public, always dress business, and are meticulous in your work. The good SS and title companies will work with you and be available to answer any questions you or the borrower may have at the table. One of those may just call you soon (it¡¦s EOM ƒº!)

Reply by JanetK_CA on 3/25/11 12:28am
Msg #377459

I agree with the others. If that one was anything like the one I had this afternoon, you probably would have cut more than your teeth - and might have ended up wanting to quit the business! jk But you (or any other newbie) probably wouldn't have had a completed signing. I'm actually surprised I pulled it off. It was a difficult borrower (I don't have the energy or inclination to bother getting into details), but the client was a prince. Once this one is wrapped up and I'm paid, I will be sure to give his company the positive rating I'm pretty sure he will deserve!

One big part of succeeding in this business is knowledge, much of which is acquired through experience. Another big part is good judgment - and I believe that is what you showed by passing this one up. Good for you!! You will have other opportunities!

Reply by Susan Fischer on 3/25/11 2:12am
Msg #377462

Hi, TracyKY. There are some excellent books written by

some of Notary Rotary's-long-time Mobile Notaries over the years, chock-ful of priceless info and best practices, specific to Reverse Mortgages, Re-fi-s and myriad other products.

Just a suggestion: don't try to re-invent the wheel; work instead to learn your craft. We are a Service Industry, imperitive to nation-wide Home Owners' Remote Signing needs.

Turning down an assignment is a small lesson: So, first, read up on, and absorb Ethics - that's essential - rock solid stuff of our most personal hearts; our Ethos.

Then, read up on RMs, and the typical docs, (and always remember your're dealing with our Seniors.)

Then, read up on the various Re-Fis, and those typical docs, etc. Read, and read some more. Resources abound around here, and isn't your job to become the go-to-for-KY-Laws and a respected self-employed Mobile Notary's Voice in your Profession?

Market the skills as you build them in performing our uniquely Mobile Services.

That first tooth must appear eventually - make it a strong one.

Reply by James Dawson on 3/25/11 8:11am
Msg #377465

Agree with all the others on this Tracy.

Reply by kathy/ca on 3/25/11 10:30am
Msg #377476

I would call the SS back after I gained experience and tell

them you are ready to complete RM's now. I dont believe you have been cut from their list for good, just be upfront.

Reply by TacomaBoy on 3/25/11 2:13pm
Msg #377497

NotRot Worked

Tracy: I enjoy your spirit, honesty and professionalism. I also enjoyed reading all of the positive comments, words of encouragement and sage advice by the NotRot regulars. “It is really not your job to try and explain everything to these people, but knowing what you can say, and what you probably should not say, you need to learn“. - VERY CLASSY!

I’ve done thousand of signings, including probably 1,500 reverse mortgages. They’re a little more involved and tricky to explain, but for me they’re just another loan closing. PRICE YOUR RM CLOSING ACCORDINGLY!

However, some of the people you help with a RM will make all of the difference to you because of their circumstances. I’ve literally saved some folks from losing their homes to foreclosure with only a few clicks of the clock remaining. The RM proceeds have also helped a few borrowers obtain serious medical procedures that probably saved their lives. It makes the SA job very rewarding and gratifying at times.

You might consider asking an experienced SA for some training and to accompany you the first time you present a RM. Of course issues of confidentiality must be addressed under such circumstance. I’d consider such an arrangement for somebody with such positive attitude as yours.

Reply by DD/OR on 3/25/11 4:07pm
Msg #377511

Tracy, I'm sure you did the right thing. My very first signing was a Reverse Mortgage and I wasn't experienced. I remember the elderly lady was apprehensive and stated that she hopes she is doing the right thing. I felt that she was. That was years ago and companys didn't ask if you were experienced or not. It was easy to get experience then. Since then I've gotten a Certificate of Completion for a course I took in Reverse Mortgage. I also took a course in Loan Origination and became a LO. I didn't want to be a LO and never worked at it. I only took the course to become more knowledgeable. Check out the internet and see if you can find courses to take. Good luck to you. D.D.

Reply by TracyKY on 3/25/11 8:17pm
Msg #377541

Thank you to everyone for all your advice and encouragement. It is so appreciated! I have found some books I think I'm going to order and will also start looking for some online courses. I got my real estate license about 13-14 years ago but wasn't willing to quit my regular job (I also have a paralegal degree & that's what I still do) & chance being able to live (feast or famine) like realtors often do. I was a young wife and pregnant with my first child so I had to think about job stability. So I never got to really put my license to work and have now forgotten much that I'd learned from my classes. So I think a good refresher course on loans will definitely help! Thanks again!