Posted by No/ta/ry/2u on 11/30/11 9:13am
Msg #405265

The Notary Company

How many others have handle Reverse Mortgage Applications and have waited months for the final closing before even getting paid for the application signing.

Reply by 101livescan on 11/30/11 9:21am
Msg #405266

RM's are getting bad press for the high cost of these to homeowners, and many people are finding there just isn't much advantage due to insufficient equity. Many applications fall out because of this. I don't see as many of these RMs as I once did. You're probably not getting paid as fast because it's taking longer for the property valuation reviews, and perhaps the hedging of borrowers.

Reply by bagger on 11/30/11 9:28am
Msg #405270

Sorry, but....

I could care less whether the loan or RM closes or not.
I am hired to do a specific job, and part of the reason I am hired is because I am a dis-interested third party. My pay is not dependant on the deal closing.

Reply by Linda_H/FL on 11/30/11 9:30am
Msg #405271

But this is for the application.. and payment should NOT

be contingent on the loan closing - suppose it never does??

I let them know my policy is net 30 - and at 30 days I start following up for the payment - there is NO reason these should not be paid.

I do RM's for LO in town who requests me - title has my info but they use a SS for scheduling - out of courtesy I've been continuing to work with the SS and it's worked well...however yesterday she told me that they're starting a new procedure with some of their files and payments will be 90 days out - if you close in September, checks will go out in December. I told her that was totally out of line and unfair - really not sure what I'm going to do about this account as I love working with this LO but IMO 90 days is just ridiculous.

Reply by bagger on 11/30/11 9:43am
Msg #405273

Ask them if

they have the same 90 day poilicy with the utility companies that provide them service.
Sorry, but net 30 is a business standard, and the only reason they are going net 90 is because they are in financial trouble. Next stop is bankruptcy.

Reply by jba/fl on 11/30/11 9:27am
Msg #405269

Can you link this company? Now we are talking about a company and it would be useful to the membership at large to know thiese difficulties+.

What is it they say about experience? It is best to get your experience from others?

also, see Msg #405050 regarding just this thing.

Reply by Yowheelz on 11/30/11 11:01am
Msg #405277

Application fee is not contingent on closing

I get paid for the application. They like to pay less with the promise that I will get the closing but I found that very few ever go to closing. If I waited for the closing I would never get paid. Net 30.......... Make it clear upfront that the application is a separate payment from closing.

I also do quite a few applications in DE but since DE is an attorney state I know I'm not going to get the closing.

Reply by bagger on 11/30/11 12:26pm
Msg #405296

Re: Application fee is not contingent on closing

Then, you are no longer acting as a notary. You are acting as an agent for that company, and should be asking for commission if the RM closes.
You are the face to face representative of that company.
Question what the "sales people" earn as a commission, you are doing their jobs, and deserve to be compensated for it.
And, since you are acting as an agent for the RM company, you are exposing yourself to possible litigation in the future.
Think twice, even three times before accepting these assignments. I will not do them.

Reply by CopperheadVA on 11/30/11 1:37pm
Msg #405314

I learned a long time ago that applications,

whether RM or regular loan apps, are just not worth bothering with. I decline them now.

Reply by bagger on 11/30/11 2:41pm
Msg #405325

Re: I learned a long time ago that applications,

I agree Copper, 100%.
And, if this does not involve notary work, it does not belong here.
The RM companies are shady at the best.

Reply by rebs on 12/8/11 1:58am
Msg #406013

I have been doing loan aps and closings for them since they opened the business. They were upfront and told me how the pay works. I accepted that and I have no problem with it. They do pay for the loan ap and the closing, when the loan closes . If the loan is canceled or does not close, they pay for the ap anyway. Yes, it may seem like a while before you get paid, but I have always been paid by them. They are great people to work with and treat you with the utmost respect.