Posted by Serina/VT on 11/23/13 5:17am
Msg #493807

Reverse Mortgage Apps need a diet

Just finished printing out a reverse mortgage APP that totaled 312 pages (with borrowers copies). I asked the SS for a bump up in the print fee but doubt I will get it. Guess I need to start expecting this monsters and quote accordingly.

Why the app needs to be so bloated is beyond me.

Reply by notarydi/CA on 11/23/13 7:43am
Msg #493811

Cal Vet loan.....

I once signed up a Cal Vet loan (refi) .....239 pages X 2. Borr was 83 years old. He just kept saying, "I'm hanging in here (signing all the pages). I just want my darn money (cashout)!" He was a trooper! Very interesting war stories from when he served. Was a slow day, so, I was just patient with him and listened. What else can you do sometimes......

Reply by Tim Cameron on 11/23/13 7:48am
Msg #493812

I did an app last night for AAG 171 total pages and that included the buyers copies are you sure you are not double printing? over half of the 171 pages I printed were marked as SAMPLE

Reply by MW/VA on 11/23/13 8:32am
Msg #493814

I agree with Tim. I've never seen anything like what

you're describing. Even the final loans aren't even close to that in size.

Reply by Serina/VT on 11/23/13 2:28pm
Msg #493843

Re: I agree with Tim. I

13 pages of instructions to notary that I had to initial and send back, 168 pages of a combination of lender and applicant docs (split at page 63) 58 pages of graphic intensive docs, lots of photos etc that applicant needed to sign in about 10 places (had to be printed twice, one copy for lender one for applicant) FedEx label and a couple other random 1 or 2 sheet attachments, yep over 300 pages for an app!

Reply by MW/VA on 11/23/13 6:47pm
Msg #493886

I wouldn't have done that for less than $150. n/m

Reply by Linda_H/FL on 11/23/13 8:29am
Msg #493813

I agree with you Serina...

last one I did was 190 something pages - 55 of which was the app - the rest was all borrower copy and info.

Not gonna do it any more unless they pay - they can provide all these informational brochures on their end (and pay for it) or they can have me print it (and they pay for it). Either way - I'm not doing it for nothing...

Reply by desktopfull on 11/23/13 10:28am
Msg #493825

Re: I agree with you Serina...

I was advised by my attorney not to do any applications for mortgage loans because they are supposed to be done by the loan originator. Told it violates RESPA, he didn't get specific on what RESPA rules it violated, but I'll go with his advise. They don't pay enough for the work involved anyway and take twice as long as any refi I've ever done. Guaranteeing me to get the closing once approved doesn't make up for the time consuming application either.

Reply by Linda_H/FL on 11/23/13 11:18am
Msg #493826

This has been chewed over before here...

and it's really open to interpretation - I don't take the application - that IS all done in advance by a loan originator or one licensed to do so.

I've done one since this new mandate came out - did you tell your attorney you're not gathering information - only signatures? That makes a huge difference. The ones I've done the LO has gone over everything with the borrowers, docs are all filled in, and the LO also has already told them what documentation to have ready for me to collect - as I said, I gather the signatures...that's it.

Reply by Linda_H/FL on 11/23/13 11:21am
Msg #493827

Also...btw and P.S.

"Guaranteeing me to get the closing once approved doesn't make up for the time consuming application either."

As my grandmother used to say "that doesn't cut any ice with me" - IMO it's two separate transactions and there IS no guarantee the loan is ever going to close. I do agree these are time consuming so I price accordingly - AND do not agree to be paid when the loan closes - too much can happen - I have a net 30 on these, but honestly feel these should be paid within 7 days or less after the LO gets the app package back

Reply by MW/VA on 11/23/13 6:47pm
Msg #493885

My interpretation also. The apps are already filled in by

the LO, we're getting signatures.
I have one co. right now that is offering a service to the lender by getting apps signed & scanned & emailed back to them. The market is very competitive, and I'm sure the lender (major) likes this arrangement. I'm fine with it to. I'm being paid a fair fee for getting the apps signed, scan & email. I am getting the signings, too.

Reply by desktopfull on 11/23/13 7:46pm
Msg #493894

Ones I've done weren't filled in, the borrower's did it. n/m

Reply by MW/VA on 11/23/13 8:20pm
Msg #493896

No. I wouldn't do those either. I've never had one that

wasn't filled in. Otherwise, I think we're crossing a line into doing the job of the LO.

Reply by desktopfull on 11/23/13 7:44pm
Msg #493893

Re: This has been chewed over before here...

The ones that I have received in the past were blank forms and the borrower filled in the information for each document provided. The last reverse app that I did took 2 1/2 hours at the borrower's home while they dug through their records and made copies of docs required on the list to send back and filled in the information on the docs that I brought. Would have taken longer if the wife hadn't been filling in the blanks while the husband dug through their records. The only doc that was filled in was the 1003, everything else was blank. My attorney told me to stop taking them and I have. It's just not worth the risk of a court battle because you don't know what side of the fence you will fall on depending upon someone's interpretation.