Posted by Dawn Pawliski on 10/12/13 1:27pm
Msg #487884

How Do I Get More Reverse Mtg Signings?

I became an independent notary signing agent 6 months ago. Previously I worked for a high volume title company conducting real estate closings and doing refinance signings. Since I have become independent it has been my experience that Reverse Mtg Signings are the best dollar for the time spent. I was thinking of sending direct marketing letters. Can anyone give me some advice as to what title companies are the leaders in Reverse Mtg Signings nationwide? Thanks so much for your time!

Reply by notary4az2 on 10/12/13 1:35pm
Msg #487885

The laws just changed on reverse mortgages on October 1, 2013. They are only allowing about 40% cash out , so I do not see a lot of working coming down the road. I had one in August and the title company was not paying what I think was a fair fee. I told them to find someone else. Apparently she could not and called me back and paid me what I was asking. Have not done another since.

Reply by Sylvia_FL on 10/12/13 2:21pm
Msg #487887

" Reverse Mtg Signings are the best dollar for the time spent"

Not necessarily. Depends on the lender. I did mostly Wells Fargo RM's where they didn't take long, but there was another lender (and I forget which one, it was several years ago) and the paperwork was ridiculous. I had never seen so many documents in a package and it took almost 2 hours to get them signed.

Reply by MW/VA on 10/12/13 2:56pm
Msg #487890

I'm curious, Dawn. I skimmed your profile & it sounds like

you're giving the borrowers advice. You do understand that's a no-no for NSA's. We're impartial third parties--don't legally represent the lender or the borrower. Most of us are careful not to cross the line. That can be tough sometime, because you have an extensive background in the industry.

Reply by HisHughness on 10/12/13 3:57pm
Msg #487896

I, too, read the profile, and I didn't see a single instance

... in which the NSA crossed the line. She knows her business (wish I knew it that well) and is prepared to explain things to the borrower. She does not go further and attempt to tell the borrower, "This is how it impacts you." I say, "You go, girl."

Do have a bit of a problem when she says she is prepared to explain some things when they favor the lender. I'm not there to sell a loan; I'm there first to notarize, and then to make the borrower comfortable that he knows enough about the documents presented to sign or to decline to sign.

Reply by Linda_H/FL on 10/12/13 3:34pm
Msg #487892

I have not always found that reverse mortgages are the "best dollar for the time spent" - depending on the lender and title company the packages can vary from 85 pages to 185 or 200 pages; depending on the loan officer the borrowers are either very savvy OR have no idea what's going on; and not all, but many, are elderly, therefore sign slower. All resulting in more time for basically the same dollar amount.

Also, if you were with a title company and law firm doing closings, you know how the market has died. Same is true for reverse mortgages - in fact maybe worse, simply because of the new regulations in place and the fact that they're changing every week. RM's are not so easy to come b any more - not like they used to be.

I would also caution you as to what you are able to "explain" and what you actually do say to borrowers - you may have had that authority at the title company or law firm (been there, I get it) but as a notary and signing agent, you don't have that latitude, and you have to be very careful about crossing the lines into UPL. You can answer the "where is this info" question - but stay away from the "why" of it.

I might also, respectfully, suggest you review the information in your profile for accuracy and spelling. There are a couple errors in there that degrade the face you're trying to put out there.

JMO and good luck.

Reply by 101livescan on 10/13/13 10:24am
Msg #487935

Waaay too much information and wordy...hard to read.

I think you want to capture your audience, not make them work to read your profile.

Reply by Philip Johnson on 10/12/13 3:50pm
Msg #487895

Move to Florida, larger market. :) n/m

Reply by Luckydog on 10/12/13 5:26pm
Msg #487901

Re: Move to Florida, larger market. :)

" Reverse Mtg Signings are the best dollar for the time spent" Hmmm, not sure who you are working for, but most cases only pay $25.00 more, and take twice as long.

Reply by Luckydog on 10/12/13 5:46pm
Msg #487903

Re: Move to Florida, larger market. :)

PS...Your profile is walking a thin line in my opinion... You say "As a notary I know to never express personal opinion or explain loan terms. However, as a signing agent you should expect that the notary be very familiar with loan documents. That being said... "...and the proceed to go on in great detail about loans and packages in general and explain the differences and variations of certain aspects in detail (something you are NOT legally able to do with a borrower). Yes, we are professional and indeed need to know that knowledge for ourselves, but you cannot interpret these docs in great detail to the borrower, only explain the meaning of them generically, what the HUD is, the NOTE, the TIL.... Sometimes less is more, and your profile looks like a liability to some SS to give you work that you are going beyond the limits of what we do here as mobile signing agents. I would just say you have many years in the title and mortgage industry and leave it alone. They will know by that that you are familiar with what is inside the package without looking like a high risk closer. Anyway, just my opinion from looking once at your page, it seemed a bit over done and over qualified.

Reply by MW/VA on 10/13/13 6:59pm
Msg #487984

I think you said that very well, Luckdog. It was what I

was driving at, but wasn't as clear as you.

Reply by BrendaTx on 10/12/13 6:26pm
Msg #487905

Dawn, answer to your questions...

There is gold in the courthouse. The only way you will find out the answer to your question is to go to the only source where this info is stored and organized.

NR members will seldom respond to the question you are asking because that is like giving you the names of their best clients...you may be a competitor of theirs.

Go pull recent mortgages (in person or online).

Use the index to locate the one common party that participates in all HECM reverse mortgages. With title company experience, you know how to find the rest of it.

Reply by AngelTX on 10/13/13 1:30am
Msg #487912

to me they cost more to print, packages nearly 200 pages and then the seniors can be very slow and it is a very time consuming process, definately not a money maker closing imo

Reply by 101livescan on 10/13/13 9:04am
Msg #487924

Agree! PITA files!

The packages are lengthy, the borrowers are slower to sign, they are retired so you're the first person they've had 1:1 with in days, so you're their captive audience and think you have nothing else to do but be there for hours.

I conducted my last RM last year when the borrower couldn't remember how to sign her name twice the same way, what day it was, her address, etc. She had had a stroke five years ago. Her daughter was trying to get this through to make repairs to the roof, etc. The daughter claimed I was harassing her mother, and said well, if I'd known it was going to be such a hassle, I could sign as power of attorney. NOT. BTW, daughter was a notary herself. and a transaction coordinator at a large RE office in town. Daughter wrote to the secretary of state and complained that I was impatient and should not work with the elderly. She also called title and escrow to complain and threatened a lawsuit. However, since she was not the borrower, and mom was, there was no case. Title and escrow said, don't worry about it. Clearly a case of daughter trying to get the loan through. It was too late. Sometimes people wait too long to take care of business where their elderly parents are concerned.

So I don't know why on earth I would ever want to do another RM...better work out there for me.

Reply by BrendaTx on 10/13/13 12:32pm
Msg #487950

Re: Agree! PITA files!

Daughter is a nut job. That would be a prime case for the new mandatory reporting law for California notaries, if I am reading this right. But, that was last year, not this one.

Sometimes, rev morts are very good deals for notaries, sometimes they are not. I had three LOs that I worked with for years. They asked for me and I was paid a fair fee.