Posted by jonnyscudera on 10/3/13 5:52pm
Msg #486930

reverse loan

how much should a signing company pay for reverse loan? they offered 125 and i accepted. should i ask for more?

Reply by Darlin_AL on 10/3/13 6:20pm
Msg #486932

First, double-check the hiring party. If you're getting $125 for local, & you can handle the extra time involved--it's your business decision. Services that handle these are crashing & not paying notaries, from what I have read. HVR will probably never pay me the $150 they owe, despite promises by Mark Wills & others who I have spoken with.

Reply by 101livescan on 10/3/13 6:33pm
Msg #486934

Not a chance, Darlin, cuz the owner is whooping it up in Cancun with some hotties. I have no idea what hotties cost these days, but probably more than $150.

Reply by ProGal on 10/3/13 9:35pm
Msg #486953

Last year I accepted $100 for Apps and closed them for $150. Now, I am doing Apps for $125 and closing for $150 - 175 depending on the company as these are very time consuming and a lot of info has to be explained that either the Loan Officer didn't explain well or the borrowers don't understand. I have Mortgage Banking experience and have done the RMs myself, so I feel like when a signing service hires me they are getting a very knowledgeable Notary!

Reply by Linda_H/FL on 10/4/13 7:06am
Msg #486976

Re: reverse loan...BEWARE

"a lot of info has to be explained that either the Loan Officer didn't explain well or the borrowers don't understand"

They may be hiring someone with knowledge, but you are the Notary/Signing Agent only - you are NOT the loan officer or Mortgage Originator, and you are overstepping your bounds by "explaining" ANY loan terms to the borrower

Not sure how Texas would look at this but most states would consider it UPL (Unauthorized Practice of Law) - something prohibited for notaries across the board (except in Louisiana). In some states the penalty for this is loss of commission and/or monetary fines. Also, I hope you have top-tier liability insurance to cover you for actions such as this.

JMO

Reply by Darlin_AL on 10/4/13 10:26am
Msg #486991

Linda is right on--you need to step back & re-examine

your role there. For sure, when a problem arises, and it will, you will be named. Hiring parties do not want the signing agent getting involved w/their deal! It's a "sale" at every point, even after a refi has been signed & shipped, you're on the hook. I got a call last night from a signing 9/29 from the brw asking when their payment is. I referred him to his copy of the pkg I left w/him & advised it will be on the 1st page of the Note, which is in the vicinity of the mtg, w/all the pgs they had to initial. Sure, I was tempted to check the dwnlded cy of docs, but for all the reasons above & more, did not even go there.

Reply by jba/fl on 10/4/13 2:11pm
Msg #487020

Why not mention the Payment Letter or TIL? The note only

shows P&I and if there are escrowed funds for taxes, insurance, etc, that figure will not be correct.

Reply by MW/VA on 10/4/13 1:27pm
Msg #487010

That seems to be the going rate these days. Again, I used

t get $150 to $175. Those days are gone. Only you can decide if you can accept a fee or not.

Reply by HVR Mobile Notaries on 10/14/13 3:37pm
Msg #488112

HVR Notaries management is trying to resolve this problem as soon as possible. We totally understand your frustration when calls are not being returned or for late payments. We stopped taking orders from clients until we fix this. We will contact everyone within next week in regards compensation. There is a lot of false and inaccurate information on this blogs but we can assure you that we will not hide and we will do the right and ethical thing! No one is collecting money to get richer or walking away like other companies have. We will make things right but we ask to give us time. Also Mark Wills and JJ have no relationship with HVR nor does HVR have something to do with the classes mentioned above. Thank you and we apologize for the late response.