Has anyone ever done a “reverse application signing” with a promise to be called back for the actual loan signing in 3-6 weeks? No notarizations on this. Just the borrower signing
I’ve worked with the company before and they paid well but this is kind of weird. I feel more like a glorified courier service.
Have to print out nearly 300 pages and mark them and take them to the borrower for signing. Have to scan back some of the documents and fed-ex back the full packet. Weird? or is just something new?
It’s not new, I’ve done a few in the past but I no longer choose to do them. As you stated it’s a LOT of pages with a lot of requirements and as Jennifer stated it’s usually very time consuming. And if the final loan doesn’t close you may get the run around on payment.
It’s just not worth it to me and I decline these offers.
300 pages for an app?!! That’s insane!! Largest I ever had was about 85 pages - and you only print one copy (although as a courtesy to the borrower I used to make an extra copy of the GFE for their future reference.)
My fee for these was the same as my fee for the final signing, and initially I required payment for the app within 30 days. (the app and the closing are two separate deals so payment is required). Later on I began requiring payment up front, but at the same time I started declining most of these offers. As has been stated, these are very time-consuming, and if the loan never closes you have a good chance of not being paid.
300 pages for an app - this is a minimum $150 deal…IMO
I wouldn’t do it. The last one I did was last week, and it was only because it was near my house. 300 pages is correct, part of that 300 is a copy of the app package for the borrower. Took about two hours; two signers. But, very time consuming. It’s not really worth it, unless you like to sit there and watch them sign…slowly, depending on the person. Remember, these loans are available to senior citizens only. Plus, they don’t pay too much.
I sometimes get them, but since the applications are larger than what you would expect from a regular loan, and take longer, I charge 150. and for the closings as well. If they are promising that you will get the closing and will be paid more, that may or may not happened, so just keep that in mind. Tell them you want to be paid within 30 days and do they foresee any problem with that? If they sound wishy washy tell them it won’t work out. Reverse assignments take a lot longer–bigger packages.
Thanks everybody for the info, first time a learning experience, will definitely charge more in the future if we do one again. And is yet to be seen if we get the closing. Well keep you posted.
Reverse mortgage application signings are extremely time-consuming. The borrower(s) are 65 years old or older. A lot of the time they don’t have all the documents together that you’re supposed to collect. You have to sit patiently while they are looking all over the house for their mortgage stmt, SS card, medicare card, etc.
It’s very frustrating.
