I did my first reverse mortgage loan, and it took about 3 hours. The signer was very detailed with explaining all the paperwork that he was turning in, so that took about an hour. Plus with it being an elderly couple, they needed a few breaks in between signing. Since it was my first time doing this kind of signing, I had a few questions for the escrow company so I called them in the middle of the signing to get them answered. After speaking to the representative over the phone, he was impressed with my professionalism, and asked if I would be interested in doing more of these kinds of signings for them. I told him I would if I could work with them directly instead of through a signing agency. He said that would be great and to send over my credentials along with my fees. So my question is, do most reverse loan signings normally take this much time or was this just a rare case and also it being my first one played a factor in it. Should I charge more for it being a reverse mortgage?
What are they paying you for that reverse mortgage closing? My reverse mortgage fee is between $370 to $400.
Ok, I was originally thinking of charging $200 per signing, but after reading through other discussions I understand mileage, amount of paper, and number of signers should play a factor in the fee. I was hired through a signing company, so they only paid $100. From reading everyone’s insight and opinions I know that’s a “lowball” offer, but I’m currently in need for the experience so I’m ok with taking the $100 offer.
So now that you’ve gotten experience, please take yourself out of the bargain bin. 3 hours is way too much time for these, for openers. However, they all are large packages and you will run into situations that take time–as you saw. Good to get this direct, but not at $100 going forward.
Yes, reverse mortgages are extremely long due to a lot of the factors that you stated. I agree with @VIPnotaryCO you should definitely charge in the $300s for those.
I totally agree. After this first experience I told myself I will never do that for only $100. I was excited to hear the lending company was willing to work with me directly cause then I could charge more. I think $300 is a reasonable amount.
I downright refuse reverse. They are waste of time and I come out stressed after the signing.
Unless is 10 mins driving away, I stay away
What companies are paying these fees? When I counter at $150, they always say will check with Title to see if can approve that and then never hear from them.
Yes I did one for 150 and I’ve learned that going forward $200 is just going to be the base pay for the documents and printing, but I’m going to charge extra for mileage and extra fees for scanbacks. So $300 will be about right!
I’ve been doing this for two weeks now. And Notary Cafe is teaching me a lot more than some website who wants to charge too much for training and membership fees, I never paid into any of those memberships or websites either.