Hi All,
I am new in the industry, currently in the Texas market. I have been receiving reverse mortgage signing offers from Notarygo for $60. Is that an acceptable price? And is it wise to take a reverse this early with my experience?
Thank you
Emile
Triple that amount & add travel
Thank you Arichter. How do we figure travel and what is an amount to charge?
HECK NO for a reverse. I did my first reverse once I was 6 months or so in. I have found reverse to be my disaster area. I mean that literally. I have completed 2 and 1 app all were hoarder homes.
I have similar questions about Reverse Mortg. I too recently received an offer for a Reverse for $60. I am in AZ, I’m just getting started and wasn’t sure if I should accept it, charge more, and was unsure of how large those packages normally are? I didn’t accept it this time but I was wondering if I accept one would it be worth taking it for $60 for the experience or should I negotiate a higher rate even as a newbie?
Now, how would the lender know you are a newbie, if you don’t tell them by accepting that lowball $60 rate?
Reverse mortgage = huge package, difficult docs to describe, often elderly borrowers who may have challenging issues (hearing loss, poor eyesight, no current ID, physical disabilities) = a long signing appointment.
Before you even consider this, ask how many pages are in the package, if scans are involved, and if you have to print two copies. (Some of them have both copies included in the package.)
Consider your costs to print (i.e. a ream of paper is 500 pages at $5 per ream - .01/page, toner is $110 per unit and prints 6,000 pages - .0184/page, drum is $125 and prints 25,000 pages - .005/page, printers cost $600 and have a life span of 150,000 pages - .004/page = cost to print .0374/page. If you are printing 150 pages, your cost to print is $5.61. Printing a double package? $11.22. Reverse mortgages tend to be very large packages. Say 200 pages times 2. 400 pages x .0374/page = $14.96. That is the print cost.
Check your mileage to travel using a mapping program. 20 miles to the location? That would mean 40 miles, round trip. How much is gas going for where you live? I’m at $2.90/gal. My car averages 23 miles/gal. (Yes, I know, but if you actually track your mileage costs, you’ll discover that the 30 mpg the manufacturer claimed is nowhere near the truth.) I am going to use 1.74 gallons of gas, or $5.05. (I am not going to address amortizing the car.)
Print and trip costs therefore are $20.01.
Now, let’s address time.
You make your confirmation call. Assuming you reach the borrowers on the first attempt, that is 15 minutes. You have to print 400 pages. Assuming you have one dual tray printer and that you go over docs on screen before printing, at 32 pages per minute, assuming no print errors, you will spend approximately 30 minutes printing the package. Prepping - affixing post it flags, making notes, etc. - a 200 page document takes you another 30 minutes. You get into the car and drive to the signing - another 30 minutes, if you do not hit heavy traffic and are able to use the freeway. Then you settle down to the signing. Assume the borrowers are sharp and have no physical disabilities, that the docs are all correct and no one has to leave the table to find something the lender did not request in advance - 90 minutes. You check your documents, thank the borrowers, return to your office - 45 minutes. You sort through the signed documents, put together the scanbacks, run them through the scanner, sort them back into order, and email the scans - 30 minutes. You package the documents, attach the label, and drop them off to be shipped - 30 minutes. (The drop off time assumes you have only one package to be shipped.)
Overall time: 5 hours
Total earnings at an hourly rate if package accepted at $60 - $7.998.
(This is a simplistic cost analysis, which does not factor in the cost of training, certification, insurance, etc, etc.)
Thank you, judikidd, for the time it took to lay it out as I admit I’m too discouraged by the number of newbs who don’t seem to have the slightest idea of how to be self-employed or bother to even give costS of doing business a single thought.
Personally, I kind of admire a person who closes their eyes, holds their nose, and jumps into the deep end.
Most of them DROWN, but those who can dog paddle well enough to get around the shoals of IRS audits, local tax laws and regulations, basic accounting, inability to make decisions, etc deserve to survive.
Thanks for the kind words - I appreciate you!
