I accepted a reverse mortgage signing for $125 its a 19 min drive but has too many notarization/ signings to be done and about 400 pages to print I thought it would be less should I ask for a higher fee or just leave it at that.
what would you do?
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Reverse mortgages are always 200-400 pages. Always ask what type of loan and how many pages and if scan backs. If you see reverse mortgage on the type of loan before you decide to accept or not. I made a questioner so when I get a call or request I fill in the type of loan, how many pages, scan backs y or n, distance one way. How many signers. And then I let them know how much I require in fee to take the assignment.
If you accepted the loan before negotiating your fee the company may not be willing to adjust your fee. It depends who you deal with and if it wasn’t made clear to you up front then you may have a chance. Doesn’t hurt to ask for an increase. Good luck
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Thank you for your help, Ill just stick with fee for now next time ill take your advice in mind and negotiate
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I’ve never had a 200 page RM - but you can bet your bottom dollar I would not do it for $125 - RMs can go one of two ways - smooth as silk because the borrowers are with it and very savvy and have everything together OR you’re at the table for 2-3 hours as they slowly sign, chat, etc. They’re fun to do as I met great people but they are time bandits.
To print 400 pages, you deserve to be compensated for that. However, if you ask now you risk losing the assignment - they’ll move on to someone else; OR if you negotiate it nicely you may get a sympathetic ear who will get you a bit more money for your efforts - just let them know you didn’t realize it was 400 pages when you quoted your fee.
And I hope you don’t have to scan anything back…
Good luck
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Hi how much should one charge for reverse package
If in the same city you live I go as high as $250.00 with scan baks, but if it’s further than 25 miles I add an extra $50. Then if there is more than 2 signers per package on any loan add another $25. These are my prices but you can adjust your fees accordingly.
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I have done one today and it was 19 min drive for $125 and printed about 400 pages… I am pretty sure that I had done good no mistakes and shipped the same day I checked it and made sure of everything 3 times. Can I email the company and tell them that I did not know it will have so much signing and notarization was to be done and ask for a raise in my fee or is that not allowed?
Well, that is good because that is a great deal of work.
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Well, I have never done a reverse before but I am open to do them all. I am just starting as a loan signing agent. I am still scared.
Some companies will give you more if you request and not demand. Some won’t. I’ve said, “that was a lot more pages than normal, could you add $20-$40 to me fee?” I’ve never asked for a lot but often they will be kind enough and see it as reasonable. It’s a valuable lesson learned. I’ve had my share.
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Thank you for that, I just Emailed the company hoping they would be kind enough and add extra to my fee.
You charge extra for more than one signer? D companies accept your extra fees?
I might have to adjust my fees … that’s why I’m asking… LOL
Wow… we’d never get those fees down here - I’m surprised you get any business with that high a fee schedule.
Just proves that one of the key points of this profession is location, location location.
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I don’t charge that price on all my loans only if it’s long distance 400 pages and I rarely get more then 2 signers only once I did. In town I ask for less. The RM are a lot of printing and signing and I’ve gotten paid $250 for one the others were 150 to 175.
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I also believe it’s location. I can choose depending on my work load, distance/time if location. Pages are definitely going to be a total of 400-450(including customer copy). I enjoy doing these, for the sheer enjoyment of meeting elderly people and hearing some exciting stories about their lives and the homes they do not ever want to risk loosing. I realize the industry is location driven and now the economy is shakier than ever. This is a good start to finding your way in the industry. You will never stop learning!!
I would never accept a reverse mortgage or any other loan of 400 pages for $90.00. That is not worth the printer ink, papers, distance, and my time. We have to be talking about $275, if not higher.
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How long did it take you to do the RM?
It depends upon the area as to how much you can charge. I am in Roanoke, VA but I do not go out the door for less than $200. I charge extra for out of Roanoke towns. I also charge extra for last minute (same day), extra for scanbacks, extra for Sat. and extra extra for Sunday. I have plenty of work. In fact, I have had to turn down work. However, there are those in this area that will work for $40…$75…$100. These notaries usually don’t last long. I have no problem with notaries charging as little as they want. We all have to make a living.
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For 10 years I am a signing agent reverse mortgage signings are always 200+ pages - but even if they are less pages you will have to book at least 2 hours due to the fact they are elderly and want to read every page. Just keep that in mind too
Stick with that fee for this one
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When I see Reverse Mortgage I run. They are unpredictable and can take up most of your day and wreak havoc on your ability to keep your next appointment/s. Some people will want to have a conversation after each time that they sign a document which can easily result in a 2-3 hour signing. I never had a signer that truly understood what they were signing. On top of that, I don’t feel good about the outrageous fees they are charged and I leave their home feeling guilty.
Some people enjoy working with and helping the elderly, that’s fine but just be prepared. In one case I had to rearrange their furniture to accommodate the signers. In others, their eyesight was so poor that I had to walk each page to the signer and and hold my finger on the signing line so they could see where to sign and then write the date incorrectly.
If RM’s are still for you then you need to charge appropriately. I don’t do them at all any longer because the fees offered do not come close to the time/effort and scheduling conflicts that can occur.