Respectfully this is not true - if both are on the loan (and both have qualified for the RM) then the remaining person can stay in the home until they sell, move or end up in a nursing home or pass away. Their heirs are never responsible for the balance of the loan. Now on the other hand, if only one of the owners has qualified for the RM and something happens to that person, then yes, the remaining owner will be given the chance to qualify and refinance.
Have to say I did quite a few in my signing career - I NEVER had a 250 page RM…150, give or take, maybe - but never 250…that’s just insane.
For the page count, all the RM I’ve done are 200 pages and it was with no application included. So yeah it’s crazy and you are lucky to have done smaller than 150 pages. I have done regular Refis with 200 pages as well and not with a piggy back or application included just a final signing of docs.
Thank you for sharing your fee. Most companies I work with start out offering $100 for an RM application. I have gone to asking for $150 for an application because they can be time-consuming if the borrower doesn’t have their documents ready. The Lender also asks for a scan back which is annoying, but isn’t that hard to do. If the borrower gives me original copies of their supporting documents (they do not have a copy machine) I make copies prior to scanning so the scanner won’t jam. Most borrowers do not want the originals returned so the originals go in the packet and the copies are shredded.
Those packets are slightly under 300 pages for two signers and the first 100 or so pages are to be signed with no notarizations. Many times if you are the notary for the application, you can also pick up the final loan. The companies start that out again at $90 to $125 in California. I cannot take one for less than $150 because many times the signers are disabled and it takes longer to get the documents signed. I base my fee on time rather than page count. You cannot rush a signer and accepting a low fee can cause tension as the minutes go by.
One of my first RM loans involved a senior citizen who was already in an RM. I didn’t understand why she was getting a new one at that time until the LO explained she didn’t have an impound account on her first and tended to forget making her property tax payments. The new loan would have an impound account included.
I asked my signer if she would like anyone from her family present while she was signing and she gave me her daughter’s number. The daughter said she was busy and although she lived two blocks away, didn’t come. That signing took 3 hours. I had to help her find her documents which included going through her car’s glove compartment, her towering stack of mail, and her desk.
I have done at least 30 RMs in the past three years, once you know what to expect take around an hour to sign.
Jasmin
I think it depends on the which lender is handling the rm. I have spoken to a couple of lenders in my area and yes, 250 pages could very well be the number of pages.
