Making a Reverse Mortgage Closing
All borrowers deserve the red carpet treatment. But if I do a reverse mortgage closing, I think of my mother and how she want to be treated as a backer. And yes, provide customers inverse relationship, which I call the "Gold Carpet" treatment. It is evident in everything we do – even in gold binder clips that I use.
Preparation is the place where it was born.
For me, this Special closures. Lending institutions and title companies to understandit. I received the documents and had them print out 3 days before the deadline. No "last minute" rush job here.
Peace of mind for the borrower, and treat them with dignity and respect, is a top priority. I prepare the shipping envelope, so that the lender can see how their documents will be sent, and that the envelope is all over. Should never have to guess how and where his documents. I am also willing to give you a tracking number, if you want to finddevelopment of delivery.
My Notary Journal is the first thing he will sign. It is here that it is important to let the borrower know that all sensitive information is protected. I cover the names of previously signed with a piece of black plastic. Does it know that we will not allow anyone to see any of the names and addresses of any of the previous mark in my diary – including her's.
Preparation of loan documents.
Was not a loan officer. Not knownot work for the company title. But I feel the responsibility to be able to know all the documents in its package, where they are and all the important information contained in the documents.
I have copies of the borrower to set on the inside of the cover, because when I was in the groove, is one of the first things a lender will see – you get a copy of everything you are signing. This too is part of the peace of mind that I would drawbeginning of the period.
The first document in the stack is not HUD settlement, even if it is the first document that I will be there. I go over the numbers, with my financial calculator to use – usually for a better understanding of the distribution of the data collected. Everything is correct.
You would not expect that the first page, so I have an "original post here 'tag to let you know. This is settled at an early stage, should not begin unless indicatedotherwise.
The other side of the statement of account has a signature line. But the name was printed very small. I put a sign "here" tag, so you can not only see where to sign, but how. The borrower wants the signature, as the name is written on the document. I carry a magnifying glass, where the borrower can read any of the information.
Right of withdrawal. This is one of those "peace of mind" my documents top. I do it for a couple of reasons. InAll loans not, as I did, I never had a borrower to cancel. However, it gives them peace of mind knowing that they are "signing their life away" – a party can join the pile of loan documents, and still be able to back out of it was. Another reason why I sit at the top so I can 2 signed copies of the borrower the envelope containing copies of the borrower. It allows me to put the envelope in halfat the time of signature.
Closing statements. I will read the instructions of closure. They also have a lot of useful information.
There is still a "guarantee" of the document. E 'known as a statement of personal responsibility. This allows the borrower knows that she has a personal responsibility for payment of the debt will never be. I highlighted in a post-it tags. All this is to ensure that the borrower.
I go into each page of the document. I would trust me with anyfunction of the loan. I also placed a potential problem, I would ask the company to license. I am also sure that the print quality.
Anything I can do to save time, I tried to do in preparation. Every part of the preparations have been designed to make the closing go as smooth as possible.
I wear a label of the disturbance. While the borrower would expect me at some point, it is still a good idea to identify myself. Is part of the peace of mind that Irun.
Arrive on time. E 'extremely important. Are usually a closure of 10 minutes. I drive around the block or just sitting in my car and wait. It's better for me to wait by the borrower to wait.
As expected, the loan officer was there. There was not much that had to do. But it was good for him there. There were a couple of questions about hypothetical borrower who was unable to respond. E 'was definitely the type of questions that a lawyerSignature of the agent will try to answer.
He broke his wrist a few months ago and has written his cramping hand. I asked if he wanted to take a break. Did not. It is important that the notary's signature for the agent are sensitive to all the things he says the lender, all the gestures they make, etc. They can come and speak for the inconvenience.
The closing went well. The borrower is totally satisfied with everything. I saw the courier envelope and showtold her that I would be back in that day the documents for the company title. He thought that would be responsible for doing so. He could not believe how easy it all was. Everything was just at home.
And that is why agents notary signs a significant role in Reverse Mortgage. Let these people in their loan documents in total privacy and comfort of their homes, signs, or if you choose.
If this particular borrower said:"It was all so easy."