I have to call thousands of Notaries to get their notes sections filled out. The newer Notaries typically have less experience doing Reverse Mortgages, Debt Consolidations, and Debt Settlements. Half of the people who are experienced at these types of signing say they don’t want to do them or list them.
It is true that Reverse Signings and Debt Signings take longer, and that dealing with older folks can be a trying experience getting through 200 pages when they can barely see anything. If you are not patient, you might not last. Some Notaries think that Debt Resolutions or Debt Settlements are corrupt and a rip off. That is NOT for you to decide. Personally, I feel that debt in general spins our economy into extreme imbalances and can lead to financial slavery, ruined economies, etc. Perhaps that is why Jesus forbade it. Usury, gambling, sorcery — these things all lead to disastrous results. But, let he who has not sinned (or in our business — rescinded) throw the first stone.
BTW, I believe that medical marijuana and prescription drugs qualify as sorcery and look — all of America is addicted and controlled by big pharma as a result. Read the old testament and see what they say about sorcery. It is forbidden. So don’t take that aspirin. Natural herbs only. Marijuana by the way is no longer natural — it has been doctored and genetically modified at a lab — hence the term sorcery.
I feel that if you are a mobile Notary, charge for your time, work, and grief. If a particular type of signing or company is hard to deal with, charge accordingly. If you charge $80 for a regular Refinances, but think Reverse Mortgages are a pain, charge $150 or $200. You might not get it, but you might and that change will look good in your pocket. Many will pay because the other Notaries typically either don’t want to do this type of signing or also charge more. So, be practical and realistic and rake it in. Business is good now, so don’t take that for granted because it might slow down eventually, but probably not soon.
Both the Rev. Mtg. Application & Final are usually quite large packages and, as the signers are older people, some can be quite slow with signing a LOT of pages. With the Application, you usually have to collect a bunch of documents from the Borrower & return them with the package. Often they want a scanback, too. I have found, tho’, that IF you set it up properly (tell them to have the ‘collected docs’ ready—they know what it needed), they can go almost as quickly as a large refi because they’ve been brought up to speed by the LO (if s/hes GOOD–& MOST ARE).
The ‘Debt relief’ are a whole ‘nother animal. If I had to describe them in one word, it would be SCAM. Many want you to tell them you ‘represent’ the Co., or are a paralegal, or read a script. IMO, they are NOT a good deal. But, I’d be the only ‘faqce’ on this transaction. So, NO Way do I do these. Yes, I did one, but never again!
Comment by Ardel Richter — January 5, 2021 @ 2:53 pm
typo: only ‘face’ on this transaction…
Comment by Ardel Richter — January 5, 2021 @ 2:54 pm
Pity the people who get conned signing debt signings. They are parting with money that they dont / cant /wont share with the debtors, but will easily pay over the fees “over monthly fees’ and only when all fees are collected.
What a SCAM
Comment by WYSIWYG-Notary — February 12, 2021 @ 7:18 pm
I used to get a lot of debt relief work, but in the last two years almost none. I got ripped off by one company, but the others paid well and timely. They also only need to be on 11″ paper, always a plus. You scan and don’t have to ship, just shred the docs when you get paid.
As to reverse mortgages, they are not that onerous, and are done on 11″ paper. I find the clients to be easy to work with. Again, the reverse mortgage companies pay well and timely.
Comment by ELISE DEE BERARU — February 12, 2021 @ 10:50 pm
I have to say, I loved doing both Reverse Mortgages and Debt Settlements. If you get an application for a reverse, and you handle it competently, your going to get a second payday for the signing.
As for debt settlements, I’ve never seen them as a scam. I am a retired bankruptcy attorney and I can tell you, these clients come out a lot better than if they filed a bankruptcy. The fees are higher in some cases, but they avoid having a bankruptcy on their record and their credit score only takes a temporary dip. Besides, they pay well fror a much shorter investment of your time.
The jobs that to me were scams, were the ones where the company is buying out a stream of future payments, and giving the signer a lump sum payment. It sounds good, but the buy out is for cents on the dollar. Often the signer needs the security of regular future payments, especially when they are unemployable.
Comment by Jay Grush — February 13, 2021 @ 5:28 am
I have done Rev Mor Apps, Rev Mor and also Debt Res. Of the three the Rev Mor App is the most tiring if the signers do not have their documents ready. I did one once that took me two and a half hours with a sweet little old lady. I wound up searching through her car and going through stacks of mail to help her find her documentation. Some Rev Mor signings are by financially astute people who zip right through like a regular refi. I charge extra for both the App and the Loan due to the volume of pages and the inability to accurately gauge the length of time it will take. I do not like to do Debt Res except that it helps keep some people from filing bankruptcy. In one case the couple would have been better off filing bankruptcy over Debt Res but most participants can save themselves the 7 years black mark on their credit record by going the Debt Res route.
Comment by Keaton Notary — October 30, 2021 @ 1:50 pm