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Reverse Mortgage Training For Notary Signing Agents

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					Reverse Mortgage Training For Notary Signing Agents
Reverse mortgages are becoming increasingly more popular, and it's in the
best interest of notary signing agents to learn as much as possible about
these loans, and get experience closing them.
Notary signing agents can play a key role in reverse mortgages because,
by having a notary signing agent do the closing, it enables the client to
stay at home. This is especially beneficial for those borrowers who are
not able to drive, are confined to a wheelchair, or for some other
reason. The notary signing agent can bring the loan documents to the
borrower''s home, or wherever they choose to do the signing. I recently
did a reverse mortgage closing at a Red Robin restaurant, because that is
where the borrower wanted to do the signing.
For the experienced notary signing agent, learning how to close these
loans should pose no problems. Although there are some documents that are
unique to a reverse mortgage loan package, the signing procedures are
basically the same as with a conventional loan.
There is a book that I highly recommend to notary signing agents who want
to learn more about reverse mortgages. It's the Complete Handbook of Loan
Documents and Transactions: The Notary Signing Agent's Guide to Common
and Uncommon Forms and How to Notarize Them. Reverse Mortgages are
covered in Chapter 3. Just about every document in a reverse mortgage
loan package is included, along with an explanation. Some of the
documents have 'Notes' attached to them. For example, there is a note
explaining why there are 2 Deeds of Trust and 2 Notes.
There is another training option for notary signing agents. Bancserv is
offering reverse mortgage training on its website. The PowerPoint
presentation is very well put together. Notary signing agents who want to
sign up can visit the Bancserv website.
Between those two sources, that should be all the training that a notary
signing agent needs in order to do reverse mortgages. You will no doubt
also receive instructions from the title company that hires you.
Of course, the best training is actually doing the closings. These
normally go very smoothly, because the borrower has been well-counseled.
They are already very familiar with what they are signing, and most of
their questions have already been answered. And keep in mind that, just
as with conventional loans, notary signing agents are not there to
explain the terms of the loan.
Notary signing agents may be reluctant to accept an assignment to do a
reverse mortgage closing because they believe that it will take an
inordinate amount of time. I haven't found that to be the case. Another
concern is that the borrowers are old and need special attention. You may
encounter some borrowers who do. I once had a signing in which the
borrower's wife was bed-ridden. He was able to sit at the table, but she
had to lie on the couch in the living room. Fortunately the borrower's
daughter was there to help with the signing. She would shuttle the papers
from her father to her mother for me. You may also find that the
borrowers will want to take a moment to get up and stretch. They aren't
able to sit for long periods of time. Their hands might get cramped too.
Carry soft grip pens. Pay attention to their body language. If they
appear uncomfortable, find out what can be done to make things more
comfortable for them.
All of this is part of the training too -- learning how to deal with the
various situations that you will find yourself in. Most of it will come
from experience.
By all means, do not hesitate to accept an assignment to do a reverse
mortgage closing. It adds to your repertoire, and makes you a more
complete notary signing agent. And you will get to meet some interesting
people too.
Good luck.

				
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