I received an email this morning that can be interpreted as an increase in closing assignments for Notary Signing Agents who do Reverse Mortgage closings:
It states that Reverse Mortgage originations rose 4.2% in 2008, and that there are market signs for continued growth in 2009.
Notary Signing Agents play a key role in the Reverse Mortgage process. In addition to assisting with the Reverse Mortgage application, we provide an added convenience to the borrower when it comes time to sign the Reverse Mortgage loan documents by enabling the borrower to sign their documents wherever it is most convenient for them -- usually in the comfort and privacy of their own home.
A valuable resource for Notary Signing Agents is: The Complete Handbook of Loan Documents and Transactions -- The Notary Signing Agent's Illustrated Guide to Common and Uncommon Forms and How to Notarize Them, published by the National Notary Association.
I have provided some information on how to do Reverse Mortgage closings in:
Reverse Mortgage training for notary signing agents
And there are more resources on Reverse Mortgages for Notary Signing Agents on my website.
See also:
Reverse Mortgages Show Growth in 2008
President Signs Housing Bill, Reverse Mortgages Receive New Loan Limit and More
Housing and Economic Recovery Act of 2008
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Leon,
Your post is dead-on for being accurate and very timely! As a notary signing agent, I am getting more and more calls to conduct this type of closing. Unfortunately, all the calls are coming from one lender in particular. According to the scheduler, this lender requires EXPERIENCED closers. You have to have a certain number of closings under your belt before they will hire you.
I have done a lot research on my own. I've taken an online course and have read training materials from two different industry experts. Unfortunately, this has not been enough to get me in the door with this one lender.
My response - I'll market myself to other lenders who aren't as stringent with their requirements to get some experience. My goal is to be the "GO TO" signing agent in Northern Alabama for Reverse Mortgages.
Thanks again for a timely post.