All borrowers deserve the red carpet treatment. But when I'm doing a Reverse Mortgage closing, I think about my mother, and how I would like for her to be treated if she were the borrower. And so I give reverse mortgage clients what I call, the 'Gold Carpet' treatment. It's apparent in everything that I do -- even in the gold binder clips that I use.
Preparation is where it begins.
For me, these closings are special. The lenders and title companies understand that too. I received the documents and had them printed 3 days before the closing date. No 'last-minute' rush jobs here.
Peace of mind for the borrower, and treating them with dignity and respect, is a top priority. I prepare the shipping envelope so that the borrower can see how her documents will be shipped, and that the envelope is all prepared. They should never have to guess how and where her documents are going. I'm also prepared to give her a tracking number, if she wants to track the progress of the delivery.
My notary journal is the first thing that she will sign. This is where it is important to let the borrower know that all of her sensitive information is safeguarded. I cover the names of the previous signers with a piece of black plastic. This lets her know that I don't allow anyone to see any of the names and information from any of the previous signers in my journal -- including her's.
Preparing the loan documents.
I am not a loan officer. I do not work for the title company. But I feel a responsibility to be able to know what all of the documents are in her package, where they are located, and any important information that is contained in the documents.
I set the borrower's copies on the inside of the folder because, when I'm at the closing, that is one of the first things the borrower will see -- that she is getting a copy of everything that she is signing. That too is part of the peace of mind that I want to establish at the beginning of the closing.
The first document in the stack is not the HUD Settlement Statement, although that is the first document that I will present. I go over the numbers with my financial calculator -- mostly to gain a better understanding of the breakdown of the figures. Everything is accurate.
She will not be required to sign the first page, so I put an 'initial here' tag to let her know. It also establishes early on where she should initial, unless it's indicated otherwise.
The second page of the Settlement Statement has a signature line. But the name is printed very small. I place a 'sign here' tag so that she can see, not only where to sign, but how. The lender wants the signature as the name is typed on the document. I carry a magnifying glass, just in case the borrowers have trouble reading any of the information.
Right to Cancel. This is one of those 'peace of mind' documents that I put at the top. I do this for a couple of reasons. In all of the reverse mortgages that I have done, I have never had a borrower cancel one. Nevertheless, it gives them peace of mind knowing that they aren't "signing their life away" -- that they can sign every single page in the stack of loan documents, and still have the option to back out of it. Another reason that I put it near the top is so that I can put the 2 signed copies for the borrower in the envelope containing the borrower's copies. It enables me to put that envelope out of the way during the signing.
Closing Instructions. I want to read the Closing Instructions. They contain a lot of useful information.
There is another 'peace of mind' document. It's called the Personal Liability Notice. It lets the borrower know that she will never have a personal liability for payment of the debt. I highlight it with a post-it tag. All of this is designed to reassure the borrower.
I go through every single page of the document. I want to familiarize myself with every feature of the loan. I also want to spot any potential questions that I want to ask the title company. I also check the print quality.
Anything that I can do to save time, I try to do during the preparation. Every part of the preparation is focused on making the closing go as smoothly as possible.
I wear a name badge to the closings. Although the borrower is expecting me at a certain time, it's still a good idea to identify myself. It's part of the peace of mind that I want to establish.
Arriving on time. That is extremely important. I am usually at a closing 10 minutes early. I'll drive around the block or just sit in my car and wait. It's better for me to have to wait, than to have the borrower wait.
As I expected, the loan officer was there. There wasn't much that he had to do. But it was good having him there. There were some hypothetical questions the borrower had that he was able to answer. They were definitely the types of questions that a notary signing agent should not attempt to answer.
She had broken her wrist a couple of months ago, and writing made her hand cramp. I asked her if she wanted to take a break. She did. This is important that the notary signing agent is sensitive to all of the things the borrower says, all of the gestures that they make, etc. They may not come out and express any discomfort.
The closing went well. The borrower was thoroughly pleased with everything. I showed her the courier envelope and told her that I would be returning the documents that day to the title company. She thought that she would be responsible for doing that. She couldn't believe how easy everything was. All she had to do was be at home.
Preparation is where it begins.
For me, these closings are special. The lenders and title companies understand that too. I received the documents and had them printed 3 days before the closing date. No 'last-minute' rush jobs here.
Peace of mind for the borrower, and treating them with dignity and respect, is a top priority. I prepare the shipping envelope so that the borrower can see how her documents will be shipped, and that the envelope is all prepared. They should never have to guess how and where her documents are going. I'm also prepared to give her a tracking number, if she wants to track the progress of the delivery.
My notary journal is the first thing that she will sign. This is where it is important to let the borrower know that all of her sensitive information is safeguarded. I cover the names of the previous signers with a piece of black plastic. This lets her know that I don't allow anyone to see any of the names and information from any of the previous signers in my journal -- including her's.
Preparing the loan documents.
I am not a loan officer. I do not work for the title company. But I feel a responsibility to be able to know what all of the documents are in her package, where they are located, and any important information that is contained in the documents.
I set the borrower's copies on the inside of the folder because, when I'm at the closing, that is one of the first things the borrower will see -- that she is getting a copy of everything that she is signing. That too is part of the peace of mind that I want to establish at the beginning of the closing.
The first document in the stack is not the HUD Settlement Statement, although that is the first document that I will present. I go over the numbers with my financial calculator -- mostly to gain a better understanding of the breakdown of the figures. Everything is accurate.
She will not be required to sign the first page, so I put an 'initial here' tag to let her know. It also establishes early on where she should initial, unless it's indicated otherwise.
The second page of the Settlement Statement has a signature line. But the name is printed very small. I place a 'sign here' tag so that she can see, not only where to sign, but how. The lender wants the signature as the name is typed on the document. I carry a magnifying glass, just in case the borrowers have trouble reading any of the information.
Right to Cancel. This is one of those 'peace of mind' documents that I put at the top. I do this for a couple of reasons. In all of the reverse mortgages that I have done, I have never had a borrower cancel one. Nevertheless, it gives them peace of mind knowing that they aren't "signing their life away" -- that they can sign every single page in the stack of loan documents, and still have the option to back out of it. Another reason that I put it near the top is so that I can put the 2 signed copies for the borrower in the envelope containing the borrower's copies. It enables me to put that envelope out of the way during the signing.
Closing Instructions. I want to read the Closing Instructions. They contain a lot of useful information.
There is another 'peace of mind' document. It's called the Personal Liability Notice. It lets the borrower know that she will never have a personal liability for payment of the debt. I highlight it with a post-it tag. All of this is designed to reassure the borrower.
I go through every single page of the document. I want to familiarize myself with every feature of the loan. I also want to spot any potential questions that I want to ask the title company. I also check the print quality.
Anything that I can do to save time, I try to do during the preparation. Every part of the preparation is focused on making the closing go as smoothly as possible.
I wear a name badge to the closings. Although the borrower is expecting me at a certain time, it's still a good idea to identify myself. It's part of the peace of mind that I want to establish.
Arriving on time. That is extremely important. I am usually at a closing 10 minutes early. I'll drive around the block or just sit in my car and wait. It's better for me to have to wait, than to have the borrower wait.
As I expected, the loan officer was there. There wasn't much that he had to do. But it was good having him there. There were some hypothetical questions the borrower had that he was able to answer. They were definitely the types of questions that a notary signing agent should not attempt to answer.
She had broken her wrist a couple of months ago, and writing made her hand cramp. I asked her if she wanted to take a break. She did. This is important that the notary signing agent is sensitive to all of the things the borrower says, all of the gestures that they make, etc. They may not come out and express any discomfort.
The closing went well. The borrower was thoroughly pleased with everything. I showed her the courier envelope and told her that I would be returning the documents that day to the title company. She thought that she would be responsible for doing that. She couldn't believe how easy everything was. All she had to do was be at home.
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