Choose the right Mobile Notary for Reverse Mortgage Signings
If you are a Reverse Mortgage Loan originator or an Escrow Officer you know the importance of working with a qualified Mobile Notary to help expedite your closing process. Developing relationships with experienced notaries is critical to ensure a smooth closing and high client satisfaction.
It has been said the weakest link in the closing process is Mobile Notary. Even more important is to have an experienced Mobile Notary when you are working with a Reverse Mortgage Client! There are several challenges Loan Officers, Escrow Officers, and Notary face on every closing:
- Long origination process: The RM process is longer than a forward loan, Reverse Mortgages have a longer process time – 60-90+ Days!
- Technology Challenges: Borrowers may have limited access or knowledge of technology making the process more challenging than traditional closings.
- Borrower Limitations: Borrowers may have physical challenges making closings more difficult. Borrowers may not be able to get around easily, have limited or no access to the ability to drive, and maybe home-bound.
- Notary Preparation: Inexperience notaries not understanding the requirements of time and the needs of the borrowers can be challenging.
Working with a Qualified Mobile Notary
The importance of having a working relationship with a qualified and experienced Mobile Notary can help avoid many pitfalls in the closing process.
Here are a few things to look for when choosing and working with a Mobile Notary.
- Experience: Experienced notaries build confidence and provide a level of professionalism and character to the signing experience.
- Notary Demeanor: it’s important the notary is confident with Reverse Mortgage documents, is pleasant, and accommodating to your client’s needs
- Timely: The notary should call the clients well before the scheduled time to introduce themselves and to confirm the time and address. An to ask if there are any special considerations the client requires.
- Preparation: The Notary should have contact phone numbers to the Loan Officer and Escrow officer should any questions arise. Notaries can not discuss the “Terms and Conditions” of the loan. When T&C questions come up, Loan Officers should be available to answer client questions.
- Printing and Scanning Requirements: Quality notaries will be ready to print 2 sets of documents on properly sized paper. If scan backs are required, the notary should have the proper scanning equipment available to expedite the process.
- Shipping: Getting the documents back to Escrow promptly is imperative! All documents should be returned in a Poly shipping envelope providing the best protection against weather and shipping conditions. Tracking numbers should be forwarded to the appropriate parties.
- Follow Up: A quality notary will rarely miss a signature, initials, or date on the closing documents. However, mistakes do happen, when an error is found the Notary should have a history and willingness to correct the error to avoid any closing delays or redraws.
Create the best Closing Experience
A positive client experience is an ultimate goal for the Notary which can lead to repeat business from both the Escrow and Loan Officers. A notary can provide the best closing experience when they have all the information needed:
- Names and Phone numbers to Escrow and Loan Officer. Notaries can not discuss the “Terms and Conditions” of the loan. When T&C questions come up, Loan Officers should be available to answer client questions.
- Special signing instructions. When a client is instructed to sign with a Power of Attorney (POA) a clear set of instructions is included to instruct the notary on how the documents should be signed. A copy of the POA should be available for the Notary to review to identify the signer’s capacity. Make sure the notary knows ahead of time if any documents need to be collected like Death Certificates.
- Communication with Notary. Reverse Mortgage documents are larger than traditional forward mortgages and signings can take 1-2.5hrs to complete. It is important to communicate with the Notary to make them aware of any special instructions, situations, or needs of the signer(s). Making sure the Notary knows you will be available when questions arise will help the Notary present well to your clients.
- Identity of the Signers. Prepping your clients to have proper Identification present at the time of signing will help the Notary expedite the process. Delays can happen when the signer can not find the requested forms of Identification.
Ultimately the originator should contact the notary to ensure that the notary is the right person for the job. Working with the right notary will help ensure a smooth transition and signing experience with your Reverse Mortgage Client.
Idaho Notary Signing Agent has been working with Reverse Mortgage clients for 3 years and has closed over 2300 signing including Purchase, Sellers, Refinance and Reverse Mortgage files and not to mention hundreds of wills, power of attorney, trust, and many other personal and corporate legal documents.
Call us today to learn more about how we can help with your Reverse Mortgage Clients!