The ART of the Independent Reverse Mortgage Title Company
I was wondering when the foolish greedy paper pushers in the title insurance industry would start following their mortgage company brethren to the poor house. All Reverse Transactions announced today that they lack sufficient capital to stay in business. No surprise there. A company based on pushing closings through robotically and stringing together underpaid mobile notaries is not a sustainable network.
Reverse Mortgage closings should be conducted by specially trained professionals. Experienced escrow officers, real estate attorneys, elder law attorneys make up the largest group of folks that should be closing reverse mortgage transactions. These people can appreciate the solemnity that's needed as we deal with our seniors last assets. Reverse closings should be slow. They should be sober events.
Recently I was asked to work on a consulting project for a major national lender that involved the issues around competency at the closing table. How can lenders prevent incompetent borrowers from slipping through closings? The lender suggested a checklist for the closer to conduct and if the borrower couldn't meet a test then the closing would be suspended until further inquiry was made. Well, under the All Reverse Transactions model this is an absurdity. Flip-flop wearing, third job, 'are you done yet' closers getting a couple hundred dollars (including gas at $4 a gallon) have little incentive to call off a closing and jeopardize their fee - not to mention a complete lack of experience in evaluating borrower or client competency.
Law for Life is a law firm and title company (Title for Life - www.TitleforLife.com) that has more experience handling elder clients, reverse mortgage transactions and the complexities of reverse mortgage regulation (including HR 3221 FHA Housing Modernization Law compliance) than any other law firm in the country. We are licensed to close loans directly in several northeastern states and through our longstanding title underwriter relationships are able to properly serve every state in the country with the appropriate closer. Give us a call at 877-E-Closing for more information. We are far more than just another lawyer in Massachusetts - but a true reverse mortgage trailblazer.
