Posted by alan on 2/1/05 8:47pm
Msg #19085

get real people.....

I sit and read your posts about how you conplain that it takes so long to get paid. what I don't understand then is why the hell are you working for the signing companies then? A reasonable amount of time to get paid is 35-45 days? Are you serious????? Why is it that you all think that's reasonable when you damn well know that the signing companies are getting paid when the loan is funded and there should be NO REASON WHAT SO EVER that it takes them another 30 days to pay you when they have it in less than 10 days I guarantee it. Why the hell don't you all stop complaining about it and just do something about it like STOP WORKING FOR THE MIDDLEMAN. Its "boo hoo" about THIS signing agency not paying and "boo hoo" about THAT signing agency not paying. SCREW the signing agencies and start marketing to the Title Companies. If you do that then what need will the industry have for signing agencies...they will learn they save more money dealing with notaries direct and they eliminate an entire step.

Reply by Becca/Fl on 2/1/05 9:12pm
Msg #19089

Alan - Be Nice! I think we all would love nothing more than to work with Title Co's. direct. The fact is, it takes time to get to the point where TC's are your #1 source of income.

Not to "dawg" (watching American Idol tonight) the SS's, I still work for a few and will continue to do so. But, the Title Co's. in my area do not use contract closers. I'm happy to say that over 70% of my business comes from TC's and the rest from SS's. I have been at this full time since last April and am happy with the results of my effort. I've been out spoon feeding TC's in my area (again) for the past three weeks.

Not every state is like CA. Florida uses contract closers on the west coast but not in my area on the east coast. Every place if different. There is nothing wrong with working for SS's and it is a great way to build your business. Honestly, I started building my TC business when a SS refused to pay me. The SS went OOB and I contacted all of the TC's that I knew the now defunct SS contracted with. Working for a crappy SS gained me three new TC's that I now work direct for.

Relax, it may not be for you but, it works for many.

Reply by Jon on 2/1/05 9:45pm
Msg #19091

Alan ranted:

"....you damn well know that the signing companies are getting paid when the loan is funded...."

That is not necessarily true. I know several SS and worked for one that got paid once a month due to the volume of loans. Many TC's and lenders prefer to due accounts payable once or twice a month. When I was working for the SS we were coordinating anywhere from 75 to 150 loans per DAY. It would be very difficult to recieve an individual check for each one. While some of the smaller TC's may pay on disbursement, larger co like DiTech only pay twice a month.

My quote for the day:
"It is better to remain quiet and be thought a fool, than to speak out and remove all doubt."

Happy Days

Reply by Paul_IL on 2/2/05 1:37am
Msg #19110

Jon, FYI but DITech is not a Title Company..NM

Reply by Jon on 2/2/05 9:53am
Msg #19133

Re: Jon, FYI but DITech is not a Title Company..NM

Reply by Jon on 2/2/05 10:01am
Msg #19134

Re: Jon, FYI but DITech is not a Title Company..NM

Sorry about that.

I know that Ditech is not a TC, I should have put TC or lenders. However, I could also name TC's that do the same thing, my point is that not all TC work the same way. If a TC pays out of the general fund, they can set up once or twice a month payments instead of at the close of each particular file. The same thing goes for lenders. I know one TC that puts the SS name on the HUD, but pays out of the general fund twice a month. They also pad the signing fee by $25, so what a SA may think the SS is getting is not correct and the SS doesn't get their money in 1 to 2 weeks either.

Reply by ItsMe123 on 2/2/05 6:08pm
Msg #19201

Padding A Third Party Fee Is A RESPA Violation

The TC that is padding these fees are committing a RESPA violation. It is illegal to pad a third party fee on a HUD. I doubt that a large TC wouldn't be aware of such a well known lending regulation

Reply by Stephanie/CA on 2/2/05 5:12pm
Msg #19191

Re: get real people.....Gotta luv your quote Jon n/m

Reply by CaliNotary on 2/1/05 10:28pm
Msg #19098

Learn something about business Alan...

There are real costs in issuing payment checks. It makes better financial sense for the signing services, as well as pretty much any other business, to issue checks on a fixed payment schedule. Once a month is cheaper than twice a month, and it's much cheaper than sending out checks as soon as they get the money in their pocket. They're looking out for their bottom line and you can't fault them for that.

A lot of us already DO market and get work directly from title companies. Don't you think that we would do all of our work for title companies directly if we could? But signing services are a reality in this business. Again, it's cheaper for the title companies to farm out the hiring of notaries than it is to do it themselves. A lot of them don't want the hassle and will never hire notaries directly.

My business plan tells me it's better to have 50% of something than it is to have 100% of nothing. So I work within the framework of the realities of the business. If you can make an income that satisfies you directly from the title companies, hey, good for you. Not all of us have that luxury. So maybe you should take some of your own advice and get real. Because this is how it is in the business.

Reply by BrendaTX on 2/1/05 10:40pm
Msg #19104

alan:

Boo hoo. Please provide a list of title companies, contacts, phone numbers and websites that will hire us. And, do it immediately, if not sooner. I am out of tissue and my cheap toilet paper is making my nose raw.

Thank you.

Reply by BOb-Chicago on 2/1/05 11:38pm
Msg #19107

Payments TO Signing Companies

I recently recd a confirmation from a SS that I do work for
They accidentally faxed me a paymnet voucher from a Title Company that they work for
The check was for many thousand dollars and showded all of the closings that were done the previous month. The voucher was dated for late in the month.
You have to have run a business and met a payroll to really understand the concept of "Cash Flow"
Day laborers are paid daily, but not very much
Professional service providers are usually paid monthly, but a lot more.
So long as they are paying in accordance with an agreed or reasonable schedule, the fact that a particular NSA may be living hand to mouth , or is more concerned with being paid immediately instead of building the NSA's business ,is not their problem.
The bulk of my business is from title companies, but I have no qualms about accepting work from the signing services that treat me fairly and respectfully.

Reply by CarolynCO on 2/2/05 11:13am
Msg #19146

Re: Alan, *YOU* are the one that needs to get real

Alan,
You've come in here with your *know it all* attitude, a few four-letter words and with your IP showing. This appears to be the first time you've ever posted, unless you've chosen to hide behind an anonymous handle. Personally, I'm not impressed.

As mentioned in a thread a few weeks ago, I work for some great SSs. Some pay within days, others pay within 30 days. I applaud the ones that pay within days, although I realize it costs more to cut checks daily. On the opposite side, I have Title Companies that pay *after* 30 days. The reason my best SSs are my best is not the length of time it takes to get paid, but the fact that I don't have to jump through hoops; I don't have to check in umpteen times; I don't have to fax back a million and one pages for approval before shipping the loan package off -- if I have to fax back anything at all, it's my invoice, and best of all, I'm compensated quite nicely for my signings.

I agree that it's insane to continue taking signing after signing for the same SS without payment. To me, that's not the fault of the SS, but the fault of the SA for continuing to take the signings.

Now open your dictionary to study different four-letter emphasis words.

Reply by Glena/NV on 2/2/05 11:51am
Msg #19154

Re: Alan, *YOU* are the one that needs to get real

I agree with you, CarolynCo. Hope Alan will never encounter the same problem as other have.

Me, personally, I do not start collecting unless the payment is two months late (happens very rarely), but why should we have to wait? Service is provided, payment should be paid regardless of whether they received the money or not. Our fee is not based on whether the loan has closed or not.

Reply by CaliNotary on 2/2/05 1:30pm
Msg #19168

Four Letter Words

Carolyn wrote:

"Now open your dictionary to study different four-letter emphasis words."


Hugs, pals, skip, kiss, pink, love, oreo, milk, sing, grin, toys.

Just doing my part to make this group a happy loving place.

Reply by BrendaTX on 2/2/05 3:12pm
Msg #19177

Warm and Fuzzy here! nm