Posted by Isabel/CA on 1/8/11 3:44pm
Msg #367638

How much credit do you extend new contacts?

I did a job for a new business contact on 12/23. Since they were new to me, I asked about payment terms prior to taking the assignment. They stated that they pay upon funding. I couldn't find them ANYWHERE, which made me a bit uneasy, but went ahead and took the job since it was pretty local.

They called me again this morning for another job and I told her to forward the order on over. But after looking at my records, I called her right back to inquire on the first job's payment status before I accept another. She hasn't gotten back to me, but went ahead and sent over docs.

I emailed to tell her that I need info on the first order before I will even contact the borrower for this 2nd one. Still no word.

I'm just curious as to your thoughts. How much credit do you extend new business relationships??

Reply by Anthony Nizick on 1/8/11 3:56pm
Msg #367644

I'm trying to find out...

I'll let you know.

Reply by Glenn Strickler on 1/8/11 4:35pm
Msg #367657

Re: I'm trying to find out...

From who????

Reply by Linda_H/FL on 1/8/11 3:57pm
Msg #367645

Depends on a lot of factors, not the least of which is

feedback..here and elsewhere.

Based on what you said about not finding anything about them, if it were me I *may* have done the one job but no more til they establish a payment history with me. Since the signing occurred on 12/23, if a refi, funding was 12/29 - that's just about 8 days ago..,not too bad considering there's 2 holidays in there...

Problem here with this second job is this - you agreed and they sent you docs - you now have borrowers' info and you're thinking of backing out...not a good sign to them. I say do the job..but no more til they live up to their payment promises.

MHO

Reply by Isabel/CA on 1/8/11 5:01pm
Msg #367660

Re: Depends on a lot of factors, not the least of which is

Linda, you're right. Thanks. That is what was making me feel obligated, the fact that I told her to send over the order in the first place.

Reply by Doris_CO on 1/8/11 4:13pm
Msg #367653

What is the name of the company? Maybe others have worked with them and have feedback that will help you make a decision today.

Reply by DD/OR on 1/8/11 4:23pm
Msg #367654

I had a company do that to me. I told them my policy was to be paid within 30 days. They said they pay at close of escrow. They paid me 2 months later after I pestered them for payment. They'll tell you anything. Good luck.

Reply by Glenn Strickler on 1/8/11 4:35pm
Msg #367655

If I can't find comments from anyone, then I go slow. I would want to see how timely they paid before I let the unpaid jobs pile up. I personally hold it at no more than 2 unpaid invoices before I accept more work from a company with no reputation.

If you have been on the board for a while, you remember back when a few people who commented on how well SOX paid and bragged about the amount of business that was sent them. Then you couldn't find those posters anywhere again. They got stuck. What SOX did was pay a few jobs to gain the trust of the notary, then push a lot of signings out quickly to one notary. The notary would take them thinking the rest of us were crazy when we posted SOX did not pay. Then whey they ran up a bill of $1000, $2000 or more, SOX would be nowhere to be found.

Reply by CopperheadVA on 1/8/11 4:35pm
Msg #367656

<< They stated that they pay upon funding. >>

I've learned that you must be careful when they say this. What if the loan never funds???

Reply by Isabel/CA on 1/8/11 4:59pm
Msg #367659

Thank you all so much for your thoughts. I just got my mail this afternoon and lo and behold, there was my check from them.

Naturally, I immediately called borrower to schedule the appt for this evening. (And I NEVER heard back from the scheduler btw, but I emailed her to let her know it was scheduled).

I think I realize what makes me so uneasy about this company. Aside from the fact that they are not in any notary database that I know of, their communication is HORRIBLE.

The last time I did work for them, they sent the docs over dated for the NEXT day. Obviously, I called them/emailed them to tell them I needed revised docs OR the auth to have borrower line thru/initial change if they wanted it done the day they initially requested. They were nowhere to be found. I had to track down the LO and tell him what the prob was. Finally, we ended up moving appt to the following day.

They schedule the signing, send you the docs then DISAPPEAR. It makes you feel really uneasy.

Thanks again for all your thoughts. I appreciate hearing from you.

Reply by JanetK_CA on 1/8/11 5:44pm
Msg #367665

Sounds like you answered your own question. Usually, I like to assume that no news is good news about companies I don't know, but clearly that is not always the case. You have to go by the kind of signals that you just described. The other side of the coin is that you may find yourself with a great new client. I can think of a few good clients that I started off with that way. Regardless, it's always a judgment call that we each have to make ourselves, every time it happens.

I hope it works out for you!

Reply by kathy/ca on 1/9/11 10:30am
Msg #367734

You were concerned about the date on the documents, why?


"The last time I did work for them, they sent the docs over dated for the NEXT day. Obviously, I called them/emailed them to tell them I needed revised docs OR the auth to have borrower line thru/initial change if they wanted it done the day they initially requested."

The date on the documents are not your concern, just the date you notarize. I am surprised they agreed to change the date of signing due to your request.

Reply by S Peterson on 1/9/11 12:13pm
Msg #367739

The date on the documents are not your concern...yes it is.

You cannot have a borrower sign loan documents on the 16th when they are dated for the 17th. Wells Fargo used to have a problem with scheduling a signing for one day, yet the docs were dated after that day.

Reply by Isabel/CA on 1/9/11 1:54pm
Msg #367744

Re: The date on the documents are not your concern...yes it is.

Yes, that was exactly the situation. The DOT was dated 12/23 and they asked me to notarize it on 12/22. Since the DOT is a notarized doc, my ack cannot be dated before the date on the doc itself.

Reply by BrendaTx on 1/9/11 2:06pm
Msg #367746

I have heard that, Isabel, but I don't agree with it

I do not think it matters what date the documents say, as long as the notary certificate is accurate. The document's date is the effective date, as I understand in my training.

Many transactions are signed prior to the date of the document for convenience sake.

Reply by James Dawson on 1/9/11 4:51pm
Msg #367755

Re: I have heard that, Isabel, but I don't agree with it

Brenda, I did that once and then was called be the SS who told me the Docs have to be signed on the day the Docs were dated. I never thought about it as the date the Docs would take affect, interesting. I wonder if that's a SS/TC policy? I'm also thinking, heck..we change the date on the RTC if it's incorrect.

Reply by BrendaTx on 1/9/11 5:44pm
Msg #367756

Re: I have heard that, Isabel, but I don't agree with it

He who holds the gold makes the rule.



Don't take my word for it, but in years and years of working for attorneys I have never heard that there was a problem with it.

Reply by MikeC/NY on 1/9/11 6:32pm
Msg #367771

Re: The date on the documents are not your concern...yes it is.

That's a blanket statement that is not necessarily true in all cases. As long as the lender is OK with it, there is absolutely nothing wrong with signing the documents a day early.

The only thing that really matters is that the notarial certificates accurately reflect the date the documents are signed - the date on the documents are not our concern unless we're specifically told they must be signed on that day.

Reply by JanetK_CA on 1/10/11 3:15am
Msg #367794

Agree with you and Brenda

I don't know where that idea originates from, but if the lender is OK with it, I'm OK with it. [Like you said, though, my notary certificates always show the current date.]

I think this is sort of like an urban legend, something that people assume is true because they heard it somewhere. I have to admit that I would love to have people keep believing that because I've gotten a fair amount of work from people who were looking for a notary and were told by others that it couldn't be done. They are usually Wells Fargo packages sent directly to borrowers. This practice is fairly routine with Wells Fargo. Their instruction page says something to the affect that the docs need to be signed "on or before" the document date.

Reply by Isabel/CA on 1/10/11 3:16pm
Msg #367849

Re: Agree with you and Brenda

Our CA acknowledgment certificate says that the person before you acknowledges signing this document. If I date my certificate 12/22, but the document they are acknowledging that they already signed is dated for the NEXT day, it doesn't really make sense.

I always make sure that the DOT is dated in agreement with my acknowledgment. Doesn't happen very often that there is a problem though.

Reply by Susan Fischer on 1/9/11 12:06am
Msg #367714

In this scenario? None, Isabel. Don't pet that dog. n/m