Posted by 101livescan on 8/4/12 8:26am
Msg #429324

HIGH ALERT! Deadbeat companies

I feel that in the coming months, the signing business will be very brisk. It is key to survival, economic and mentally/emotionally, that we all be aware of how to screen the good guys from the evil guys. In the past several days, I've read a lot of posts of the companies who have no profile in SC or who are widely despised for their poor reputation and non paying performance.

Given that there are so many new companies emerging whom we know nothing about, I hope everyone on this board will be poised to carefully scrub whoever they receive calls from and have never heard of. They need to be interviewed carefully and let's get them up on SC so we all know who they are. If they seem to be operating out of their dining room or garage with a commercial mailbox addy, there is reason to suspect they are not in this business for long, or it's a side job effort designed to dupe the notary while they keep all the fees.

So just how do these people/companies get orders from TCs? Relatives, recently severed from TCs themselves, out to make a quick buck. Hard to know where these companies and individuals pull their orders from.

Then there are the MORTGAGE CONNECT and GENUINE TITLE/SAFIR variety. Never intend to pay the notary at all.

I thank God I have the tools and skills to survive this business in a very competitive environment and I don't get duped any more by nare-do-wells. Having a good memory while you're crazy busy is helpful, but having the tools at your immediate disposal while you're on the road, away from your computer is essential to being able to screen people on the spot. A smart phone or Ipad in your front seat so you can look them up, google them, check em out on SC IMMEDIATELY.

Ask a few questions! Who is your E&O carrier, how long in business, payment terms, pay pal payment available? These are the people, after all, who are looking for copies of your DL, your E&O, bond, etc. It only seems fair we exchange info, don't you think.

Don't start jumping up and down just because the phone is ringing off the hook. Take the time to find out who you're talking to.

That being said, I took an order for a refi property in NC, borrowers in SB, loan officer in SB, docs overnighted to borrower. When I get to the signing, I'm to be paid by the borrower because the LO neglected to add it to the HUD. After the signing, I ask for my payment, borrower says, no way, we're not paying for the notary service. WF should pay for it. The process was HORRIBLE, we are already paying enough fees for this ridiculous process.

Long story short, that was April 19, and the flaky LO still has not paid me. What a jerk! I have a strong mind to change banks, I've banked with WF for over 25 years. Finally the RE Law firm who called me with this order wrote him an email and demanded payment before they take him to small claims. We'll see what happens. It's just crazy out there, like land mine field with peppered creeps every few steps.

Be careful. Let's all work together on this and keep out the riff raff! KNOW WHO YOU'RE WORKING FOR. Don't work for peanuts, and don't work for creepy companies/people.

Have an awesome day!

Reply by JPH13/MO on 8/4/12 8:30am
Msg #429325

I would have asked for payment before doing signing n/m

Reply by Linda_H/FL on 8/4/12 8:32am
Msg #429326

Yep, my thoughts exactly...during my confirmation call

to the borrowers or during my setup at the table "and just to confirm, Mr. and Mrs. Borrower, you're to provide me with a check for $XXX for my services today".

JMO

Reply by Linda_H/FL on 8/4/12 8:35am
Msg #429328

As an afterthought...can they even do that??

All funds related to the transaction are supposed to be disclosed on the HUD - this fee paid at the table would have to be a line item marked POC on the HUD.

Personally, after giving a little more thought, I think either title or LO has to pay from their funds. Tough ta-ta if they forgot to include it on the HUD - if it's a separate fee paid outside closing it needs to be included on the HUD.

Reply by JPH13/MO on 8/4/12 8:40am
Msg #429329

Re: As an afterthought...can they even do that??

I agree, it needed to be on HUD no matter what. BUT in any case I would have made super sure that borrower knew it was to be paid by borrower or I wouldn't have left home.

Reply by Les_CO on 8/4/12 9:35am
Msg #429334

I pretty much agree with most what is stated in this post. I would add…..
If you haven’t worked for them and been paid be very careful!
Yes, ask questions, if you don’t get the answers you want…say no thanks!
It is my policy to not rate someone in SC unless I have personal experience with them. That does not mean I won’t post here about a conversation, or information I have about any particular company.
If I can’t understand them, and they don’t or can’t understand my question….that’s all for me, I say bye-bye.
If you are new, and inexperienced you still deserve to be adequately paid for a job done correctly. Do not believe what some schedulers tell you. If you accept an assignment, and find later that it’s a deadbeat company call and cancel, these people do not deserve ANY courtesy, however the borrowers do so don’t just not show up.
As for the borrower paying directly for services directly related to the loan, and the payment no reflected on the HUD…I think this would be a respa violation. I do believe the LO could pay. JMO

Reply by Lorraine Lougheed on 8/4/12 11:44am
Msg #429353

If you have a smart phone you can also get a credit card devise like intuit, you can either swipe the card or input it on your keypad, "I carry it with me at all times." The devise is free you just pay a percentage on the transaction about 3%, well worth it, better than getting ZERO, just increase your fee a little to cover for the credit card fee. : ))

Reply by Bob_Chicago on 8/4/12 12:11pm
Msg #429354

Collecting your signing fee from the borrower may result

in another problem.
I f the fee collected exceeds the your states allowable notary fee computed on the number of signed documents + whatever travel fee is allowed , then you would probably be in violation of your state's law governing allowable notary fees.

Reply by Les_CO on 8/4/12 2:56pm
Msg #429359

Re: Collecting your signing fee from the borrower may result

Bob… I know that you aren’t ‘just a notary’ (I’ve heard GOOD things about you…and NOT from Huge.) and I’m not ‘just a notary’, and most here fall into that category. So depending on your individual States laws governing services such as we do, we can ALL charge more than the statutory fee for notarizations, per document, or for any standard refi/sale/loan signing. ALL OF US!!!! If we are mobile, print docs, return docs, travel, or ‘handle and be responsible for” the documents in any way we can charge for that service/responsibility. If someone comes into your place of business, and asks you to notarize their signatures on something, you’d best stick with the statutory fee. If not see what is legally allowed, and what your market is, and charge accordingly. JMO

Reply by JanetK_CA on 8/4/12 6:22pm
Msg #429366

Re: Collecting your signing fee from the borrower may result

I heartily agree, Les. (And with your other post above.)

Reply by Q_in_Sac/CA on 8/5/12 12:22am
Msg #429383

I agree, since I'm a "newbie" and read the comments. It's a shame that this industry, is just like the trucking industry. Cutthroat!!

Since i read this posting. I devised some questions to the signing companies to answer. And if they don't answer them satisfactory, they they will be discarded:

1. How long have you, the signing company been in business?
2. Do you have Bond? What company is it with? Need to verify that your company is valid.
3. What is your payment schedule? 10/14/21/30 days after funding? Do you have direct deposit available?.
4. Who are your primary customers, i.e. Chase, CashCall, Wells Fargo, Mortgage Companies and Title companies, etc. Just need a sample, 2 or 3 will satisfy me.
5. Who is your E&O carrier? Need to verify that your company is valid.

Please use this as a template add/subtract and comment. We as notaries new or seasoned we need to protect ourselves.

Reply by Linda_H/FL on 8/5/12 8:11am
Msg #429392

Only two comments.. #1 Discard all of it if you wish to get

business; and #2 - question #3 should be "MY payment policy is 30 days net ... " - don't ask them when they pay - tell them when YOU expect payment - it's your business.


JMHO

Reply by 101livescan on 8/5/12 6:05pm
Msg #429429

Superb screening inquiries....thanks.

Reply by 101livescan on 8/5/12 4:36pm
Msg #429422

Thank you for all your inputs. I'm not worried at all that I will be paid for this assignment. I've blown the whistle. I appreciate the resources available to me on this board. The rate lock expired the day we signed this document. I would never have not done my due diligence on this assignment. Shame on the loan officer for taking advantage of the "little notary". I will never forget this, and I refuse to accept orders from him going forward.