Posted by NotaryOH on 8/25/12 10:22am
National Loan Closings - slow pay (60 days now & waiting)
I'm aware that this slow pay topic with National Loan Closings has been written about previously. However, I want to reiterate that they're very slow at paying their notaries. I rarely receive requests because they prefer to pay in the $70-$85 range. In this case, at EOM in June, they accepted my fee and I completed a signing for them on 6/26/12. I called today to follow up and was told, "Call Omar or Abby on Monday. It takes a long time to get paid by Tile." I said, "No, not true. Title disburses money including payments to signing companies on the day that the loan funds. I am sure of this because I have worked as an escrow officer." She said, "I'm sorry but I have to take another other call." Click
Reply by ToniK on 8/25/12 10:28am
so even though you knew about their slow pay, they met your fee and now you griping about being paid slowly.... May I ask, did you expect them to pay faster cuz they met your fee?
Reply by NotaryOH on 8/25/12 10:46am
True, I forgot that EOM closings - starting with the 26th - are blessed with net 60.
Per National Loan Closings, EOM closings from 6/26 forward are paid on 8/25.
However, since 8/25 falls on a Saturday, you have to wait until Monday, 8/27 to get paid.
Their payment scheme is as follows:
Per National Loan Closings "Your message has been received. Thank you! We will respond to you shortly.
Thank you for your inquiry regarding payments due to you for completed assignments.
Our signing agents are paid once per month. Our check processing begins on the 25th or each month. We pay all orders completed between the 26th and the 25th of the prior period.
Please refer to the examples showing below for more information.
? Example 1 = Closings completed Between Jan 26th and Feb 25, are processed on Mar 25th.
? Example 2 = Closings completed on May 24th are processed on June 25th for payment.
? Example 3 = Closings completed on April 11th are processed on May 25th for payment.
? Example 4 = Closings completed on Dec 26th are processed on Feb 25th for payment.
Please allow 3-4 business days for all ACH transactions. Allow 5-7 business days for all checks sent via mail.
Reply by Roosevelt Hooker on 8/25/12 10:53am
Personally I love to work with them. They are very honest and personable. Kevin, Dena, Omar, Abby, Christina and the whole staff are great. When there number comes up I always look forward to speaking with one of them.
Reply by NotaryOH on 8/25/12 10:58am
I've had a different experience with them. When Omar answers the phone, he answers on speaker phone. He says, "Omar speaking" loudly - while on speaker. Also, they offer signings in the $70-$85 range and remind you that if you aren't willing to accept that, then, "they have plenty of notaries that will." Are you once of those notaries?
Reply by Les_CO on 8/25/12 11:01am
May I say that not ‘all’ title companies pay the SS at funding; many don’t list the SS or the notary on the HUD at all. They do pay ‘themselves’ their “closing/bundled services” fee out of escrow (the borrowers funds) put that money in their operating account, then pay the SS when billed, sometimes on a monthly basis. So if you sign sometime around the EOM, and loan funds on or near first, and the SS invoices title the following week, the SS may not get their money until the first/second week of the following month. Not exactly what I’d call ‘full disclosure’ of the exact cost of the loan in the spirit of what the HUD is all about, but many, title companies ‘skirt the law’ in my opinion, many keeping part of what they charge the borrower (for our services) for themselves.
Still if you are hired to do a job for the SS, and do it, the SS is obligated to pay you regardless of when or if the title company pays them. All my invoices state 30 days net. Thats it. Longer than that they can call someone else. JMO
Reply by NotaryOH on 8/25/12 11:21am
Knowing that EOM (a volume of closings) typically starts on the 26th, it's in their favor to do net 60 on closings that begin on the 26th.
Again, my signing was on 6/26/12. Today is 8/25/12 and still no payment.
They have told me more than once that if I'm unwilling to accept closing in the $70-$85 range, that they have plenty of notaries that will. They menton, "At this time, we aren't able to meet fees above $85.00.
Reply by Moneyman/TX on 8/25/12 12:13pm
I haven't accepted work from them in several years. Of the very few I did, it was only when payment would be within Net 30. Back then, they meet my fee and did pay on time. Once they started trying to lower the fees and take longer to pay, I dropped them from my acceptable list.
I haven't even received a call from Omar in a very long time. I think it had something to do with my reply when he said something similar to "they have plenty of notaries that will" accept the lower fees and longer Net times. I asked him, if that were true, then why is he wasting my time requesting my services at this very moment? I also mentioned that he should be talking to one of those "other notaries" right now and not me since he already knew my acceptable fees and payment terms and not to waste my time again by calling me again.
I feel that any customer/company that calls me and tells me that they have other notaries that will preform the level of service I offer for less than half or more of what I charge and will accept waiting nearly 2 months or longer for payment is like someone walking into Harrods ( http://www.harrods.com/ ) and telling them that they can get the same thing at K-Mart so they should accept less from him or he is going to leave. It would take them longer to show him the door than it does for me to hang up. That type of "customer"/company is not in my target market nor do I want to have anything to do with them as they seem to lack basic social skills. I won't even "help them out" regardless of how much they offer to pay or how fast they offer to pay after that.
Reply by ME/NJ on 8/25/12 11:33am
False statement-Most SS need to bill once month toTC n/m
Reply by CinOH on 8/25/12 2:54pm
They have a 2.5 star rating and a lot of one star comments. I personally would not have taken the closing even if they met my fee. Companies like this will agree to any fee when they need you to sign for them. Doesn't mean they have any intention of paying you in a timely manner or at all.
Reply by Roosevelt Hooker on 8/25/12 3:01pm
Each time they call they always meet my fee. I've had no issue with payments, simply because they wrote it out in the paperwork when I agreed to contract with the company. As long as a company pays as they say they will whether it is 15, 30, 60 days. I don't mind because I am expecting that when I accept the assignment. Now if the company plays the whole "Your payment is processing game.." then that is a different story.
Reply by Les_CO on 8/25/12 3:47pm
I would in principal agree…your fee is your fee, payable upon your or agreed upon terms. For me knowing the mechanics of the transactions, my terms are no less than 30 days. Period!
You may want to acquaint yourself with how a real estate closing purchase/sale/refi works in your State, and where the properties that you do the printing / delivery / presentation/ witnessing / notarizations and return signed package are located. And when the borrowers/ buyers /sellers costs are actually are paid out of escrowed funds. Then question/wonder why some need to pay you 60 to 90 to…Oh hell…let’s try for 120 days after such payment? And if they are operating totally on the funds or credit of others, and haven’t a brass razoo to their name, how long will they be in business (using their current name) and how many they can cheat in that time period?
Personally I think 30 days gives many too much slack…but remember, I ONLY extend credit to those that are in my opinion worthy…….it’s a short list.
Reply by Saul Leibowitz on 8/25/12 4:30pm
They meet my fee, treat me very well on the phone, and since they do that I accept their payment schedule. I know when they pay and do not expect them to change for me. Also, I very much like the direct deposit feature.
As to when they get paid by a TC and their use of their funds, etc., I don't care because I accept the deal, they don't compel me to.
They know that I prefer the companies that pay on funding, then next in line the companies that pa twice a month, then next in line the companies that pay once per month. But they also know and I know that I have accepted their payment schedule just as they accept my fee and we neither of us complain.
Reply by Karla/WA on 8/25/12 5:12pm
I had a couple outstanding with NLC and talked with Abby who wanted an updated W9.
Reply by jnew on 8/26/12 12:21pm
One of the previous posters mentioned the fact that the notary fees are disbursed separately at closing. This is true only if it is itemized with a payee on the HUD. The 2010 HUD 1 generally designates the settlement agent as the only payee for all title fees including the notary fee. The notary fee is no longer an 1100 charge on Page 2 of the HUD but may be listed on the addendum which breaks down the Title and Closing fees. Look at your HUD and see if you or your signing company is listed anywhere on the HUD 1 as a service provider. If not, you are not being paid from the settlement disbursement, but are being paid outside of closing by the settlement agent. My hunch is that NLC has a similar agreement from the title company that they do with the signing agents. They are probably being paid on a 30 day basis in one check from the title company as part of the contract and then they pay the signing agent on the same terms. So the signing agent gets paid in 60 rather than 30.
Reply by jnew on 8/26/12 12:31pm
They use the 26th day of month as cutoff.
The fact that they use the 26th for a deadline each month may have something to do with the 3 day right to cancel period on refinances.
Reply by DD/OR on 8/25/12 10:40pm
I just got paid by them and I hope they don't call me again. They met my fee but It took 3 months to get paid. It was because I didn't sign up for direct deposit. They told me it would take longer to get paid if I didn't sign up. I hope never to hear from them again. I will turn them down if they do call.