collect their unpaid signing fees, we would ultimately drive out the deadbeat signing services who take 3 1/2 months or more to pay, if at all, and the lenders would be vetting their escrow/settlement agents more closely. When it starts hitting the pocket books of the big boys, then we'll start seeing some results.
For too long, these middle men have been stiffing the notaries or getting away with slow pay/no pay business model. It's just not right. Most of my vendors pay me in 3 to 5 days. The dozen signing services I do work for pay week to four weeks out. It is more and more apparent to me that most notaries are "lending" their fees to the signing service owners who live hand to mouth and do not have the capital to pay notaries in 30 days or less. These are the companies who need to extinguish. Maybe we can help them along.
Great post, Marrazz, and thanks GG for reposting. I think it's a great technique, and more notaries ought to employ it from this point on.
As Bear900 has suggested time and time again, it is incumbent upon lenders to be in compliance. Nonpayment of notaries is clearly a violation of CFPB's new compliance rules.
|
