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CFPB Compliance Seminar
Posted by  Cheryl Elliott of CA on 5/23/15 7:04pm Msg #531401
There is a seminar in my area that I'm planning to attend next week. I will inquire of the panel what their plan is for vetting signing services. Not just background checking, but the company's financial health. There are hundreds of companies that have come and gone over the years. Many of those SSs were owned by people who are notaries themselves, and of course most did not have criminal backgrounds as the infamous Amanda Kirkish. Remember that Amanda was using notary fees to pay her criminal fines and penalties, and restitution to the victim whose ID she stole for her own personal gain. Many SSs had/have no capital. They can't even sell their companies because their debt is too high. It's a very competitive business you can start in a closet with a laptop and internet connection, as ANS proved to us.

One of the criteria I would like to see is how financially secure the SS owners are, ensuring some degree of capitalization so that notaries are paid.

The situation currently is that many companies, still alive and kicking, temporarily, have no intention of paying their notaries, pay 90 days and out, go out of business and open up under another guise.

I have a comprehensive list of these SSs in an excel spreadsheet. The common thread is they are three stars and under, but are still eking out a living on the backs of notaries. Some of the behavior of these SS owners is they are all show, dining the escrow officers on their tab, big fancy offices, trips to exotic vacation resorts, memberships at fancy expensive clubs (all before paying the notaries). In truth, they are liars, schemers, and paranoid about their future. They are wolves in sheep's clothing, all the while smiling while their hands are in our wallets.

One of the characteristics of a slight of hand SS is when long term, and short term, employees start leaving through the revolving door, so there is no consistency, and the modus operandi is to hire the cheapest notaries they can find, then slow pay or no pay. Many notaries are soaking up all these low fees, they become too busy and unfocused to keep watch on their receivables. That is how some notaries find themselves owed thousands of dollars from the same SS.

Does any one have any questions you'd like me to pose to the panel regarding signing services?

Even if a company has managed to maintain 4 stars due to self rating, it does not mean they are going to be in business for the long haul.

There has never been a time more appropriate to check out all SSs before accepting their offers, than now. Time is drawing short for many SSs.

THIS IS NOT INTENDED FOR THE SSs I've worked for in the past who always pay timely and fairly, and they know who they are.
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Messages in this Thread
 CFPB Compliance Seminar -  Cheryl Elliott on 5/23/15 7:04pm
 Here're my questions - BearPaw/CO on 5/23/15 7:50pm
 Re: Here -  JanetK_CA on 5/24/15 1:46am
 Re: CFPB Compliance Seminar - FGX/NJ on 5/24/15 6:56am
 Re: CFPB Compliance Seminar - BearPaw/CO on 5/24/15 12:45pm
 Re: CFPB Compliance Seminar - Marazz/AZ on 5/24/15 4:37pm
 Re: CFPB Compliance Seminar-remember the focus -  Linda_in_IN on 5/24/15 6:07pm



 
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