"to be paid "when the lender gets around to it." I don't understand this since funds are disbursed to all parties at close of escrow. Can you explain why lenders are waiting 90 days to pay."
No, because it doesn't make any sense.
Karen, in case you're not involved in the AR department, very few signings are paid by the lender that I know of. Are you talking about Reverse mortgage (or other) apps? How many of those are there?
LO's generating HECM loans don't pay for the customer's HUD counseling ($125). The customer does, at time of counseling. They don't pay for appraisals (as a rule), the customer does, in Advance. They may or may not pay for credit reports. The customer might be paying for these when they are pulled since the LO most likely has a cc to order the appraisal.
The app and gathering of docs could be done by the LO with prepaid FedEx returns envelopes. If they call a SS to 'arrange' this, that already puts them in the likelihood of stiffing you. If you are getting paid at the close of escrow, yes, that may be 45 to 90 days out. Why would you wait for something that may never happen and then stiff the notary? Get paid when the job is completed like the other services I mentioned.
Perhaps you're not familiar with how the loan business works. To experienced NSA's your reasons have no validity. Not slinging mud at you, just suggesting you get better educated before responding with such claims.
To NSA's: I am a HECM LO. Do NOT (or rarely) accept an app signing from a SS or title company. Deal directly with the LO and ask for immediate payment upon completion. If they are in that much of a hurry they can dig into their own pockets. When I was a NSA I routinely did HECM apps for $150 usually from the same LO or lender and always got paid in a week. The LO cannot get started on a HECM these days without an app, in case you didn't know that (appraisal, collecting docs, etc. cannot not happen before an app) . That is the mostly likely chance of you getting paid quickly.
Yes, I got the routine from SS, "But you will get another $150 when you do the signing."
"Yes, I will, that is an entirely different job." Hold you ground. I did whenever asked.
HECM doc requirements are the same (or more) as a most forward mortgages. Explain you will only pick up what the customer has available. If they are originals, arrange to send them to the LO to copy and return. You're not an errand runner.
Yes, HECM customers may take longer, but you cam earn from 2 apps (or signings) what you may earn with 3 signings w/o notarizing if it's an app. I loved doing them. Don't do them for less than $150.
The key is to work directly with the LO. They are the one's most motivated. I had two LOs drive 6 hours to a HECM signing that took place at 11:00 PM. They are motivated!
If you desire this kind of work, locate LO's in your state and market them directly. Get your Square out and ask for a credit card. I have long wanted to say this. Same if you're a SS.
What's the deal with 90+ days waiting for LENDER payment? Know your business and be smart about it. Don't blame the notary.
|
| Messages in this Thread |
|  Re. Deadbeats, it's time to be proactive in standing up for -  Cheryl Elliott on 7/17/17 1:56pm |
|  Msg #488961 & #488962. Adopt Work Direct Model. - NVLSlady/VA on 7/17/17 6:00pm |
| Re: Re. Deadbeats, it - grapebed on 7/17/17 6:26pm |
|  Re: Re. Deadbeats, it - NVLSlady/VA on 7/17/17 6:51pm |
|  Exaaaaactly!!! n/m - JanetK_CA on 7/18/17 9:13pm |
| Re: Re. Deadbeats, it - SteveS/CA on 7/17/17 7:32pm |
| Re: Re. Deadbeats, it - Shoshana/AZ on 7/17/17 8:48pm |
| Re: Re. Deadbeats, it - obbie on 7/17/17 9:08pm |
| Re: Re. Deadbeats, it - SteveS/CA on 7/17/17 9:39pm |
|  Re: Re. Deadbeats, it - obbie on 7/17/17 9:41pm |
|  Re: Re. Deadbeats, it - obbie on 7/17/17 9:46pm |
|  Re: Re. Deadbeats, it - SteveS/CA on 7/17/17 9:59pm |
| Re: Re. Deadbeats, - KarenM on 7/18/17 12:54am |
|  Re: Re. Deadbeats, - Bear900/CA on 7/18/17 2:50am |
| I'm sure we all would LOVE to know which deadbeat company - Cari on 7/18/17 8:22am |
|  Re: I - SteveS/CA on 7/18/17 9:09am |
| KarenM, sounds like your company made an agreement - Cheryl Elliott on 7/18/17 8:43am |
| Re: KarenM, sounds like your company made an agreement - janCA on 7/18/17 8:51am |
| Sounds like the business model of a certain SS who has - Cheryl Elliott on 7/18/17 9:27am |
 | Re: KarenM, sounds like your company made an agreement - Bear900/CA on 7/18/17 10:30am |
| Completely Unsustainable model. - NVLSlady/VA on 7/18/17 9:06am |
| Haven't read all the responses (can only imagine) but - Linda_H/FL on 7/18/17 12:05pm |
| You nailed it, Linda! - JanetK_CA on 7/19/17 1:09am |
| That doesn't do any good at all. People need to report them - MW/VA on 7/18/17 9:56am |
