Posted by dmitchsr on 12/16/03 10:40am
Msg #444
Are Notaries Important? Why Delayed Compensation - Why?
Seasons Greetings To All:
I have been reviewing these posts now for about the past month. I've read some very informative posts, and then I've read some posts that were not very well thought out. In either case, the notaries here seem to do a great bit of communicating, and this is a good thing. I applaud you in that. And I admire the fact that you consider yourselves essential to the industry, as you should, because you are.
I've been in the home & land development/real estate-mortgage industry for what seems like an eternity, though it's only been 11 years, and a Notary Public for 10 of those years. I've experienced a myriad of situations appertaining. Through the years; I've attended various conferences and rallies, and have become acquainted with some wonderful people.
However, in the State of North Carolina where I reside, and am commissioned. The "Signing Agent" (Mobile Notary), recently received its "allowance" to conduct unsupervised loan document signings (closings), being a non-lawyer, or what is known as "laymen." Since January 24, 2002 which is when the NC State Bar adopted Opinion 9, that allows such action; I've noticed a flood of persons becoming notaries. Prior to this, not two cents were paid to idea or thought of a Notary closing loans in this state!
No pun intended, I'm just stating the facts. However, it appears that on every Signing Services board, or in their requirements they make it seem as though the NNA or NASA is some sort of Taj Mahal. Certified this and Certified that! Please don't buy into the hype! It's not all that! If it were, there would not be as many scams that there seem to be, and is on the rise, with so-called Signing Agencies scamming Notaries out of their due compensation (I'll get to that point in a second).
Though Notaries are very important, they should not think of themselves more important than they are, i.e., demanding this and demanding that! Get a grip! In fact, NC could give two-hoots about it! Hey, I'm just stating facts, that's all! I'm a Notary too, so, just fasten your seat-belt for a moment. Please don't misunderstand and let me make it clear. For those who have absolutely no experience with mortgage documents, yes, you need training on what to do, where to sign, where to Seal, what not to say, and so-forth. But for a person that have been in the industry with the experience and background that I have, it galls me when some agency attempts to look down their long nose at me because I won't cowtow to their hype!
I look at them little children who are trying to make a mountain out of a mole-hill. It's good to achieve the designations, infact, it's wonderful! It's personal enrichment, but that's all it is. Don't get it twisted! You still need experience, and that comes with time. And for those that have been Notaries for years, it doesn't hurt to freshen up. I encourage that! We should all seek to stay sharp in our craft! For them that stake their livelihoods on it, may God continue to bless you in that. And now that I've stated what I felt I needed, let me post about "COMPENSATION!"
My main purpose for this post is to talk about the compensation. Not so much the amount, but the when! As a Mortgage Broker; I would be "livid" if it took 45 days to get paid from a loan closing! I happen to know that, after the three day recission period the loan funds. Everyone is paid within a week to 10 days. Why does it take Notary Signing Agents 45 days to get their money? That, for the life in me, is what I cannot understand!
My point at this juncture is this, because the Notary fees are not posted to the HUD-1 is no reason for Notary Signing Agents to have to wait 45 Days to be paid. I don't care who it cycles through! So, if Notaries are going to fight issues, this should definitely be at the top of the list. You see, I don't need some company allowing my money to sit in their bank account for the purpose of drawing the interest so as to enchance their portfolio! Pay me when the deal is done! Everyone else has their money, why do I have to wait for mine? I am researching this issue, presently, as to its legalities. This is not a Government Bill of Lading!
I know I've been long, but what are your thoughts on this issue? Remember...keep it clean, keep it clean! Let's edify and uplift.
Are Notaries Important? You'd better believe they are! Why the delayed compensation? Let's find out together and do something about it!
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Reply by Jim C on 12/16/03 2:44pm
Msg #449
Congratulations to you for your insight and sensible thoughts. Truthfully, there is no reason why any company should be lengthy in paying signing agents their agreed fees. In fact, in some states, the law states all must be paid from the settlement upon the funding of the loan and pass of the recission period. Heck, we are a signing agency working directly with title companies. A few companies pay only once per month. Imagine how it is when they miss some closings. It's like pulling teeth to get them to catch up. We should not however, penalize the signing agents by making them wait as well.
Signing Agencies should establish a strong pay policy and stand with it. It is their responsibility to pay when pay is due. We make every effort to pay our signing agents within 5 days of receipt of compensation from the title companies.....sometimes this works out to be within 2 weeks of closing. Sometimes agents receive checks weekly. We make every effort to never go over 4 weeks on anyone's due fees.
Do they hold off paying themselves or paying their rent/utilities? I think not. Some will attempt to take advantage of delaying compensation, because the signing agents are not sitting in their backyard. Additionally, any agencies of this type maintain a database of signing agents, and that's about it. They do not care about the signing agents at all, do not care about their education, do not care that they are all responsible individuals, are not available during after-hours issues, do not offer any type of assistance in areas of need, such as equipment, other services etc.
I said my piece. My signing agents are important to me, and they know it. A kind word goes a long way. Support goes a long way.
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