Posted by Nicole_NCali on 12/22/04 2:33pm
Msg #14337

Year end closing

I contacted a couple of the companies which I have outstanding invoices with. 2 of the companies are sending checks before dec 31 and one company () is giving me the runaround. Since Sara has left, my closing is now in an abyss. The DOT was recorded on Dec 9, 2004 and all disbursements (as per my loan officer friends) happen within a week of recordation. I have left 2 messages with the supervisor who has not returned my call, so I am going to chuck this one up to future payment after some strong arming. I have begun my presentation of exhibits by ordering the DOT for a just in case small claims court case. (this shows my notarization of the doc). Legitimately, the company has until Dec 26,2004 to fulfill the invoice, should I have my demand letter prepared for December 27?? This signing took place right around the block, but if this company is a slow payer, I would like to nip this in the bud before I start litigation. Any opinons is appreciated. I do collections professionally and the FDCPA requires a 30 day demand letter with the mini memorandum advising this is a debt collector and any information will be used for such.

Reply by Debra Sebelin on 12/22/04 2:46pm
Msg #14339

If you are looking to increase your income working in the Mortgage business e-mail me at
[e-mail address]

Reply by Nicole_NCali on 12/22/04 2:55pm
Msg #14342

Okay, I re-read my post and I sound kind of convoluted. I am trying to close my books on Dec 1, 2004 and I am checking for outstanding invoices and when they will be paid. Most of my outstanding invoices will be paid before Dec 31, but one company is giving me the run around. I know for a fact that the DOT was recorded on Dec 9 but I have a net 30 for my signings.

Reply by BrendaTX on 12/23/04 12:54pm
Msg #14435

Debra, I sent you an email in response to your post.

I'll be looking forward to hearing from you and seeing what you have to share with the rest of us!!

Brenda

Reply by Nd_WA on 12/22/04 2:51pm
Msg #14341

I've always believed PATIENT AND HARDWORK is key to success in this business. The signing you did is not even 30 days old. Here you are, already pressing for payment and putting your effort toward such extreme.

I normally don't expect payment 'til 30-45 days after the signing, anything passed that, I just give my customer a friendly "professional" reminder. I've worked with slow/no-pay company on the big no-no-list and I've been paid.

Put your time and effort toward making your business successful. The rate of slow to no-pay is merely less than 2% on anyone's signing track sheet.

Reply by Michigan Notary on 12/22/04 4:05pm
Msg #14345

I think that is merely your own opinion in terms of when someone considers a payment late or even a slow pay or no pay company. Maybe you run your business with a 30-45 turn around time, but just because someone else does differently doesn't mean they are being impatient. To each its own. It's your business, so if your payments are due upon receipt or within 30 days and the client agrees to it, then I don't think it's unfair to expect your payment within that timeframe. And if the payment is not paid upon the agreed terms, then take the appropriate messures in order for you to get paid (whatever that is or whatever you feel suitable).

Additionally, just because one notary doesn't mind working for slow pay companies, doesn't mean that every notary has to. And that's probably why these companies stay in business. But hey, if a notary doesn't mind waiting 2 months to get $50 or even $100, then so be it . . it's their time, money and business.

My rule of thumb is I expect to paid within my agreed period. If that's 45 days (which is never for me) . . . fine, but if it's 10 days then I expect to be paid as agreed.

Reply by Derrick/MT on 12/22/04 4:14pm
Msg #14347

Your right about running your business anyway you want, but I think what ND_WA was trying to say was that it is pretty standard for companies to pay around 30 days from the time of the closing

Reply by Nicole_NCali on 12/22/04 4:40pm
Msg #14348

My invoices say net 30 but when working with title companies, I get paid w/in 10 days from the signing. It gets messy when you are doing your books and need to close out. By the time a loan gets to us, as soon as the title companies receive the documents, the loan is funded w/in 14 days. For example, I did a signing on December 1, the DOT was recorded in Alameda County on December 6, the loan and disbursements occurred on December 9, 2004 with a check going to the borrowers and my check received on Dec 10. I give a 30 day leeway, but in cases of run-around, I can't be lackadaisacal. If the money is $50 or even $125, I can't in good business sense, overlook it.

If a person decides that they will be the last man on the totem pole for payment for their service, then I believe that they undervalue their services. I work for an entity that receives payments from title companies w/in 14 days from demand letters, anything beyond that they would need to do an interest update on the judgments we have. Fortunately, I deal with Title companies everyday and I do ask the questions that are relevant to their requests and what the loan funding time frame. This ensures that for my day job, I don't garnish someone's wages or enforce a judgment.

Reply by Nicole_NCali on 12/22/04 4:44pm
Msg #14349

Re: whether a loan closes or not..I get paid!!

I also don't work on a contigency of whether a loan closes or not. I expect to be paid no matter what, in a timely manner. I think this has been posted on numerous times, but if the borrower decides to cancel, I still expect payment for my services.

I am not the loan originator, the escrow officer, the mortgage broker, etc, therefore, I don't receive the points or the amounts that these individuals receive if and when the loan closes. I am an independent contractor who ensures that the documents are signed, notarized, and shipped back to the title/escrow/mortgage company. I liken myself to Fedex/UPS, no matter how the deal goes, I expect and demand payment upon receipt of the completed package.

Reply by ItsMe123 on 12/23/04 12:29am
Msg #14393

RE--30 Day Demand and Debt Collector

I struck an interest in your post regarding your collection experience but I am thinking since we are the "creditor" and not a "debt collector" in collecting our payments per FDCPA. we do not need to add anything about being a debt collector nor do we need to send a 30 day demand. The FDCPA allows us, being the "creditor" rather than a "debt collector", to not have to add the "this is for the purposes of collecting a debt and does not require a 30 day notice prior to seeking remedy from the court. The only time a 30 day time statue for anything is the same for both a "creditor" and a "debt collector" is a validation of the debt. This is the way I understand it. Please comment and extend all opinions as this "creditor" doesn't want any hot water--lol. Also I prefer to just be "that notary" rather than a "creditor"

Also---Happy Holidays To All and A Thank You For Sharing Your Experiences. Learning From Your Experiences Have Countless Times Aided Me In My Work.

Reply by HisHughness on 12/23/04 1:09am
Msg #14394

Re: RE--30 Day Demand and Debt Collector

ItsMe123 glowed:

***Also---Happy Holidays To All and A Thank You For Sharing Your Experiences. Learning From Your Experiences Have Countless Times Aided Me In My Work.***

Listen to the wiser heads (a position I hope one day to attain) on this board, ItsMe, and before you know it you'll be ItsMe1234.

Reply by ItsMe123 on 12/23/04 1:42am
Msg #14396

Re: RE--30 Day Demand and Debt Collector

Hugh
I think unbeknownst to you that you, my firend, are already a wiser head on the board and thus you have attained one of the positions.

Reply by BrendaTX on 12/23/04 1:08pm
Msg #14437

Re: RE--30 Day Demand and Debt Collector

"Hugh- I think unbeknownst to you that you, my firend, are already a wiser head on the board and thus you have attained one of the positions."

Ok...that's it. Change your profile to "ItsMe001"

Kidding...I am just gigging Hugh.

Reply by Nd_WA on 12/23/04 5:40am
Msg #14403

Thanks for clarifying the thought Derrick, that's what I was trying to get across.

Reply by Michigan Notary on 12/23/04 9:35am
Msg #14413

I agree as well, but my only point was, no matter what the terms are, if the notary and SS/Lender/Title Co agreed to it, then it should be honered that's all. Some notaries are fully aware that certain companies pay around 45 days and it's clearly in their contract, so I think it would be unfair to harrass that company if I agreed to wait 45 days and then when 30 days roll around I start sending demand letters because I think I should be paid sooner. But on the contrary, if a company agreed to pay me within 10 days, then that's what I expect. Anything later is considered late.

I'm sure all of us at times have taken closings from company's that may not have paid the best, but pays rather quickly, so that's my point that's all. If both parties agreed to the terms, then yes it should be honored since we hold up our end of the bargin.

Reply by Terri - CA on 12/23/04 10:19am
Msg #14416

Does the Invoice state Net 30? If so, I would wait.

I have many signings I completed this month, I know I will not be paid until next month. My invoices are net 30, now if I get paid sooner, that's great!

Terri
Lancaster, CA

Reply by Nicole_NCali on 12/23/04 11:03am
Msg #14421

I don't do a net 30 based on the fact that I don't want peopel dilly dallying around when the loan funds and then I eventually get paid. I express "invoice is payable upon receipt". I don't work on the contingency that if the loan funds I get paid. I work on the contingency, just as the appraiser, I get paid upon receipt. Since I do work for alot of title companies, I know the process can take 14-20days from signature of the loan docs. But by the time the loan is in the title companies hand, all of the disbursement of terms and funds are completed, demand letters are sent to entitities on the borrower's credit report of what pops up on the preliminary report and the demands have been received by the title co.

I have found the ss companies who are under the impression that we are paid only if the loan funds. I personally feel that is not why I am in business. Does anyone else have another opinion.

**as far as the debt collection portion, normally when you go to small claims court, the protem/judge will ask if you sent written notification of the liability and gave a reasonable date of remittance. Trust me, I represent pro se for a municipality who files over 700 cases a year. If you don't give the debtor time to respond, the debtor in court, can request leniency or a stipulated judgement, which is a real hassle. The FDCPA covers collection agency activity, but some of the issues should be utilized by the Original Creditor (me) in handling debts. I as a pro se plaintiff have filed my 2 cases for 2004 and won both items.****

Reply by Dotti_CA on 12/23/04 2:56pm
Msg #14455

I agree with you on this. My A/R reports are set to 45 days and I usually don't contact the service until the end of that month. At 60 days they receive a statement, then a phone call. Consistently late payers are tactfully reminded of my payment terms. I've actually received payment on accounts over 90 days late which is better than never in my book.

Reply by lorraine2 on 12/24/04 2:15am
Msg #14474

What do you do (tax related) with cancellations/partial payments? By partial I mean that I bill full fee for a cancellation and either did not receive payment or received an amount lesser than my billed fee. If I received a check at all, I've cashed it. TIA

Reply by Jon on 12/24/04 10:35am
Msg #14482

Depends on if you are using the cash or accrual method of accounting. If you are using cash, nothing. If you are using accrual, write it off.

This is not intended to be legal advice. Use at your own risk.
For actual tax consulting, email me at [e-mail address] and we will work it out.