Posted by DebC_IL on 8/22/05 6:24pm
Msg #60886
Illinois
I've posted this in another forum as well as here hoping to find answers. Any help would be appreciated.
I've been working with a the same Mtg. Co. for the last 4 years doing signings for them. They've always used the same title company and everything has been wonderful until now. They just switched to using a different title co. and this new one doesn't pay if the loan doesn't fund. I just can't work that way.
Anyway, I started searching for new contacts and ran across all these Notary/signing forums that I never knew existed. It's great to find people to discuss all this with. But, in doing so I've found out about that Illinois Title law which doesn't allow 3rd parties to the transactions. I read to contact SOS, which I did, I talked to Mr. Stermal, but I'm still left with questions of how to go about this. If someone could please enlighten me I would really appreciate it.
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Reply by DebC_IL on 8/23/05 3:35pm
Msg #61170
Les I completely understand what your saying and believe me, I have struggled with my choice to not work for the new no fund/no pay title co., it has been a horrible few days for me with only this on my mind.
But the thing is unfortunately (at least with this Lender) L.O. turnover is so great, many of them are very inexperienced if experienced at all, so I get alot of signings where I get there and the l.o. hasn't brought the borrower up to do date on changes to the loan they originally thought they were getting. Having worked with them for so many yrs. I'm always ready to head off these problems, I have all the personal numbers for everyone that would be able to talk to these borrowers during after hr. signings. Luckily for them, they have a great mgr. who is usually able to at least get the borrower to sign that night and use the 3day rtc to fix what could be done. Also, after 4yrs of this I've become very good at making the borrowers feel comfortable in using their rtc if we're unable to contact someone. I do what I can to help get those docs signed for them. But since I always received pay regardless I really don't know how many recind, but from seeing what I have seen I'm not prepared to take that chance.
Their loan packages are usually about 125 pages. Making borrowers copies that's 1/2 a ream of paper per signing, and all the toner used for that amount. Since they've always gone out of their way to make sure I can do the signings for them, I've gone out of my way for them. Many times I'm traveling almost 100 miles round trip and doing signings late at night and times not getting home until after midnight, many times changing my plans to do them. All this for a flat fee, 1/2 for no signs and 1.5 for 1st and 2nds. But, it was worth it to me for the security of knowing they're going to use me and I would always get my pay on a two week payperiod. So the problem lies in that I can't just stop doing all the extras for them if I'm going to continue working with them, but I can't do all I do and take the chance of not getting paid. It doesn't make sense to me knowing how screwed up their l.o's are sometimes.
Actually I'm kind of feeling a little bit of freedom, I remember back to my early days of signings and how I use to love the flexibility of the job, the days when I was normally only traveling 25 miles at most to a job. That was gone, I felt obligated to do whatever I could for them. A small part of me looked forward to working with other companies. Now I'm all freaked out again because of the Illinois Law that I started this thread about. So again, if anyone could maybe email me anything they have found out regarding that, I would truely appreciate it.
Thanks
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