Posted by Douw Smit on 12/14/05 4:17pm
Msg #82577

TC/Escrow companies?

On 12/14/05 there was a discussion on Notary Talk that we as Signing Agents should work directly for TC/Escrow companies. My questions are: What is a TC, does anyone presently work for any TC/Escrow companies, what is the best way of contacting them, any ideas about fee structures?
The idea about cutting out the middle man, in this case the SServices, sounds like a good idea to me.

Reply by CarolynCO on 12/14/05 4:19pm
Msg #82580

TC is title company. Before you immediately jump the SS ship, you have to consider how much experience you have, and how many signings you have under your belt? TCs are less forgiving than SSs, and many won't even consider you without a *minimum* of 100 completed signings.

Reply by LawrenceOK on 12/14/05 7:49pm
Msg #82617

A couple of TC's that I have talked with are going back to scheduling their own notaries. They are sick and tired of the mistakes and other problems that are becoming quit evident because clueless, inexperienced individuals are out there wreaking havoc with loans.
I get the impression that they have also had it with SS's just looking for the cheapest notaries and throwing experience and professionalism to the wind.

Reply by Teddog_CO on 12/14/05 7:59pm
Msg #82618

Didn't I tell you it was bound to happen "Sooner then Later." There is just not replacement for an experienced Notary.

Teddog

Reply by Teddog_CO on 12/14/05 8:17pm
Msg #82623

Sorry!that's (no) not the word (not) It's been a long day nm

Reply by LawrenceOK on 12/14/05 9:17pm
Msg #82642

Re: Sorry!that's (no) not the word (not) It's been a long day nm

Yep, I've been saying it for 6 months now, low ball SS's are on the way out. These were BIG DOG title companies too Ted. All it takes is for one premier nationwide TC to start the cuts and you can bet that others will follow suit. Any good tc or lender can get on the internet and find a notary, or find boards like this with notary listings. They are in my opinion starting to realize that they can find good qualified notaries without the SS's and do it cheaper themselves. jmo

Reply by Dorothy_MI on 12/14/05 9:44pm
Msg #82650

And besides that

When the title companies had almost more work than they could handle, it was expedient to farm the signings out to signing services, but now with the decline in business, they have all these experienced people and barely enough work to keep them busy. They will probably turn one or more in their office into schedulers, pay the notaries for the professional service they need to keep their customers and take the difference and use it to pay for their own experienced person. This way they can keep their experienced people in the event that business does pick up again so they won't be scrambling to find people with experience on short notice. Also that person (s) can pitch hit for vacations, sick days, etc.

Reply by Nate_MN on 12/14/05 9:55pm
Msg #82652

Re: And besides that

I would argue that farming out scheduling was never a good idea. Someone sold them on it, and that's fine. Usually you out source to get something done cheaper. I am sure from a cost perspective title companies could get the job done for less than the cut they pay the Signing Service. As I have stated before, I have no idea what value is added by the Signing Service.

Reply by LawrenceOK on 12/14/05 9:57pm
Msg #82653

Re: And besides that

Now why didn't I say that. Dorothy has just put that big ideas into the TC's heads. Now if they will just act upon it.

Reply by Teddog_CO on 12/14/05 10:46pm
Msg #82655

Re: And besides that

Hi! Lawrence,

We had a discussion quite a while back about the "new fees" and what would happen . Well here we are "it has come to pass" why do you think nations direct and others keep bugging us. They are starting to pay the price for low-ball fees and checking with us to see if we are going to weakin-NO Never! My fee structure is the same and I am still working. So hang in there! Spring is coming and at the first of January you'll see a surge in business because of the CC debt catching up with homeowners. Maybe I'm wrong , but I don't think so.

Keep the shiny side up!

Teddog

Reply by SSEmobile on 12/15/05 8:55am
Msg #82693

Re: And besides that

Agreed here. SS companies were likely signing agents who got way too many calls to cover by themselves, and started doing some farming of their own.

Maybe it sounded like a good idea in the beginning, but obviously since they can't control the quality they were always bound to fail when the volume drops off the high mark and quality again becomes the issue over production.

Also agreed, there are some SS companies who don't know what they are doing, either.

Like the signing I had this week on the 13th. Called on 12/12/05 at 4:15 PM, said they had a signing at 5:30 PM, that day, 40 pages of edocs, would pay $100. I had nothing scheduled and thought I'd take it as a good close of the day as it would leave me in an area where I could finish up my shopping afterwards.

The docs arrived via email at 4:52 PM, 200 pages including copy for the BO, BO said meet them at Starbucks in a huge center ........ this on one of the 12 busiest shopping days of the year spelled disaster, but I told them I'd try to make it.

She must have been walking away as I walked up to the door, I caught here already in the car going home 5 minutes later ...... she had to be at work at 6:00 PM!

When I schedule the signing again with here at 8:00 AM the next morning and notified the SS, they said "be SURE to date the RTC date as 12/15/05" ........ I, of course replied "Feel free to correct me if you think I'm wrong, but isn't the RTC for a 12/13 signing on the 16th??"

She said "OH............ you're right, I couldn't read our purchase order ......."

I should have replied "right, and you have no idea how long it takes to sign a 100 page HELOC package, either ......"

I save the TC or Mortgage company's contact info for all jobs I do. Soon, I'll do a marketing run centering on going directly with the TC or Mortgage company I have already worked for. Selling the benefits will be easy. I'll be they get better quality for less or the same money by doing without the SS .......

If you're an SS, I don't mean to be critical, but I'm really tired of you calling me every 5 minutes asking if the faxback has been sent yet .......... believe me, it will never be done until you quit calling me and making me stop the fax process ........... I just WISH I could physically do two things at the same time but it's never happened before!!!

Reply by CarolynCO on 12/15/05 9:18am
Msg #82706

Re: And besides that

*I'm really tired of you calling me every 5 minutes asking if the faxback has been sent yet*

last week I vented about a first-time SS and will most definitely be a last for me -- call when you receive the e-mailed docs; call when you print the docs; call when you leave for the signing; call when you arrive at the signing; call when leaving Borrowers house; call when you get home; fax this and this and this and this ... none of these calls were toll free.

Reply by AmandaCA on 12/15/05 2:02pm
Msg #82798

Re: And besides that

I think I signed for the same company! I finally vented on them in the evening, after borrower cancelled signing. I invoiced them not only for the docs printed (2 loans plus copies) but also for the time spent on phone calls! We will see if they pay, lol. Why do they feel the need to hold our hand?

Reply by CarolynCO on 12/15/05 2:51pm
Msg #82815

Re: I didn't make any of the *required* calls

It was a day from pure hell last week. Below zero temps all day -- I had back-to-back signings. One simple loan took over three hours throwing all my scheduled appointments off. Making time to come home between signings to print off docs for later signings, I printed off all the e-mails for this particular SS while assembling already signed packages together for shipment. Again, I didn't have the time or the inclination to make all the babysitting calls to SS. TC calls me during the signing to advise that they had just revised the 1003s five minutes ago and wanted me to leave the signing, go home, print them and return to signing. When I refused, she wasn't happy.

Its too soon to know whether I'll be docked for each of the numerous required calls that I failed to make. This SS is an immeidate red flag and I will never accept another signing.