Posted by KellieCo on 1/12/05 11:54am
Msg #16389

Paid after loan has disbursed

Has any of you ever worked for a company who only pays the Agent after the loan has disbursed? If the borrowers cancel you only geta trip fee.

Reply by Fay Hudson on 1/12/05 11:55am
Msg #16391

Don't quite understand your question. As a 30-day vendor, don't you always get paid after the loan has disbursed?

Reply by kellieCo on 1/12/05 11:58am
Msg #16393

If the borrower cancels before the 3 days are up. The signing agent only gets a trip fee. Not their whole fee.

Reply by sue on 1/12/05 12:01pm
Msg #16397

many companies are like that, some not even paying a trip fee.

Reply by KellieCo on 1/12/05 12:03pm
Msg #16399

Seems like your income would be based on the abilities of a lot of people. I guess I didn't realize they worked that way.

Reply by sue on 1/12/05 12:09pm
Msg #16400

many people refuse to work for these companies and it is an ongoing discussion we've had for years. the trick, if you do, is to only work for companies that have this policy if they pay you VERY well, give you volume and have very few that cancel. But, you only learn that by trial & error. Some notaries say it's illegal because we've got a 'financial interest' in the loan it makes this practice illegal, although I personally disagree with this.

Reply by Jolene Lien on 1/12/05 12:41pm
Msg #16408

In what other industry does an independent agent not get compensated for their work? We as notaries need to start standing up to these companies. We show up at the designated time, put our time (and if e-docs) money and gas. We turn down other signings for this work.

I personally put over 15 hours into a signing. Originally agreed to get paid $200. Waited all afternoon for docs promised in the morning, traveled over 90 miles each way twice, e-docs twice. The borrower didn't like the terms of the loan and cancelled after I was there over one hour. When asked to return, I again traveled the distance, witnessed the signing (over 130 pages). The borrowers then changed their minds. The signing company told me that they don't get paid for non-funding signings, so I'm out the money.

Reply by Shane_IN on 1/12/05 1:25pm
Msg #16422

Take them to small claims court, and you'll win everytime.

Its a contractual agreement between you and the signing company. Unless they specifically state in their confirmation and/or contract with you, that you won't get paid if the loan doesn't fund, they then have to pay you your fee.

If they don't state that a non-funded loan will result in a lesser fee, then they have to pay you your full fee to fulfill their contractual obligations with you.

Reply by Mary Pierce on 1/12/05 1:29pm
Msg #16424

"The signing company told me that they don't get paid for non-funding signings, so I'm out the money. "

When did they tell you this? After you had been waiting for your check?

I belong to the PA Association of Notaries and they had an interesting article in one of their newsletters about this. They had some good tips in their article about how to handle this. If I knew they had this policy I would tell them I cannot help them.

Reply by Jolene Lien on 1/12/05 2:09pm
Msg #16434

After I completed both asssignments.

Reply by Nicole_NCali on 1/12/05 6:11pm
Msg #16481

That is why some of these companies need class action lawsuits against them. I think that they believe we are jokes or something. I specifically state upon acceptance of a signing, that whether the loans closes or not or if Santa Claus freezes in the N. Pole, I expect payment upon receipt of the services. Not net 30 days, not net 45 days, my invoices are payable upon receipt, I start getting antsy on day 31.

I work on the principle like SBC and McDonald, if you order it, you use, you pay for it. Not being paid by these SS companies is like me not receiving my bi-weekly paycheck from my job, unacceptable.

Reply by Cindy on 1/12/05 7:39pm
Msg #16498

Some SS do pay whether or not they get paid. Some don't. We have to differentiate between the two, and make our choices. I personally make some concessions to companies that give me a lot of business, and with whom I have a good working relationship. Some high payers are just so contentious that I would rather not deal with them no matter what their other policies are. JMHO. About the net 30 thing, that's just part of the business world, and it won't go away. When you (not you, per se) develop a strong cash flow, it doensn't matter that much. I learned this lesson, as a signing agent, from JanetL. about a hundred years ago. Having owned several businesses in other lifetimes, we always paid our suppliers net 30, even though we had already received, and in most cases, sold the merchandise. It isn't like a 9 to 5 with a payroll paycheck. As I said, just the way the business world works, just frustrating sometimes when you are on the receiving end. Hang in there.