Posted by Will_CA on 11/2/05 12:32am
Msg #73594

Getting Paid in a reasonable time

I have been in the real estate business for a long time. As a broker...wheather the commission was for a listing or sales transaction or the loan fees from an originated and closed loan, I have never had to wait for more than three days to get my check. I have been reading this board for a while now since I am now expanding my services as a loan document signing agent. I notice that it's common as a signing agent to get paid around 30 days or longer. Tell me, is this a common thing? If you do the signing, and the loan close escrow a day or two after the 3 days right to cancel, all funds are disbursed from escrow or title...whomever...isn't escrow paying the signing companies right away? It looks like these signing companies are sitting on the money of the actual signing agent and making everybody wait for 30 plus days. Something is very wrong with that picture right out of the box.

Help me out everyone...am I been too concerned and out in left field on this issue ? I am about to began marketing myself for business here in Southern California. Thanks for your advice.

Reply by Nd_WA on 11/2/05 2:06am
Msg #73600

I used to be a Realtor too, but this is a different ball park of the RE industry. Getting paid within 30 days for your time/service is better than driving people all over town (like RE agent do) for 2 months then end up dry without a deal. The ultimate goal in this field is to be a direct service provider for lenders/TC where you are paid straight from escrow, just like RE.

Reply by PJM/MI on 11/2/05 7:22am
Msg #73612

30 days is about par for the course. Some companies pay quicker than that, and as you have seen, some are much, much slower.

Reply by DeeB/Fl on 11/2/05 7:30am
Msg #73613

I've heard the same thing...that they do pay a lot sooner to SS and the SS does sit on it. As one SS told me it woudl be 30-45 days before I would get paid, well the title company sent me the payment by accident and it was less then two weeks from the signing. So that told me they do pay alot sooner and that the SS does sit on it. Why? Who knows? collecting interest on it? (sounds like the government). Its a question that the SS 's really need to be honest about. Maybe there are some that don't get pay right away, I don't know.We take their word at it however, from my own experience, they get pay and they sit on it or go spend for their vacations. (Which I 've seen some owners of SS run off on vacations before paying their notaries...which pssss's me off!!)

Dee, CNSA
Florida

Reply by Rock Settlement Service on 11/2/05 8:58am
Msg #73626

Just a note because I have been around for a while too. Many times the title company will not pay the signing agency out of funding. They will not pay the signing agency or notary with out receiving an invoice and then they only pay once per month. If you know title companies, they sit on money for many reason, and sometime files get put away without full payment being disbursed. Believe we do not make enough money to sit on anything. Everytime we receive a check we cut 2.......

Reply by SarahBeth_CA on 11/2/05 10:54am
Msg #73663

So then why not cut a third check for the sa? I feel that if the ss can do bi-monthly payroll they should be paying sa's bi-monthly also. Do I work for ss's that pay in 30, why yes I do. I may not care for the long wait but it a part of the business. Now if it it a small ss (homebased, husband and wife running it) then they don't even have the responsibility of payroll they should have the capital to pay the sa's in a timely manner. It is not the concern of the sa what the payment terms in the contract between the tc and ss are. If the ss takes on a contract which offers a discount for volume or gives the tc 30 days to pay the consequence should not be passed on to the sa. That cost is the cost of business for the ss.

Reply by Anonymous on 11/2/05 12:47pm
Msg #73699

The guy from Rock should be put on the deadbeat list. According to his post on GOMOBILENOTARY he's behind on paying his notaries.... all kinds of BS excuses. Stay away....far away... from Rock Settlement Services

Reply by Anonymous on 11/16/05 2:47pm
Msg #77014

Have you ever worked for Rock Settlement? If not, those are strong words. You should be careful not to slander companies that you have no personal experience with. If you have worked for Rock Settlement, and have not been paid, I urge to call us right away. But something tells me you haven't. We're not making excuses for anything. We have been honest with our notaries regarding payment. Believe me, there are plenty out there who want to work for Rock Settlement. Anyway, why are you staying anonymous? Let us ALL know who you are. Lezette, Rock Settlement, Manager of Operations/Accounting

Reply by ivanafive on 11/2/05 3:29pm
Msg #73760

Hi Will,
congratulations on getting started! when i started i signed up with the SS just to get experience under my belt. I then felt confident enough to approach title/lenders directly. they do not like to be in your learning curve and it was less pressure (at least mentally) going the cheaper route with the SS, at least in the beginning. I am in SoCal too and have really enjoyed doing this for the last several years. anyway, best of luck to you, whichever way you proceed.
patty

Reply by Will_CA on 11/3/05 8:33pm
Msg #74111

Thanks Patty,

I have the experience to go direct right out of the box. I am going to try some thing different. I plan to provide lenders with some other services that make help their lending operation. We'll see how it all plays out. Continue good business to you.