Posted by Anonymous on 11/24/05 11:22pm
Msg #78571

NEW SS Company

Hi folks:

I just recently started a SS as a result of numerous tcs requesting me to do notorial work for them in my state atleast 3 hrs away and for help finding notaries in other states. I recently did my first one, and agreed to pay the notary $100.00 (it was edocs 1 for the tc and a copy for the borrower). Needsless to say an hr and half before the closing she called and canceled. She couldnt get the docs to print thru swift view- which is very easy to use and got fustrated and said nope im not going going thru this fustration even though i tried to help her via the phone to get it to work. She was very untechonologically advanced if u ask me and did not have any patience even though someone was trying to help her. Needless tosay I had to turn around and call over 25 notaries to no prevail becuase either 1) they already had other notary arrangements or 2) Just didnt feel like making money. I called and left a message for the tc's president and explained to him that the indep. notary cancled and we unfortuantley we unable to get a notary in such short notice. The closing was for 8PM and she canceld at 630PM.

Unlike many of the SS companies out there, as a notary who does work for SSs and tcs i find our time, value, expenses, and expertise are very valueable. IN addition I detest companies who do not pay (ie Notary America, Sirianni, etc.) and my company's reputation is going to be based upon excellence in Serivce and making sure the notary is paid in a very timely fashion.

With that said, does anyone have any suggestions for me on starting out not as a notary but as the SS, do u believe my thinking is correct, how would u have handled it with the notary who up and canceled on u, and if u do signings directly with the tcs do u normaly have a contract with them? Also do u think there is any legal liablity on the SS if the notary does not go to the signing? DO u think the SS should make the arangements and confirm with the borrower then call the notary( as in how involved do u think the SS company should be-i dont want to be one of those SS companies notaries feel as though baby them). As a notary I value my colleagues opinions and have the view as the notary and now getting as the SS.

Thanks in advance for any suggestions!

Reply by Donna LaBelle on 11/25/05 4:43am
Msg #78575

do you need a notary in Sacramento, CA?

Reply by BrendaTx on 11/25/05 6:34am
Msg #78578

To the lovely and ever popular Anon...

You said **She couldnt get the docs to print thru swift view- which is very easy to use and got fustrated and said nope im not going going thru this fustration even though i tried to help her via the phone to get it to work. She was very untechonologically advanced if u ask me and did not have any patience even though someone was trying to help her. Needless tosay I had to turn around and call over 25 notaries to no prevail .**

I am glad you posted under Anon with this one...I cannot seem to find a lot of things you'll want to hear. I am not trying to be rude, just honest.

About the above-quoted statment -- you are patting yourself on the back because you have patience/computer knowledge and she doesn't. You were giving away your valuable time and she did not realize the value of it. You bestowed her with work and she was not properly grateful. I don't even know why you are posting this here if you are really an SS...business people don't have time to sweat this teenybopper stuff. You deal with it and move on.

You lost credibility with me on that one because you act as if you were doing her a favor...hand up and move on, for goodness sake.

If you value those who post here as you have stated, please don't use i for "I" or u for "U." Please learn to spell "Notarial." Try to remember that capitalizations only go at the beginning of a sentence, unless it's a proper noun.

Please take a moment to look up the word "prevail." You said "to no prevail." and that made no sense. Just because "prevail"sounds like "avail" it's still totally wrong to swap them out. When you write as if you are ignorant, you reflect upon those of us who really do try to maintain a bit of a professional image.

If she did as you say, she was wrong to do it. My guess is that you should expect most of the people to be sloppers--every now and then you'll find a good one, but they won't work for *you* if you cannot spell or write a memo properly. They will not want to be a close associate of a person who acts and sounds ignorant. They are also business people with images and reputations to establish.


To put my 2 cents in on your new ss questions:

If you have to ask these questions, you really are unprepared. If you are willing to get your answers here, rather than doing good solid research for yourself you are in a pickle and you are not serious about this new endeavor. For the record, a good rule of thumb when you have questions regarding "liability" is that you need to find a lawyer.

If you could not find a notary in an hour and a half, you should have called Lisa at http://asappro.com; With that much lead time, Lisa would have had three notaries ready to go in places as remote as Swift, Texas.

I think she could locate a notary, teach them how to download and print the Wallstreet Journal while she quickly prepared the SA a basket full of sandwiches and fruit to take along in case things went on too long. She's very intimidating. And, as far as signing services go...she's so determined that I know if the business is there she will continue to have her share of it. Her notary database was becoming quite adequate within just a few months of starting her SS business. But, come to think of it, Lisa doesn't ever email me and say "Hey, how are u? i have been bizzy. Due u Go 2 Washingon cty?"

She sends me readable documents and comprehensive presentation materials.

It makes a big difference on who you will work for and who will be comfortable working for you.

Reply by CMSNJ on 11/25/05 7:41am
Msg #78586

Thank you Brenda! I thought it, you wrote it!

Reply by NM_CO on 11/25/05 8:01am
Msg #78594

Ummmm.............Brenda needs a metal for this 1!

I never contracted notaries out on a signing until I was completely up and at it! If I cannot find a notary who knows what they are doing in an hour I would get fired from the tc in a heartbeat. Calls come in from tc's like that all of the time! And if I can't find a notary, I do it myself regardless of the distance.

Get a database going FIRST with qualified, competant and professional notaries before you start working directly for tc's as a ss. If you can't get a database use your resources as a ss and a "professional company" to locate sa's throughout the country.

I don't have much to say because Brenda said it all and summed it all up for you!

NO WONDER why half of you HATE working for ss's!!!!!!!!!!!!!!!!!!!!!

Reply by BrendaTx on 11/25/05 10:06am
Msg #78614

**Ummmm.............Brenda needs a metal for this 1! **

NM - Pulease ! ..I'd rather have a little money...a Home Depot Gift Certificate or a pound of really good Columbian...he he...coffee. (That one was not planned. It just came as a bonus.)

===============
Something hits a nerve when I realize I am being ordered around, or manipulated, by a person like the one who wrote the original post.

When I get a confirmation with CONFORMATION on it ... or when I see "You're seal must be placed on all notorized documents and on the DOT..."
ARRRGH.

I quit taking notary tests when something like the above statement appeared on one of them. I guess some of the bad apples ruined it for all of us. Now, everyone of the packages we get says some variation of the following example from my latest package:

ATTN: "Signing Agent!!!!

(Reminder - You are very hated.)

If you don't do everything perfectly, you agree to your fee being reduced by $25 and you understand if you do not use our special pink envelopes and our blue labels symetrically placed on the envelopes there will be a penalty. THEN fill out an AIV form on yourself, next - immediately canvass your neighborhood and get the AIV information for the closest four houses - YES EVEN RURAL MUST DO. Write down your sock and underwear size down at the right hand corner of the envelope in RED ink - go over it with GREEN.

IF YOU DO NOT DO THIS CORRECTLY - NOTARYSES PLEASE READ!!!!

You fully agree to the penality of allowing a straight, Billy Bob type, or a very traditional latino male between the ages of 45-50 years old to give you a really bad home perm. We will make sure that the gentleman we send is really angry about having to do it. (Note: This is how we punish our male abstractors when they don't follow our rules to the letter. We HOPE you screw up.) ALL signing agents--male and female-- are expected to agree to this. We want to see it happen to each of you. Like we said, we hate you.
.

Thank you for representing our company in the professional manner you do.

Catty Meow
[e-mail address]

--NEXT PAGE---

ALL NOTARS -

We have had several situations where notary's are neglecting to have our most recent chip (No. 16 for the year 2005) surgically implanted into their thigh or into the neck.

One of our clients REQUIRES this. NO EXCEPTIONS!!!!

You must have this chip implanted immediately so YOU can be scanned when you drop off documents at FEDEX and UPS.

If you do not have yours implanted (WITHOUT anesthesia--make sure NO ANESTHESIA and you may NOT take even an aspirin for the discomfort) by midnight tonight, you will be escorted to a filthy tattoo parlor to have it implanted in the very worst and unclean facilities we can find.

AND, you agree to have your notary commission number (in 1" block letters /surrounded by our standard bluegreen roses) permanently applied to your left forearm and to your right ankle area. Notaries ARE allowed to choose a smaller size for the ankle - but not to be any smaller than 50% of the original.

NOTE: NOTARYSES - do not ever allow a borrower to see your tattoo. Nor your family.

PLEASE do NOT call a loan officer if you have difficulty understanding this. You should contact the Team Leader by email, fax AND phone SIMILTANEOUSLY if you feel you do not understand that you have been bamboozled and brainwashed into submission and you are like an experimental animal now. Or you almost are...so....

Hop to it. HOP HOP HOP WE SAID!

Have a good holiday and remember: We do NOT allow notaries to discuss anything at family dinners--you MUST remain silent throughout your meal.

DO NOT ever discuss the chip with anyone you know - you signed a contract! YOU WILL BE PROSECUTED UNDER CRIMINAL LAW...somehow...we just need to figure out how to set you up in a serious crime.

AND - You agree and understand that there are trade secrets involved with the chip. The chips make you docile--now you have no opinion...you are almost into the last phase of Stepford Wives and Stepford Eunichs. Mortgage and Title vendors are taking the world by storm...all we want left are STEPFORD families..

NOTARIYS: We are so glad you are on our teem!

THANKS AGAIN FOR THE WONDERFUL WORK YOU DO FOR US.

TEAM 666 -
Stepford Title Vendors - A Sadistic Company
"We'll go out of our way to be in yours!"

Reply by Brenda Stone on 11/25/05 10:15am
Msg #78615

spelling police - Stepford Eunuchs - oops. n/m

Reply by srnotary_CA on 11/25/05 10:18am
Msg #78616

LOL That sounds so very familiar. Thanks for the Laugh (though I know how frustrating it is).

Reply by Paula Nielsen-Mayer, Certified Notary Signing Agent on 11/25/05 10:25am
Msg #78618

PLATINUM post! Not a gold post or a red post but a PLATINUM POST!

Brenda, I'll just get you a chip for doing such a great job on posting! I know that's what you really wanted anyway.

Reply by christi ausherman on 11/25/05 4:12pm
Msg #78655

Brenda, You missed your true calling, you should be a

comedy writer. You're funnier than Leno. The only problem is you're gonna give some ss's ideas!

Reply by Stacie Page on 11/25/05 5:06pm
Msg #78659

BrendaTX,

You are too funny! I am cracking up over here! Thanks for making me laugh after a long day of signing today.

Reply by TCMN on 11/25/05 9:27pm
Msg #78684

BrendaTX....


I just can't stop laughing...even though someone out there might take your post as a bad attitude, I have to say I had to go to the bathroom (real bad) before I stumbled onto your post (because I was finishing something else instead of coming back to it) and couldn't stop reading it, but the laughing brought tears to my eyes when I RAN to the bathroom in fear of not making it in time, and I hit that "not-so-funny" bone and about collapsed in pain.

THANK YOU, THANK YOU, THANK YOU for making me laugh and cry in the same 5 minutes. The stress has left my body and I think I will have a good night's sleep.

I don't think I could be at a family function of yours, as a guest, and have you "narrating" , quietly who everyone is and what their family disfunction is without drawing attention to myself because I would be about as red as the cranberries or cherry pie on the table from trying to hold in the laughter. God forbid I had a drink prior or during because I would apologize in advance the fun I think we'd have at either of our family functions.

You crack me up and I LOVE your humor! Thanks for being here.

Reply by BrendaTx on 11/26/05 12:09pm
Msg #78730

Humor? Ya'll didn't get the memo?

Please, don't say anymore!

Stepford (Big brother) is watching.

Reply by Sylvia_FL on 11/25/05 9:19am
Msg #78605

Before starting a SS, you need to make sure you have the capital to do it.
If the TC fail to pay you for any reason - and some do not pay if the loan does not fund - you are still liable to pay the signing agent. Many a SS goes down the tubes because they do not have the capital.

Right now I have title companies owing me over $3,000 - but the signing agents have already been paid - title companies are not late paying me, they do pay when the loan funds, but I pay the signing agents before I get paid.
So, you need to make sure you have enough capital to pay your signing agents whether you get paid or not (you are the one that hired them, not the TC, so you are responsible for paying them)

You also need to have a good database of good, professional notaries. I guarantee the notaries work to the title company! Can you guarantee the work of the notaries you are hiring???

You really need to think the whole thing through carefully before acting as a signing service.

Reply by Nicole_NCali on 11/25/05 1:10pm
Msg #78640

Re: NEW SS Company: it takes about $75k in cash assets

After reviewing the issues that would effect a ss, I would guesstimate that it would take about $75k in working capital to fully function. Since I have read that most signing services have over 500 loans a month, this would mean that they would need to have 50k on hand to pay their vendors. (signing agents). This is taking into account your aged accounts receivables against your aged accounts payable.

If a good signing services pays $125 for edocs and $75 for overnights, this would mean that the ss on average would need about $50k alone for their payables. With a little wiggle room for re-assigning the loan for no show SA and for notary mistakes.

What I believe happens is that most SS put themselves on a net 30 instead of a net 2/10 net 30. This would be a good practice because it would give the title co who give bulk orders a 10 percent discount for payment receipt within 10 days and could possibly keep the SS liquid.

Ok you have guessed it, I am working through my financial accounting on you guys!!!

To make a long story short, have cash assets or access to cash to pay your vendors, watch the age of your accounts receivable, and develop a market strategy to get more business and invest in the database to have vendors who can execute the job.

Think about this, if you have orders of 500 or more and you give a 2% discount, at $150 per loan, you will still be profitable.

Reply by Nd_WA on 11/25/05 2:58pm
Msg #78649

Re: NEW SS Company: it takes about $75k in cash assets

**Think about this, if you have orders of 500 or more and you give a 2% discount, at $150 per loan, you will still be profitable.**

Where does an SA profit from the above statement? Almost all SS I work with charged no less than $200 per signing. I think the important issue here is how to split the profit both ways between SS & SA; $150/signing is not going to cut it in the long run.

Reply by Nicole_NCali on 11/25/05 3:56pm
Msg #78654

Let's look at it from a SS perspective

If I decided to establish a business that outsourced a service for a fee, then I would be a SS. If I decided that as a SA, that I wanted to work direct from title or a finance co, then I would definitley keep the lion's share.

Most SA's are very disconcerted when they see the hud and see notary fee's for $200 or more. What I described was from a flat rate/bulk rate option that most of the large SS do offer to title.

The same discount can be applied if you were as SA who worked directly for a title co or finance co. What is to stop you from proposing that if you have been given exclusive signings for you area, then you as a SA would discount the title company between 2-10% if paid within 10 days of execution.

This strategy would not only make you a preferred vendor for the title co, but it would effectively keep you liquid. Most companies are looking for a discount.

If you, as a SA , decide to work for a SS, then you are fully aware that the SS is taking an administrative fee, this fee is not contingent on if the SS is competent or incompetent (can't remember the spelling Brendatx) You as a business person decide that you need this business and you as a business person assess what your profit goal is after expenses. If you as a SA decide to take a $50 signing, then only you would know what your profit goal is. If you decide that your base walk out the door fee is $125, then only you would have your reasoning for taking the assignment. All of the decisions that as a business person you decide to take, are strictly business.

This same rules apply to SS, if you encounter a SS that only pays $50 for signings and not a penny more, then the SS has decided what their base profit goal is after expenses, if you encounter a SS that pays a flex rate dependent upon the type of signing, then of course the business has established what their profit goal is.

I have been doing signings for a year and some months. I have over a 1242 signings under my belt. I am profitable because I look at this endeavor as a business. I don't hesitate to turn down a $50 signing but will take a $75 citibank heloc or a $100 world savings loan in a NY minute. That is because, I have a business plan and I know what will keep me within my profit goal.

Reply by BrendaTx on 11/26/05 11:37am
Msg #78726

Girlfriend! Nicole - It is good to hear from you!

I have to admit, though, you and Andy are both over my head where some of the more complicated financial matters play. Profitmaking I understand...just not the MBA chatter going on here .And when it comes to the fine art of adjusting a rogue printer back from some obscure little ailment , Andy can just about come up with more trivial ways to fix a printer problem than anyone I have ever seen. (Not talking about Paul here...he's got another type of printing expertise--they are totally different in their approaches.)

I always hated that thing about the 2%when I was taking my little business accounting courses. It seems so small, but when one minds the pennies, the dollars seem to take care of themselves.

2% of $100,000 is $2,000. So, rather than paying $100,000 you have paid $98,000 and it does add up. Slide that up to 5%, 9%, etc. and paying early / on time does make a difference to the one paying the bill and the one receiving the check.

BTW, Nicole,...I made a couple of typos in my last post as well...however, those where the plural of notary is butchered were done intentionally. I generally do make wild spelling errors immediately following a post full of righteous indignation over a growing indifference to written communication. Awhile back I had a doozy...I am still blushing over dissolution vs disillusioned!

Reply by Nicole_NCali on 11/26/05 2:29pm
Msg #78739

Glad to hear from you too Brendatx..

Hi Brenda,

The 2% issue was a question on my last financial accounting exam, and where would you book the discount to. Of course it would be a compound entry and one would credit cash, debit accounts payable and debit a special account called discount rate for payment w/in 10 days.

I am taking a bunch of business courses because I am in business for myself and I would like to possibly look into other ventures like Margarett Fl.

Hope you had a wonderful turkey day ..will start posting more after my finals are over.

Reply by Nate_MN on 11/26/05 9:55pm
Msg #78773

Re: NEW SS Company: it takes about $75k in cash assets

While I appreciate your knowledge of Credit Policy, you will never convince me that it takes $75K in working capital to start a signing service, at least not a signing service like I believe the original poster is talking about. I also think that signing services can be started very small and be regional in nature, since most cities have many small title companies a person can solicit. As the signing service grows it may some day need more working capital. Also $150 is already pretty low, as far as I know, and I don't think I would start discounting from a price that is already a bargain. A signing service also would probably want to see what collections looked like, and then make a determination of what collection policy should be. It would not be a great business decision to just go out in slash your gross revenue by 2% when most clients would pay promptly.