Posted by jojodatura on 7/8/06 7:16pm
Msg #131813

Red Flags of Bad Signing Companies

I thought it useful to start a list of "red flags" when dealing with signing companies. In hind sight, what was your experience with any companies that didn't pay you. I find it strange that some don't ask for a w-9. Are they going to wait until the end of the year? Are they not anticipating giving you that much work? My husband is a consultant and every new client asks him to fill out a w-9 before his first billing. And one I got was "if you make any mistakes on this signing you will not be paid" more that twice in the instructions of the assignment. If the NNA is not going to do anything about the bad SS's we must protect ourselves as best we can. Your input is much appreciated. Thank you

Reply by Tess/ME on 7/8/06 8:04pm
Msg #131818

There are so many postings concerning the "bad signing companies" that we could probably write a book about them. You can do the search engine and find lots of them, however, some of the "bad" companies to one notary may not be bad to another. We have to all make our own listings and go by those. Unless there is a company that tends to not pay ANY notary (and there are quite a few of them as well).
Today I was very upset about the fact that I have so much money owed to me from these "late" paying companies that I faxed out "demand payment" letters (the good one that starts out "I am apublic official, etc.) to all those that are over 60 days late. I know I will probably get "black listed" by a few of them, but if they don't pay me within 60 days I don't want to do business with them any longer any way. There are enough good companies out there that out weigh the bad ones that I work for.

Reply by DHartley_PA on 7/8/06 8:19pm
Msg #131821

Every month I send out statements to all those who are overdue by 30 days and add a 1.5% service fee and a $5.00 late charge. That usually gets them to pay quicker.

Reply by LkArrowhd/CA on 7/8/06 9:12pm
Msg #131825

Re: Red Flags of Bad Signing Companies and do they pay your

additional 1.5% service fee. I wouldn't care one way or another as long as that gets them moving....

Reply by NCLisa on 7/8/06 9:56pm
Msg #131833

Re: Red Flags of Bad Signing Companies and do they pay your

I think I may add a "billing fee" like my Equine Vet does. If you roll over a balance past 30 days, they add a $10.00 billing fee, plus a service charge.

Reply by LkArrowhd/CA on 7/8/06 10:13pm
Msg #131834

Re: It only seems fair Lisa. n/m

Reply by Dorothy_MI on 7/8/06 11:26pm
Msg #131846

Re: Red Flags of Bad Signing Companies and do they pay your

I have it printed on the bottom of my invoices. 1-1/2% service charge past 30 days

Reply by LkArrowhd/CA on 7/8/06 11:40pm
Msg #131849

Re: Very smart Dorothy and are you able to collect? n/m

Reply by Joe Ewing on 7/9/06 2:15am
Msg #131866

Re: Very smart Dorothy and are you able to collect?

Dreamers. I have hundreds of uncollected signing. It's the cost of working through an Agency. Lots of little signing services operate as a Ponzi.

I like hearing about the one that pays promptly through pay pal.

Reply by DHartley_PA on 7/9/06 11:49am
Msg #131916

Re: Very smart Dorothy and are you able to collect?

Joe, with all due respect... adding additional fees like a SC or late fee sometimes gets them move a little faster with payment. I am most fortunate, though, I have not had one agency fall over 60 days past due. Once over the 30 days, I add the additional fees and mail a statement with the invoice attached. I also fax and email the same "over due" invoice, in addition to calling their office. Seems to be working for me. They don't always include the additional fees, but at least I get what was due.

Reply by Joe Ewing on 7/9/06 1:52pm
Msg #131940

Re: Very smart Dorothy and are you able to collect?

30 to 60 days is the industry average. You can invoice once or ten times. Did the 3rd through 10th time get their attention? My guess is it did get the attention of the owner who will cross you off the call list.

I tried adding late fees to slow paying signing services 7 years ago. It did not help. You will get paid when the service has the money to pay you and not any sooner. They bill the Lenders for bulk signings and get paid whenever and so do you. The larger services are run like a real business with specific paydays. With them it's up to you to get your invoices in on time or wait another month.

The exception is when you work for a small time signing service that only handles a couple of loans. They get paid at close of escrow same as you would if you knew somebody in title and could work direct.