Posted by Chris von Nieda on 11/7/06 8:57pm
Msg #157939
Posts about LoanSignersInc.com
Good evening all,
I just spent the last few hours reading the many recent posts about my company. There is much speculation, opinion, frustration and anger around the fact that we are currently late paying many of you. There are comments about our integrity as a company and my integrity as a business man and a human being. I replied to a few, but I'm not sure if those of you that posted will be notified that I replied so I thought why not make the front page and give you all a fair shot.
If you have a question, concern about being paid or comment about LoanSignersInc.com please post here and I will respond to as many as I can. Try to keep them brief and professional or I won't reply.
Posts from Dixie Drake, aka DD/OR will not get a response.
Thank you,
Chris von Nieda
President
LoanSignersInc.com
|
Reply by Lee/AR on 11/7/06 9:14pm
Msg #157940
I have never worked for LoanSigners, but perhaps you'd like to say a few words about why you are late in payments and what you intend to do about this situation, both now and in the future.
|
Reply by Becca_FL on 11/7/06 9:33pm
Msg #157945
Excellent point Lee...I totally agree. n/m
|
Reply by Chris von Nieda on 11/7/06 9:48pm
Msg #157949
Hi Lee,
That's a great place to start. We are late because an agreement we put in place in late May with a very high volume client was not structured properly. Our service was abused and we were only paid for 1/3rd of the signings we (and you all) did for us. (There are hundreds) We have no legal recourse but have since renegotiated that agreement to prevent this from happening again.
We are funnling every possible dollar we can towards paying our past due and current notaries including a line of credit we have used up. We will pay you all every dime we owe and we have no intention of hiding or going out of business. We are however unable to answer all the calls and emails we are getting inquiring about payment. It's coming! Just not as soon as we would like and we sincerely apologize for the inconvenience to our notaries and their families.
|
Reply by Lee/AR on 11/7/06 10:06pm
Msg #157951
That was a good start, too, Chris. I know my suggestion would be a large pain to do, but I think it would be appreciated by all the notaries who have been waiting for payment. Make a partial payment to everyone; at least their expenses will be paid until you can see your way clear to make full payment. I do appreciate that you've addressed the situation publicly, but you do need to mend some fences, too. We're all dependent on many services (phone, fax, internet, toner & paper suppliers...and gas) in order to serve you, Title Co's & Lenders. We need to pay our bills, too. And they won't wait. Unlike Title Co's & Lenders, we're not posting million dollar profits.
|
Reply by Chris von Nieda on 11/7/06 10:29pm
Msg #157955
Lee's idea to make partial payments for now
That's an interesting idea Lee.
With your approach we could get twice as many notaries "some" money now and the balance later. I would appreciate some feedback from notaries regarding this option? I suspect not all will like it but if that would help we will seriously consider it.
|
Reply by Becca_FL on 11/7/06 10:42pm
Msg #157957
That's an interesting idea Lee...
But sounds like an accounting nightmare. Won't it take twice as much time for the accounting department to do this? Why not just pay the most outstanding invoices first and send emails to all notaries owed explaining the delay in payment and the plan in place to pay all invoices?
Even I don't mind late payments, as long as I am kept in the loop and know that I will be paid. JMHO
|
Reply by Chris von Nieda on 11/7/06 10:50pm
Msg #157961
Re: That's an interesting idea Lee...
It WILL be an accounting mess Becca...but we will do whatever we can. We have been trying your approach already. Paying the oldest first and we have sent out mass emails to notaries we owe (twice last month). But I really like Lee's idea...
|
Reply by Poppy on 11/7/06 11:10pm
Msg #157965
Tip for any notaries who may accept a partial payment from
any company... Make sure to write on the check partial payment. Otherwise in some states it could be considered an acceptance of a partial payment as payment in full...
I hope that made sense, I just got back from a rough signing... Lucky the one right before it went well otherwise I may have snapped....
|
Reply by Chris von Nieda on 11/7/06 11:33pm
Msg #157970
Re: Tip for any notaries who may accept a partial payment from
Hi Poppy,
yes, if we were dishonest that may be a concern. There is no need to worry.
|
Reply by Poppy on 11/7/06 11:39pm
Msg #157972
Sorry if I offended you. It was more of a general comment
and not directed at you or your company. (Honestly)
Just passing along info that I found out the hard way... It's a good habit to get into whether you're worried about the integrity of the company you're working with or not. Just an extra measure of caution.
P.S. As a business owner the advice is just as applicable to you. "smiles" Poppy
|
Reply by Chris von Nieda on 11/8/06 12:20am
Msg #157981
Re: Sorry if I offended you. It was more of a general comment
thanks Poppy. No offense taken (now) 
|
Reply by dickb/wi on 11/8/06 1:21pm
Msg #158141
Re: Tip for any notaries who may accept a partial payment from
poppy that doesn't make much sense to me.....if i paid partial on a doctor bill or contractors bill i don't believe any court would suggest that the bill was paid in full.....i understand how the thought process could think of that because of our suspicious mind set, but don't think it would happen.......i know you said "some" states but in court they always look at intent and a partial payment would seem to be just that as far as intent is concerned......i will have to say that in chris's situation i did get paid the back amts he owed me and i do believe he is trying to work out the solution unlike some of ss in the past who close up shop and re-open under a different name or those like the dreaded SOX.......jmho.............................
|
Reply by Chris von Nieda on 11/8/06 6:59pm
Msg #158249
Re: Tip for any notaries who may accept a partial payment from
I agree Richard...thanks for the acknowledgment that we are doing what we can.
- Chris
|
Reply by Monica/OH on 11/7/06 11:48pm
Msg #157975
Hello Chris
What is your current payment schedule for loan signers that close today?
Net 30 days or longer?
Thanks
|
Reply by Chris von Nieda on 11/8/06 11:24am
Msg #158077
Hi Monica,
It's going to range between 30 and 60 days for a while until we get caught up. But we will get back to Net 30 soon.
- Chris
|
Reply by SarahBeth_CA on 11/8/06 11:33am
Msg #158082
Are you making sure that you state that timeframe in your
original calls or at the very least on the confirmations?
|
Reply by Chris von Nieda on 11/8/06 12:04pm
Msg #158104
Re: Are you making sure that you state that timeframe in your
That's a great point SaraBeth. I don't want to mislead anyone. We need to update our systems and website.
|
Reply by hcampersFL on 11/8/06 12:00am
Msg #157978
Chris I appreciate that you have come on this board to try and resolve your payment issues as well as your reputation.
I am one of the people that you owe money to. I did a signing on Aug. 9th and have been waiting to receive payment since. I have talked on the phone with you personally and have received your emails.
Truthfully I don't know how you can solve your problem, I respect that you have been honest to this point about why payments have not been made but I still don't get why you expect us to continue to hold bad paper?
In essence I am just giving you a loan and not receiving any interest for it.
I would have rather read that YOU had a solution for this problem and would be telling us when we would receive payments on our invoices.
JMO
Beverly Nichols
|
Reply by Chris von Nieda on 11/8/06 1:04am
Msg #157990
Hi Beverly,
Well I just wrote this long reply to your post and when I submitted it the server did not take it! UGH!!! Now the whole thing is gone.
So, I will reply tomorrow...Thanks for your post.
|
Reply by SueW/Tn on 11/8/06 7:42am
Msg #158018
Well Said Beverly!
August 22 for me and I don't see anything happening. IF there are SA's that are owed monies prior to August then the problem is bigger than anyone cares to admit. I continue to get those "we've got a signing in your area" e-mails and I have to wonder what the he$$ they're thinking.
|
Reply by Chris von Nieda on 11/8/06 10:54am
Msg #158053
Hi Beverly,
I'm glad to hear you appreciate me stepping up and I appreciate YOU for keeping your post professional although we are 90 days out on your payment. You will be paid soon, you and all the rest of the notaries we owe have my word.
I did not come on this board to solve our payment issues. There have been solutions presented but that is not why I am here.
We do not expect you to hold bad paper. You are more than welcome to pursue collection any way you see fit. I have answered numerous inquiries from the BBB recently, harassing phones calls, collection letters, demand letters and nasty emails. I don't expect it to stop any time soon. All I can say is hang in there and your patience and understanding is appreciated.
We have a plan...we are cutting costs, not increasing staff, reviewing all business processes and looking for ways to operate cheaper. We are increasing marketing efforts to new and existing clients and we are staying in business and working harder than ever before. Every dollar we make is going towards catching up notaries and we are paying as many as we can as fast as we can but we can not give difinitive answers to when you all will receive your checks.
- Chris
|
Reply by ME/NJ on 11/8/06 12:21am
Msg #157982
While it is very nice of you to addres the issues of your company here, I feel actions speak better then words.
Right now word of mouth has spread about loansigners Inc and only newbies or people desperate for work will continue to work for you.
Best bet is to fold up shop and start a new company and hope no one knows its you at this point.
|
Reply by Chris von Nieda on 11/8/06 1:02am
Msg #157988
I'm not here to be nice. I'm here to take responsibility for what has occured although no fault of mine or LoanSignersInc.com.
You say "actions speak louder than words". My solution is to buckle down, face the fire, promise we will pay (and we are doing so) and do everything in my power to make it happen.
Your's is to screw all the fine people that worked for us and hide behind a new company name? I hope you never start an SS!
|
Reply by Joan Bergstrom on 11/8/06 1:02am
Msg #157989
I am not owed any money from this company and I have never worked for them but I have a few suggestions for Chris.
1. Take a 2nd mortgage out on your home to pay your Loan Signers
2. Sell your home and pay your Loan Signers
2. Ask your relatives for a loan to pay your Loan Signers
3. Max out your credit cards to pay your Loan Signers
4. Fire everyone in your office and work everyday for the next year and pay your Loan Signers.
I owned a 7-11 store for over 13 years in Orange Ca and a Orange County Register Newspaper Dealership (Single Copy Sales) in Ca for over 12 years and this is what you do when you cannot make your "payroll." I never missed a "payroll."
How you are going to get a line of credit is beyond me!
|
Reply by Chris von Nieda on 11/8/06 1:16am
Msg #157994
Hi Joan,
All exceptional ideas! I wonder why we didn't think of that? I can assure you, all possible resources were tapped a long time ago.
If I fire my employees we WILL go out of business and then we all lose.
Get real
|
Reply by DD/OR on 11/8/06 10:12am
Msg #158043
Right on Me/NJ. What's his face at Loan Signers has a lot of nerve to come on here and try to give us a snow job. He took us once, now he's trying to take us twice, asking for forgiveness.
|
Reply by jojo_MN on 11/8/06 1:37am
Msg #157995
I have done many closings for ...
LoanSignersInc.com over the past couple of years. Payment has always been two to three months out, but at least I was paid. Were these non-payments due to you for cancellations after closings? You might want to check with the state laws regarding the hiring and payment of contractors/subcontractors. I was informed by others on this board that it is illegal in many states not to pay contractors for work performed.
Could you share with us who the lender was? That way we can steer clear of them when they are dealing with other ss.
I personally have thousands of dollars in past due accounts more than two months out. A couple of them have gone out of business. Those are definitely not going to pay. At least you are trying.
I am not an attorney, these are my own opinions.
|
Reply by PJM/MI on 11/8/06 6:08am
Msg #158012
In Defense of Loan Signers
I remember when Chris first started his business and the very long conversation we had. Maybe since I was one of the first closers to sign up with Chris, I have never NOT gotten paid.
When I received the email that things were tough for Chris & company, I appreciated the e-mail vs. companies that hide their heads in the sand and tell the great lie..." the check is in the mail".
I feel Loan Signers came forward with their problems, and that step in itself is a BIG one. I worked for a small company for 10 yrs, and when things got tough for us financially, I was told to call the creditors and explain our situation. No one yelled, screamed, or told me how to run our business. We trudged on, got more work & paid our bills.
Do you think SOX is going to post on here the problems they have? Or why they aren't paying the closers?
I applaud Chris for coming forward and posting the situation with his company. That takes a brave and caring soul to do so. I hope he is able to get back on his feet and get all the problems rectified.
P.S. Hey.. has anyone EVER been late paying a bill? Did you call your creditor, or hide your head?
JMHO
|
Reply by DD/OR on 11/8/06 10:28am
Msg #158049
Re: In Defense of Loan Signers
Well, then why is 'whats his face' at loan signers STILL calling notaries to do his signings, if he's financially tapped out? He's STILL using notaries knowing full well he has no intention of paying them. By his own admission, he stated that he has no money.
|
Reply by Chris von Nieda on 11/8/06 11:14am
Msg #158067
Re: In Defense of Loan Signers
Hi Pamela,
Thank you for your positive words. It's very much appreciated and thank you for hanging in there with us over the years! I see you have done 12 signings for us. Thank you for your services!
You make some excellent points and for many, unless they have been in a situation like this they just don't understand.
Kind regards,
- Chris
|
Reply by Christopher Owens on 11/8/06 9:27am
Msg #158035
Re: I have done many closings for ...
I don't know that Chris would be willing to divulge that information (and I'm not going to throw him under the bus by doing it for him), and, really its irrelevant.
The company that I used to work for was in an ABA with this client in question. One day, I sat in this client's office, with one of Loan Signers' invoices in hand, questioning the amount. They proceeded to explain to me the basics of the agreement that they had with Loan Signers. I couldn't believe that Loan Signers actually agreed to it.
IMHO, had that client been able to do their job right, Loan Signers would've been okay. However, due to the declining market conditions, due to the nature of the industry, due to the organizational structure of that particular company, due to the clientele that this particular client was marketing towards, and due to the poor performance of said client's own employees, they weren't able to convert.
They were killing me, too, I was paying out thousands of dollars for abstract work on deals that never closed.
I feel bad for Loan Signers, they were sold a bill of goods and really got themselves into a mess  Obviously they have a responsibility to pay for services rendered, but I give them credit for owning up to it.
|
Reply by Chris von Nieda on 11/8/06 11:19am
Msg #158070
Re: I have done many closings for ...
You hit the nail right on the head Christopher. Kudo's to you...If all was the way it was supposed to be it would have been very profitable for us all.
Thank you for the positive words
|
Reply by Chris von Nieda on 11/8/06 11:06am
Msg #158060
Re: I have done many closings for ...
Thank you for stepping up and fighting the good fight Jo Jo. The agreement we had was to be paid almost 3 times the normal fee but ONLY on loans that closed. The problem was that our estimate of how many they would close was very off.
I'm afraid I can not share who the client is but I can understand and appreciate why you are asking.
We are trying yes and we will do it...thank you for noticing and your professional post!
- Chris
|
Reply by SueW/Tn on 11/8/06 11:14am
Msg #158068
I will say this to you Chris
I've done 1/2 dozen signings for you and 30-45 days pretty much seemed to be the norm. I always was amazed at the docs though because, IMHO, it was amazing if anything ever funded due to the razzle dazzle of the LO. I presented docs to one BO who only wanted to refinance her car! She had no earthly idea this was a mortgage! The one I'm waiting payment on now was SSDD, as I was leaving the appraiser was just getting there and the LO asked ME what I thought of the place! There is no doubt in my mind that this residence DIDN'T hit the mark! In deference to you I would say this particular LO falls into that black hole of only throwing something against the wall and watching what sticks. I personally feel it would take a magician to sell their product.
|
Reply by Chris von Nieda on 11/8/06 11:22am
Msg #158076
Re: I will say this to you Chris
Well said Sue...Thank you for stepping up and pointing out that there was a time not that long ago when we paid on time. We will get back there again.
- Chris
|
Reply by hcampersFL on 11/8/06 12:54pm
Msg #158121
Re: I will say this to you Chris
Well the one I went to do was RESPA docs. I had done closings for the Mort. company before and wasn't really surprised that it went south.
It was a double wide mobile home. Sometimes these are re-fied but not often.
I'm sure if the LO had asked the question they would have pulled the plug quickly and not wasted any ones time.
Really sad that this company just used you to cast a broad net. If they caught a few fish great if not they didn't lose anything did they? They knew 100% what they were doing, I just wish that you had.
JMO
Beverly Nichols
|
Reply by Nick_OH on 11/8/06 7:29am
Msg #158016
Just as I was going to send a 2nd invoice request to LS, I went here this morning to inquire if other notaries were experiencing the same thing. Talk about coincidence! This is the first I've heard of the problem. I'm owed for two signings, the oldest is 60 days past due. I never received any notification from your company concerning this problem.
I'd like to know what plan is in place.
|
Reply by Teddog/CO on 11/8/06 8:45am
Msg #158026
Bottom Line. Long
I don't work for LS because it just doesn't pay enough. Sadly we are business people and independent contractors. So we do not have any recourse but to be paid and paid on time. If a company is a consistent slow pay or no pay company you Cannot work for them. Our time is so valuable to us. The cost of us doing business as independent contractors it just to steep. Ergo, we cannot waste time chasing people and aggravating ourselves trying to get paid. My only suggestion to other notaries-make a no no list of companies that don't pay or you have to chase for months to get your paycheck. In the long-run you'll be glad that you (drew the line) on the payment thing. Market, market and market somemore!! So you will have another recourse to "chasing your paycheck game." We need to add more and more customers All the time. So spend your time getting more business and not chasing your paycheck, end of story.
LS is a business they have to handle it as so. I do wish them the best of luck and haope they can resolve their business issues.
|
Reply by Bonnie_CO on 11/8/06 10:50am
Msg #158052
Chris.....(long)
As many others have stated, at least you have let them know why payments are late and what you are trying to do about it.
However.....from the other side....as NSA's we have expenses, we pay those expenses from the money that comes in from the signings we do. If we do not get our payments for 60-90+ days we can't buy our paper to print edocs for you, the gas to go to the BO homes, the phone bill...etc, unless we use our own lines of credit we wouldn't be able to accept jobs from our clients that DO pay on time. Then we end up paying interest on the money from our lines of credit so we end up paying more.
We can't call the phone company and tell them, gee, I made a bad deal with a company and I have to wait for them to pay me, so I can't pay my phone bill for 60-90+ days....we all know what the phone company would do!
It seems that a lot of companies that used to pay on time are taking longer and longer to pay anymore, I have almost $6000.00 in outstandings right now that I'm waiting on to come in, these are companies with good payment histories, but even a couple of these are running a little late. I know I'll get my money, it's just the waiting that drives me nuts. There is no excuse, really, for an invoice to reach 45 days. You have to understand, too, we tend to get a little nervous when our bills are coming due, or our ink, paper and other supplies are running low, and the checks aren't coming in. On top of that, we have companies trying to cut our fees right and left even though our cost of doing business is rising. Telling us to "buy your supplies in bulk". HA! I already buy paper 5 cases at a time and 6 ink cartridges at a time, unfortunately, I don't have a warehouse to store a truckload of supplies in.
So that's part of the reason we get a little snipy with some of the companies that aren't paying as promised!
|
Reply by MistarellaFL on 11/8/06 11:20am
Msg #158072
I would probably do more work with SS IF.....
they would negotiate their contracts to be listed on the HUD, so the lender's payments would be timely to THEM, hence, minimally weekly payments to the NSA........
they would better negotiate fees with the lender to pay a fairer fee for the NSA who has more out immediate of pocket expense than the SS........
they would institute a policy for no-signs and recissions with their lenders, so that the NSA, who has done the job correctly, is not left empty-handed by no fault of their own...
anything I left out?
I do this with my direct work, and have a postive cash flow.
I do NOT understand for the life of me why SS cannot figure this out!
|
Reply by Chris von Nieda on 11/8/06 12:12pm
Msg #158107
Re: I would probably do more work with SS IF.....
I'll address your comments one by one:
comment 1: they WERE listed on the HUD. But if only 1 in 10 deals closes it doesn't matter.
comment 2: everyone has a business to run. The fees have to be competitive or we don't get the business.
comment 3: we implemented something similar late in the game. It has definitely helped.
Now, try to imagine 735 signings in 1 month...it's not as easy as you think.
Thx, for your post
- Chris
|
Reply by MistarellaFL on 11/8/06 12:47pm
Msg #158118
Re: I would probably do more work with SS IF.....
<<<<<<<Now, try to imagine 735 signings in 1 month...it's not as easy as you think.>>>>>
My Florida Network does at least 735 signings in a month.
The difference is that as we are all experienced business people, we implemented a plan to be financially successful BEFORE we accepted the assignments and if made sure that we would get paid regardless of the outcome of the signing.
Not picking on you, Chris, but am hoping that other SS's will follow your example of rectifying their issues, and considering implementing a plan that provides for the what if's in this business. Not you, but there are many new SS popping up all over the place, and I just wish that the new ones would try to foresee the issues before they become issues.
I applaud your honesty and integrity in attempting to solve your company's problems in a public forum.
That speaks volumes!
|
Reply by Chris von Nieda on 11/8/06 1:36pm
Msg #158146
Re: I would probably do more work with SS IF.....
Hi Misty,
I stand corrected..seems we do similar volume (or we have). Thank you for letting me know. Because our venture was risky with this client we tried to forsee as much as we could. What we did'nt see cost us dearly. We will not make that mistake again I can assure you! Thank you for the Kudo's and positive words. It's very much appreciated and inspiring.
- Chris
|
Reply by ME/NJ on 11/8/06 1:59pm
Msg #158162
Ok let me see if I have this right.
1. You want Notaries to pay you to be on your site?
2. Work for you and "Hope" we will get paid someday.
We don't do 700/month but we do a few hundred. Poor busines mgt. The only saving grace is no one checks the boards before taking work from you.
|
Reply by mtcwgrl on 11/8/06 10:11pm
Msg #158300
Re: Posts about LoanSignersInc.com, I have a question!
Why did you pick the notaries not to pay or ask to wait?
|
Reply by Chris von Nieda on 11/8/06 11:23pm
Msg #158314
Re: Posts about LoanSignersInc.com, I have a question!
Versus who or what?
|
Reply by mtcwgrl on 11/8/06 11:38pm
Msg #158317
Re: Posts about LoanSignersInc.com, I have a question!
Gee that seems easy...Any one else you owe...office staff...creditors...utilities...I am amazed at your reply!!
|
Reply by Marlene/USNA on 11/9/06 10:35am
Msg #158396
Re: I wasn't amazed at his reply, I didn't know what you. .
. . .meant either, until you explained further.
|
Reply by Chris von Nieda on 11/9/06 12:07pm
Msg #158437
Re: Posts about LoanSignersInc.com, I have a question!
Well, I am AMAZED at your question...just wanted to make sure I was clear on what you were asking. It's a very simple answer and there are 2 parts:
part 1: it's not that we are not paying notaries, it's that we are not paying ALL THE NOTARIES NOW. Every single notary we owe money to will be paid ASAP. Checks are going out almost daily.
part 2: If we didn't pay employees, utilities (no creditors), phones HOW WOULD WE STAY IN BUSINESS TO MAKE SURE WE PAY EVERYONE?
|
Reply by mtcwgrl on 11/9/06 1:24pm
Msg #158462
Re: Posts about LoanSignersInc.com, I have a question!
It was just a simple question no need to scream at me. I was just wondering why it is the signing agents that always have to wait or not get paid. I mean would you have any finances to work with at all if the signing agent did not go out and do their job in the first place. I discontinued working for your company long before this all happened because I was waiting 45 days or longer for my pay. I do not wait over 30 days for any company routinly. 30 days should be max because MY bills cycle every 30 days.
|
