Posted by MC_oh on 11/14/06 7:52pm
Msg #160030

Speedy Closing e-mail

Received this e-mail tonight.

I don't work for Speedy, but must be in the data base. I wonder how many other companies will take this stand?


Please be advised that lenders and title companies are now requiring that each closer submit to a background screening (BGS) in order to conduct any additional closings. This policy is being implemented in order to comply with the terms of the Gramm-Leach-Bliley Financial Services Modernization Act.



If you do not submit to a BGS by January 1, 2007, we will no longer be able to utilize your services. Please understand that this is not our policy but that of lenders and title companies that utilize our services and as such we are compelled to comply with their policies. At this point, the only BGS the lenders and title companies are accepting are those issued by the National Notary Association (NNA). In order to make this process easier for you we have been appointed by the NNA as one of their agents. You may request a BGS by visiting our website at www.speedyclosing.com and clicking on the appropriate link within the NAA banner that is located on the left hand side of the home page. Once you have completed your BGS please forward the approval from the NNA to our office so that we may place the same in your file. Please forward the satisfactory BGS to [e-mail address] or fax the same to 908-725-7727.



We do apologize for any inconvenience this may cause but hope you understand we have no choice but to make the request.

Reply by BrendaTx on 11/14/06 7:59pm
Msg #160033

I don't know this for certain, but I think it is possible if you go through Speedy Closing's link they will get a small commission for directing you to the NNA's website.

It's called affiliate marketing.

If this was the case, and if it could be proved, then I think . . . well...I'll let the great Wizard of all this Stuff, Lisa Prestegard of FL, to explain the rest. Take it away, Lisa!

(Speedy Closing might be in dire straights for stating their requirement such as they did IF they are getting a cut from the notary's fee according to what I remember from Lisa's post awhile back. BUT REMEMBER PEOPLE, I AM NOT stating this as fact...this is SPECULATION.)

Reply by BrendaTx on 11/14/06 8:05pm
Msg #160037

http://..../sections/index.cfm?text=nsAgentMain&referID=A31343

Notice "referID=A31343"...that looks like affiliate marketing referral links.

Nothing is wrong with affiliate marketing. It's the language in their email that the FTC may or may not object to.

Reply by Lisa Prestegard on 11/14/06 8:09pm
Msg #160041

I'm on it, Brenda...

the email in question was forwarded to me, and I will be calling Speedy tomorrow for further details.
To be a marketing affiliate is one thing... to state the BGC as "mandatory" is entirely another.

Reply by BrendaTx on 11/14/06 8:14pm
Msg #160046

Re: I'm on it, Brenda...that's what I'm saying, Lisa...girl

are one of the sharpest tools in our NR drawers!

Thanks so much for all you contribute.

Reply by Lisa Prestegard on 11/14/06 8:16pm
Msg #160048

I'll keep you posted ...

this is one of those emails destined for the inbox of the FTC attorney.
I expect a prompt about-face, or at the very least, a re-wording of their 'demand'.

Reply by Blueink_CA on 11/14/06 8:29pm
Msg #160056

Lisa

I received an email from LandAmerica OneStop regarding GLBA. Would you like me to fax it to you? or do you already have it?

Reply by Lisa Prestegard on 11/14/06 8:30pm
Msg #160058

Please email it to me...

or fax if that's more convenient.
My contact information is on my profile
Thanks!
Lisa

Reply by Blueink_CA on 11/14/06 8:36pm
Msg #160065

Re: Please email it to me...

Sorry, I already deleted the email, but I just faxed you the hard copy. Thank's for all your work on this.

Reply by Lisa Prestegard on 11/14/06 8:50pm
Msg #160072

Thanks :) n/m

Reply by Lisa Prestegard on 11/14/06 8:10pm
Msg #160043

oh, and I forgot to mention...

my statements are purely my opinion at this point w/regard to Speedy

Reply by LauriecPA on 11/14/06 8:59pm
Msg #160075

Re: Lisa, I received a letter from Fiserv yesterday.

saying it was "required", also. It was included with my check. Do you mind if I fax it to you?

Reply by Lisa Prestegard on 11/14/06 9:08pm
Msg #160083

Please do... thanks! n/m

Reply by Stamper_WI on 11/14/06 9:12pm
Msg #160086

Fiserv

My letter stated I had the option of going through their affiliate for the BGC and that membership in the NNA was not required. It also says this on their website

Reply by Lisa Prestegard on 11/14/06 9:13pm
Msg #160087

Please email or fax it to me n/m

Reply by LauriecPA on 11/14/06 9:19pm
Msg #160090

Re: Fiserv

I already have a copy of a CBC, but that isn't acceptable, only one from the NNA or Credstar will "meet their standards".

Reply by Stamper_WI on 11/14/06 9:25pm
Msg #160094

Re: Fiserv

Most Title co's have resources for BGC and most, historically have done their own BGC's. That's why this seems to be some kind of a sales job on them by the NNA and the NNA to SS'S
.From previous posts I have garnered that many signing agents feel the jobs that they get through their membership on the NNA site are the lower paying ones. I could see that a SS reliant on NNA members would do this.
This is also speculation. I am not a member of NNA.

Reply by LauriecPA on 11/14/06 9:35pm
Msg #160098

Re: Fiserv

Fiserv is the lowest paying co. that calls me. (or I should say that I accept the lower fees from, for the quick closings.) I like the easy Citibank and occaisional NFCU closings I get from them, though. I don't like the fact that they are forcing us to shell out $$$ in order to work for them, especailly at their low fees.

Reply by Lisa Prestegard on 11/14/06 9:46pm
Msg #160100

What I have heard recently...

Every so often, reps from the major Title Underwriters (Stewart, Chicago, etc) pay a visit to large/volume TC's.
In the past two weeks, my sources within these TC's have directly asked the Title Underwriter reps about the so-called "mandatory" BGC's, and were met with a resounding "Huh?"
So... fwiw, hang on to your hard-earned $$ for the time being

Reply by Stamper_WI on 11/14/06 9:51pm
Msg #160101

Re: What I have heard recently...

That is what I have been hearing from the TC's as well.

Reply by Marlene/USNA on 11/15/06 9:03am
Msg #160210

I talked with a Fiserv "Closing Affiliate" rep recently

He told me Fiserv is accepting their internal background check for notaries, $23, good for 3 years. To quote: "We do not require Closing Affiliates/Vendors to be members of the NNA to be part of our network. "

You can call Vincent at 800-842-8423, x139 for more information.

This is not an endorsement. It's just information I got while researching an article I'm writing.

Reply by Charm_AL on 11/15/06 9:08am
Msg #160211

Re: I talked with a Fiserv "Closing Affiliate" rep recently

$23 here $25 there, $28 another place.....Forget that Sh*t, we need one place. One fee.
I'm not going to pay every Tom, Dick and Harry for a CBC!

Reply by MICarole on 11/15/06 5:52am
Msg #160165

I got the same email this morning. But, since a had a CBC done through LexisNexis, I just sent them a fax of it. If they don't want to accept it, that's their problem.

Reply by Scott Wilfong on 11/14/06 10:23pm
Msg #160113

I got an email from Speedy today but no text was included. The subject line just said "CBC required for all Notaries". My experience with Speedy has been bad in the past. The eventually pay but only after you call and hound them for the check. They also are very cheap and always want you to do the closing for less money than your normal rate. My advice is to avoid them but, like I said, they do pay... eventually.

Reply by PA_Notary_II on 11/15/06 8:46am
Msg #160201

Re: Speedy Closing-I agree w/Scott

If I agree to provide "Speedy" Closings with a BGC on the same time scale they pay on, I won't have to worry about it for another 90 days or more.

Reply by PhillyCloser on 3/30/07 1:41pm
Msg #182907

If you having problems with no or slow payment by Speedy Closings in NJ. And the title company was Fiserv, you can call Kathy Jud at 1-800-842-8423. She is with Fiserv's vendor management department and let her know your situation.