Reply by MaineNotary on 1/31/07 2:08pm
Msg #173426
I frequently do signings for them (HELOCS, which don't pay much) and am receiving the emails. The first email:
"Regarding December notary checks.
"Some notaries are already aware that notary checks have been delayed going out this month. At this time we are trying to mail checks at the end of the week, Jan 25th or 26th. At this time we can NOT guarantee this. The reason for the delay, WAMU is our biggest client as you know, they changed the way they pay us back at the end of Oct. 06. They have run into some problems with their system and have not sent us payment. We were able to send all notary checks for November signings in the middle of December. December signings normally sent on the 15th of January is delayed. We are in contact with WAMU daily to get an exact date we can expect payment. That's the bad news for now, but going forward we will be able to get notary checks mailed on the 10th or sooner instead of the 15th. MortgageDocs has always tried to get notary checks mailed on the 15th, but this situation is out of our control. We are very sorry for this delay.
"We will send out an email like this each day notifying all notaries if the checks have or have not been mailed until this situation is resolved. Please remember that WAMU is a billion dollar company, and we are not concerned about getting paid, just when. I know this is not news you want to hear.
"Please do NOT call our office regarding payment. We will send an update each day via email of when checks will be mailed."
The email they sent today indicated they hoped to mail out Dec checks by Friday.
I've done many signings for them and this is the first glitch I've seen. Their payments have been timely up to this situation. They're an organized company, always in communication with their notaries - I've enjoyed doing business with them and am not alarmed at the current situation (they owe me for three signings).
Hope this info is helpful.
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Reply by MikeC/NY on 1/31/07 8:07pm
Msg #173465
They may be organized, but it sounds like they are seriously under funded. The whole "you get paid after we get paid" routine is a major red flag - it suggests they don't have enough cash reserves to run the business, and especially so if they always paid timely until recently. Admitting that they're waiting for payment from WAMU before they can pay their notaries is darn close to admitting that they are operating hand-to-mouth.
Proceed with caution...
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