Posted by LisaWI on 7/21/07 1:12pm
Msg #201130

Equity National-Rhode Island

Is anyone else experiencing slow payment from them. They are over due a month on my invoices and I was told July 13 the payment would go out the following week.
It states in their Equity Partners Packet you will be paid on or before the 10th day of receipt of your invoice.

Reply by PAW on 7/21/07 2:20pm
Msg #201138

Interesting that you would mention that. The last one I did for them was 6/21 and still haven't been paid. Historically, they've averaged 20-30 days after invoice before I receive payment. The longest was 33 days.

Reply by LisaWI on 7/21/07 2:36pm
Msg #201140

One month for you also. I wonder if they are having problems. I dont mind 30 days out on invoice, but I would like to be informed of this payment schedule. As I stated, in their packet it states 10 or less days from invoice receipt. And also if I am told Im going to receive payment within a certain time, I should be able to count on that.

Reply by sandi42 on 7/21/07 3:02pm
Msg #201148

I noticed also all the good companies are later and later makes you wonder.

Reply by LJ on 7/21/07 4:27pm
Msg #201153

Funny, hadn't heard from them for almost 2 months and did 3 for them this week. 1 on Th and 2 back to back on Fri. I was paid in 15 days before. I invoice immediately after the closing and have never had a problem. Hopefully they are still this way.
When I called in after the closing on Fri night, they had a notary missing, as in didn't show up. I wish I could have helped them out, but out of state for me.

Reply by PAW on 7/21/07 8:01pm
Msg #201172

>>> ... in their packet it states 10 or less days from invoice receipt. <<<

In the SLA (Service Level Agreement) that I have with Equity, it states:
----- ----- -----
Equity will make payment on all complete invoices within twenty days of
receipt. Billing questions should be directed to Zee Rodrigues, accounts
payable clerk at 401-434-5500 x 4255. All invoices are reviewed by the
Director of Service Partners and any variations from agreed upon fees must
be authorized by this individual.
----- ----- -----

Note it states 20 days above. Do you have a different SLA? But either way, 10 or 20, 30 days is past due. They grade our work, maybe we need to grade their work too, using the same guidelines in their SLA.

Reply by LisaWI on 7/22/07 1:40pm
Msg #201200

PAW....

I am referring to the Welcome Packet that is found on their website. I dont think Ive ever seen this SLA that you mention. Could you send me a copy?

Reply by Kevin/Ct on 7/21/07 5:39pm
Msg #201160

Enforce the contract. What are you waiting for?

Do you think for one minute that if you had not performed 100% that they would hesitate to do the same?

Reply by NCLisa on 7/22/07 8:06pm
Msg #201212

I quit working for them when they went from 3 copies of the

DT to 4, and 1 copy of the note to 3. The packages including title docs were almost 200 pages and getting bigger. They said it was something to do with the investor and NC loans.

A friend of mine missed a date on a doc, and they deducted $75 for an error that the correction agreement would have taken care of. So she stopped working with them also. They seem to be going through a lot of notaries in this area.

Reply by LJ on 7/22/07 9:21pm
Msg #201214

Re: I quit working for them when they went from 3 copies of the

I did 3 for them this week. All 3 had 2 DOT and 2 Notes. I have lots of companies wanting 2 DOT, so this is not unusual. All 3 pks were about 115 pages plus about 8 Titile docs. This is pretty standard as far as I'm concerned. They used to have us split pkgs, but that stopped months ago. They are sticklers about being there on time, which I have no problem with and they want you to call immediately after the closing. Two that I did this week were late at night ones and they called me and gave me a cell number to call when we were done. I gave them the courtesy of calling them from the table after I knew for sure the loan was closing so they could go home. They really appreciated that since they are an hour later than I am. I find them very easy and pleasant to work with and would work for them any day.
Like I posted earlier, when I called in they were fretting over a notary that didn't show up. Hope their was a good reason why this happened. They have their stresses also in keeping their clients too.

Reply by MelissaCT on 7/23/07 8:46am
Msg #201235

Kevin: your take on the multiple note & deed copies

I understand in my layman reading of CT general statutes that multiple copies of note cannot be required by a lender in CT according to statutes --

[CGS Title 49, Ch. 846, Sec. 49-7a] Lenders prohibited from requiring multiple original notes -- "No lender shall require a borrower, as a condition of obtaining a loan, to sign multiple original notes to evidence such loan."

Although I've never had a borrower refuse to complete 4 copies of the same document, if they did, they would be well within their rights in CT, correct?

Reply by Kevin/Ct on 7/23/07 9:22am
Msg #201248

Re: Kevin: your take on the multiple note & deed copies

I would say you are correct. I just ran into this situation at a closing in February in which the borrower's attorney absolutely refused to allow his client to sign more than one note.

In this situation my advice would be to contact the party preparing the loan documents, and explain the statute. In the case of the above closing I mentioned...the title company was happy with one original note and one copy rather than two duplicate originals.

Reply by Kevin/Ct on 7/23/07 9:27am
Msg #201250

Re: Kevin: your take on the multiple note & deed copies

Clarification...when I said you are correct I was talking about your citation to the statute. In so far as the decision to execute more than one note is concerned, I think that is a decision that the lender/TC must make, but they need to be made aware of the statute in order to make that decision. I do not think that this is a decision to be entrusted to the notary.

Reply by MelissaCT on 7/23/07 10:05am
Msg #201261

Re: Kevin: your take on the multiple note & deed copies

Yes, Kevin & I wasn't implying that I advise either way. If borrower has no objections, I follow what TC requests -- I was merely asking for my info. IF bwr did object to signing multiple copies of note, I couldn't require it, nor could TC -- that was the objective of my question.

As notary, I present documents for signature. If borrower refuses to sign, or has questions beyond my scope, I always defer to LO, TC or hiring entity for resolution.

Reply by LisaWI on 7/23/07 11:14am
Msg #201275

Update on Payment

Not too thrilled with this comp. Called and was told my check hasnt been processed or sent. Was told they are short on employees as this time. Told her I will not take any more signings from them until I receive payment. Being told it is going to be sent and then it isnt doesnt fly in my book. Dont know who posted in a previous thread, but I like the comment they made about these comps being proactive in their overdue payments owed to us. And Im not finding them to be proactive at this point. I feel they are buying time and I think they could do better on this issue.

Reply by LisaWI on 7/23/07 11:34am
Msg #201280

Re: Update on Payment-Part II

They called me back. Was told one invoice was sent on Friday and the other two will be processed and sent on Wednesday.
So they are back on my good list.
I do really enjoy working with their employees. They are very friendly indeed and informative. I was hoping this wouldnt injure our business relationship because they are great to work with.