Posted by VWatts on 7/31/07 12:46pm
Msg #203000

Professionalism in the Loan Signing Industry

Greetings, Everyone!
I so enjoy reading the posts and learning more about the notary business. I cannot help but notice the major problem in notaries not being paid for their services in a timely manner OR not at all! It is troubling and adds insult to injury to see that now collection agents are stinking their paws into the pot thus adding another layer to what should be a simple process and taking away from hard earned money. What I am about to say I cannot believe has not been discussed. I may be coming late or in the middle of “the conversation” about what seems to be a growing epidemic in slacker signing services, but I want to add my two cents.

It seems to me that if one wants to have a signing service they need to have the capital to pay their contractors AT the time of service. If there is any going after payment for services rendered it should be the signing service to THEIR clients and NOT the signer to the signing service. If we continue to put up with the unprofessional treatment then we deserve what we get.

I can appreciate a client (title, escrow, lending company) wanting to make one call to a “reputable” signing service vs. taking their chances with every fly-by-night Tom, Jane, and Harry who claims they are loan signing agents. Signing services need to EARN OUR business by (1) being set up to have the capital to pay up front for our services (2) be put on notice that if loan signers are not paid in a timely manner - i.e., within 7-14 days from the client receiving the notarized documents AND after it’s been determined that the signing is error free - they will be “listed” as someone not to do business with.

Granted the whole real estate business is a risky business when one is not sure if a deal is going to survive to completion. But appraisers, I heard, and escrow companies, I think, are paid whether a deal goes through or not. Why not loan signers. Question. Is there a loan signer’s association that can work on this problem and FIX It? I am a believer that there is strength in numbers. I am naďve enough to believe that if enough of us raise our voices WITH suggestions to solve the problem we can impact change. Please know that these suggestions are just that; they are as I said earlier a way of joining in or starting a conversation that needs to result in changes in this industry.

If you agree with my aim of making signing services more accountable, and should you elect to respond please no responses of why something can’t be done. Instead please make suggestions on steps of how to go about making things better.

Holler back!

Reply by Becca_FL on 7/31/07 12:59pm
Msg #203005

>>>Instead please make suggestions on steps of how to go about making things better. <<<

Step 1

Just say NO to SSs in general. Most pay substandard fees anyway.

Step 2

Work directly for TCs, brokers and lenders and insist on being listed on the HUD.

Problem solved.

Reply by Lora/FL on 7/31/07 1:05pm
Msg #203006

Re: Ditto to all of the above...

Tired of holding my breath to see if I get paid. I'm at the point of asking for the SS references instead of the other way around. (just my 2 cents)

Reply by MistarellaFL on 7/31/07 1:06pm
Msg #203007

Becca speaks the truth

Once I stopped dealing with SS, I no longer had to deal with the payment issues.
Listen up!

Reply by Sylvia_FL on 7/31/07 1:23pm
Msg #203011

"It seems to me that if one wants to have a signing service they need to have the capital to pay their contractors AT the time of service"

Wish I had had a nickel for every time I have said that!!! Signing Service hires signing agent, ergo, they are responsible for paying the signing agent, and should pay as soon as signing is completed, or at least in the same week. No reason signing agents should wait 30 days or more to get paid!

Reply by VWatts on 7/31/07 1:53pm
Msg #203019

Becca, Great suggestion on being listed on the HUD. How that would work in the event the deal falls through? I like the idea of working just with title companies. I can still see how reputable SSs can be a big help to title, escrow companies AND loan signers. Let's keep the conversation going. I would hope what will come out of this is a creation of a "declaration" / plan of action that results in "squeezing" out unethical/shady SSs.

One thought would be to start and promote a website that "grades" the SSs. A Better Bureau of sorts for our business. No one would be slandered. Just the verified facts. Signers will then be able to go to the site and make a decision to do or not do business with them. We'll starve them out of business or make them do the right thing by signers. After much conversation I can compile a list of suggestions and then we can go from there. Chow!

Reply by snoopdogMs on 7/31/07 2:04pm
Msg #203021

There is a sight called NotaryBeware.com that grades companies.

Reply by VWatts on 7/31/07 2:15pm
Msg #203026

Just visited the NotaryBeware.com site. At first the name alone sounded like a site for notaries to be aware of doing business with. Secondly, you have to pay to join it!! Not good. The site should be free and accessible by all.

Reply by John_NorCal on 7/31/07 2:22pm
Msg #203029

Have you looked at Signing Central right here? With the recent improvements that Harry has made, this is a perfect vehicle for what you advocate.

Reply by VWatts on 7/31/07 2:33pm
Msg #203035

"Signing Central" Rocks!

Yes, John!! That's what I'm talking about. Sorry I missed that tab. That adds even more value to this wonderful "one stop" website. Now to get more people to use it and let the signing services know it exists. I would pay a fee here before a NotaryBeware.com because of all that it offers. Speaking of fee.... is there one for this website?

Reply by SheilaSJCA on 7/31/07 2:40pm
Msg #203037

Re: "Signing Central" Rocks! But I am confused

I am glad to see that the Signing Central section will be become a handy tool... looking at it though, you have to click thru a few layers to see if there are any comments posted... and what does the measured bar in blue or orange mean on the right hand side of column? Why and what and how is the greyed out button (on my screen) called "who called me?" work....?

Reply by VWatts on 7/31/07 2:43pm
Msg #203039

Re: "Signing Central" Rocks! But I am confused

Webmaster?? Can your help us out with that question?

Reply by VWatts on 7/31/07 2:54pm
Msg #203042

Signing Central

Okay, I took closer look at Signing Central and it has good potential. I saw the post for info on Countrywide Home Loans. Check Signing Central and the company was listed. I noticed it had 4 stars and so I figured there would be comments. There were none. That's a credibility issue to me not being able to trust the info. How did it rate 4 stars without a single comment. I think a company should remain unrated until comments are made. I still like what Harry is trying to do with Signing Central.

Reply by VWatts on 7/31/07 2:58pm
Msg #203044

Re: Signing Central - Oops

BIG OOOPS on my part. It was Countrywide Notaries in question and not Countrywide Home Loans. But even so the Countrywide Home Loans has the 4 stars but no comments to back the stars up.

Reply by Becca_FL on 7/31/07 2:05pm
Msg #203022

How long have you been visiting this site? Have you ever clicked on the Signing Central tab?

>>>One thought would be to start and promote a website that "grades" the SSs. <<<

I'll start by promoting Notary Rotary and the Signing Central tab.

Reply by VWatts on 7/31/07 2:09pm
Msg #203023

Hi, Becca
I've recently joined it. Have been devouring all the posts and other spots on the website and must have missed this info. A suggestion then would be to promote, promote, promote the site that grades SSs and to encourage people to report on the bad ones. I'm going to take a look at the site right now.

Reply by VWatts on 7/31/07 2:18pm
Msg #203027

NotaryBeware.com

Just visited the site and not impressed. (1) The websites name sounds like a site warning you about notaries NOT to do business with. (2) They want you to pay for this info!!?? This info should be free and easily accessible.

Reply by BrendaTx on 7/31/07 2:24pm
Msg #203032

Re: NotaryBeware.com - VWatts

**They want you to pay for this info!!?? This info should be free and easily accessible.**

Why? It takes a long time to get information collected...research, content, whatever. Why should it be free?

Reply by VWatts on 7/31/07 2:41pm
Msg #203038

Re: NotaryBeware.com - VWatts

I haven't seen enough of the website to determine if it's worth $20 - which granted is not a lot to ask for. Generally these kinds of info sites start out free or at least allow a viewer to check it out for 30 days to see if its for them. If the creators of this website feel confident enough about their service they have nothing to loose to let people take a test drive.

I was just informed that on Notary Rotary the "Signing Central" tab has the info I'm looking for. With everything else on this website, including this feature I think this is worth the $20.

Reply by Sylvia_FL on 7/31/07 2:13pm
Msg #203025

The only way to be listed on the HUD is to work directly with a title company. But some title companies will not pay if the deal falls through.

Just as a aside, as a signing company I pay whether the deal falls through or not - as I pay my signing agents before the 3 day RTC is over I have no idea if the loan goes through or not.

Reply by VWatts on 7/31/07 2:19pm
Msg #203028

Sylvia, so good to hear that!! It just seems the right thing to do.

Reply by SLB SIGNING SERVICES, INC. - Sherry on 7/31/07 7:37pm
Msg #203099

I am right there with Sylvia on this. Why should you guys have to wait to see if we get paid or not. You did the work and deserve to be compensated for it! It is our job to work out the collections with our clients. Just to give an example, I have one client who owes me over $5,000, which I am in the process of collecting, but that didnt stop me from paying my closers.

Reply by lenelle/FL on 8/1/07 8:42am
Msg #203167

SLB always pays on time

and I just love working with Sherry and the girls! How's the new home?

Reply by SLB SIGNING SERVICES, INC. - Sherry on 8/1/07 2:01pm
Msg #203243

Re: SLB always pays on time

Thank you Lenelle.. the feeling is mutual!

New home is great...You havent done any more closings for Robert (the unmarried one) have you? LOL