Posted by Eric2OO2 on 9/14/07 11:19am
Msg #210966

EFS Bites the dust...

EFS is no more - shutting down today.

Reply by Linda_H/FL on 9/14/07 11:27am
Msg #210970

Re: EFS - Express Financial Services??

And how did you hear this..

Reply by Calnotary on 9/14/07 11:27am
Msg #210971

Who's EFS?

Reply by Loretta Reed on 9/14/07 11:28am
Msg #210972

Express Financial, PA and MD, gone, poofffff. So sad, their office staff was some of the nicest, may have been slow paying but some of the nicest employees.

Reply by Loretta Reed on 9/14/07 11:29am
Msg #210974

Re: EFS Bites the dust...I worked for them until today...

gone

Reply by Becca_FL on 9/14/07 11:34am
Msg #210979

Say it isn't so...:( I've been trying to call since I saw

the post and can't get in touch with anyone. I feel for the people that will lose their jobs. EFS did have the nicest employees to work with. They still owe me $725, but that's not why I'm crying right now. I've been calling and I can't reach Karen, Connie, Melissa...no one.

Reply by Linda_H/FL on 9/14/07 11:30am
Msg #210975

Re: Wow...they just called me last week for a signing..

Good thing I was booked ...

They still owe me $30 but not worth the chase....

Reply by JohnnyB on 9/14/07 11:34am
Msg #210980

Re: Wow...they just called me last week for a signing..

Yes, it was a good company. This is like Bridgespan Title closing their doors 3-4 years ago.
What is the source of your information?

Reply by bfd110_IN on 9/14/07 11:32am
Msg #210977

dang... well there goes another payment I wont see.. 3 this year. This is the worst since I began 4 years ago. All nonpayments are this years work.

Reply by Loretta Reed on 9/14/07 11:35am
Msg #210982

If that loan funded than everyone got paid, you should get paid too.

There are no easy answers to why but I personally think that the Countrywide problem didn't help Express.

Reply by Becca_FL on 9/14/07 11:40am
Msg #210985

The website is down stating

"This web site is currently undergoing maintenance. Please try again later. Thank you."

http://efstitle.com/

Reply by bfd110_IN on 9/14/07 11:40am
Msg #210986

I hope/wish that is true but the loan closed 45 days ago and if they shut down I probably wont see that payment from them. Just like the Sunset over 60 days and the Nexus over 120.

Reply by aatatusko on 9/14/07 12:00pm
Msg #210994

So sad. How did you hear about this? n/m

Reply by CJ on 9/14/07 12:04pm
Msg #210996

It's sad when nice people close.

I don't know these people, but I am sure they are nice. I wonder how Tammy is doing since Expidoc closed. I feel like friends with some people, then when they go under, you can't even call to say hi.

Reply by Becca_FL on 9/14/07 12:06pm
Msg #210998

I finally spoke with someone at EFS and it's true

The entire company closed its doors today.

Reply by Calnotary on 9/14/07 12:09pm
Msg #211000

Re: I finally spoke with someone at EFS and it's true

Are they planning on paying all the notaries? I did one for them in August.

Reply by CopperheadVA on 9/14/07 12:14pm
Msg #211003

Re: I finally spoke with someone at EFS and it's true

I just did one for them on Monday - I certainly hope I get paid!

Reply by pan/nd on 9/14/07 12:24pm
Msg #211007

Re: I finally spoke with someone at EFS and it's true

Actions speak louder than words.

I wouldn't hold my breath on payments.

The fact that they closed up in an eyeblink doesn't bode well for creditors including us.

If they were going to pay they would have.

They never were too prompt on payments.

Reply by LJ on 9/14/07 12:37pm
Msg #211011

Re: I finally spoke with someone at EFS and it's true

I'm owed 1 from 7/3.

Reply by Pete/MD on 9/14/07 12:17pm
Msg #211004

They owe me a little over 2k :( n/m

Reply by Carolyn Bodley on 9/14/07 12:47pm
Msg #211014

Re: Why would you let any company run up a $2,000 tab? n/m

Reply by Eric2OO2 on 9/14/07 12:54pm
Msg #211015

Re: Why would you let any company run up a $2,000 tab?

Employees were called into a conference call this morning and told they no longer had a job. No forewarning...

This market is very scary for anyone involved in mortgage origination.

Reply by Loretta Reed on 9/14/07 12:57pm
Msg #211016

Re: Why would you let any company run up a $2,000 tab?

That was probably in one month, Carolyn. Express always paid. Express was a big fish. I have done work for them for years and had no clue that this was going to happen. Someone said that they have been in business since 1974. Wow!

Reply by Pete/MD on 9/14/07 12:59pm
Msg #211017

Re: Why would you let any company run up a $2,000 tab?

What Loretta said is correct. They were at a net 45 and it was easy to rack up big money.

Reply by Loretta Reed on 9/14/07 1:00pm
Msg #211019

Re: Why would you let any company run up a $2,000 tab?

I know how you feel, Pete. I am sitting here now adding up what they owe me for title searches and closings. Where are you located at?

Reply by Pete/MD on 9/14/07 1:05pm
Msg #211021

Re: Why would you let any company run up a $2,000 tab?

I live right near downtown Baltimore City so I was doing business with their Columbia office.

Reply by Carolyn Bodley on 9/14/07 1:06pm
Msg #211022

Re: Why would you let any company run up a $2,000 tab?

**That was probably in one month**

Still, with what's been coming down and will continue to come down in the mortgage market, it's a pretty big tab.

I have companies that have been good and always paid promptly now paying slower and slower. I'm not letting anyone build up a tab of more than a couple of signings, and I'm passing on signings for companies I've never worked for.

Reply by CaliNotary on 9/14/07 5:11pm
Msg #211091

Re: Why would you let any company run up a $2,000 tab?

Yeah, but what are our options these days? It's not like we're getting a bunch of calls to replace the signings we turn down. Rent has to be paid, food has to be bought. If you turn down work then you're definitely not getting paid. I'd rather take my chances and build up a tab with my good companies and know it's likely that I will be paid.

Reply by Becca_FL on 9/14/07 1:00pm
Msg #211018

Re: Why would you let any company run up a $2,000 tab?

EFS was the one company I would let run up a large tab. Many times last year I had $2k+/- out with them. It was never a problem because they sent me volume, paid very well and always paid. Even with the tardy payments this year, I continued to work with them. They had the best staff in the business and were my #1 client for three years. This is just so sad.

Reply by Carolyn Bodley on 9/14/07 1:10pm
Msg #211023

Re: Why would you let any company run up a $2,000 tab?

Times are 'a-changin" -- Last year was a whole different playing field. Volume means nothing today, IMO.

Reply by Carolyn Bodley on 9/14/07 1:26pm
Msg #211026

Re: P.S. Volume means nothing ... with the uncertainty of

getting paid.

Reply by BetsyMI on 9/14/07 1:29pm
Msg #211029

Volume now means volumes of unpaid fees! n/m

Reply by ME/NJ on 9/14/07 1:33pm
Msg #211033

As of 3 weeks ago no such thing as volume anymore.

It will be like 10-15 years ago. You will be lucky if you do 10/month not 70-100. Home prices need to increase into double digit sights before the wave of refi's happen again. Current market conditions this will not happen for a couple of years.

We are already into a year or so of the slow down.

Here what I see happening.

SS will drop like flies, you will be left with 3 or 4 major SS that will pay between 40-60 a closing. TC that are still standing will either use these big 3 or 4 or hire local. I also thinks banks will want lawyers to do more refi's.

It's not like you make a ton of money doing this job, after expense, taxes and so on I made little and I did over 70K in 2005 and 2006. No add this.. No many notaries will be left full time unless they have other income.

Reply by Loretta Reed on 9/14/07 1:40pm
Msg #211036

Stick a fork in me, I'm done...... n/m

Reply by Todd/OH on 9/14/07 2:43pm
Msg #211047

Re: Stick a fork in me, I'm done......

Just add some 'shrooms and sauce. Oh...and a Bud

Reply by Philip Johnson on 9/14/07 3:14pm
Msg #211053

Wow I'm glad now that I quit working with them over the

long turn around times for payments. I was beginning to have second thoughts and boy I'm glad I listened to myself this time.

Reply by Laura Vestanen on 9/14/07 3:18pm
Msg #211054

They called me yesterday to update my contact info. Hmmmmm

Makes me wonder if they plan to open under a new name after stiffing their notaries.

Reply by Eric2OO2 on 9/14/07 3:20pm
Msg #211055

Re: They called me yesterday to update my contact info. Hmmmmm

They are GONE - trust me. They will not be reopening under another name. They may have called you because none of their employees knew this was coming. I would assume only the "high ups" had any clue.

Reply by Laura Vestanen on 9/14/07 8:22pm
Msg #211132

Makes you go hmmmmmmmmmm - still

Eric - I believe you. I dumped working for them a year ago.

I just think they have something up their sleeve because they wanted to update my contact information.

Why would they want to update notary contact info the day before shutting down?

That's why I wonder if they plan to stiff the people they owe money to and open under a new name. SSs have been doing this for years. I'm not surprised TCs are doing the same thing.

Reply by Eric2OO2 on 9/14/07 8:45pm
Msg #211142

Re: Makes you go hmmmmmmmmmm - still

They would not have burnt their relationships with numerous lenders, as they have, just to open under another name. As I said the majority of employees had no clue this was coming.

Reply by Nick/MD on 9/14/07 8:54pm
Msg #211148

Re: Makes you go hmmmmmmmmmm - still

no clue at all... they just laid of in the Maryland office a week ago, and told them not to worry, that they were leaving them open for another few months and if business picked up, which it was this week, they would be ok, if not they would shut them down then... this came out of left field...

Reply by CaliNotary on 9/14/07 10:55pm
Msg #211196

Re: Makes you go hmmmmmmmmmm - still

"Why would they want to update notary contact info the day before shutting down?"

My guess is that it was just busywork. Gotta have something to fill the days when there's such a sharp drop in volume.

Reply by Nick/MD on 9/15/07 5:42am
Msg #211231

Re: Makes you go hmmmmmmmmmm - still

again, I don't think anyone knew it was coming... I don't think a company would have gone through the trouble of laying off a week and a half ago to turn and around and just shut down a week and a half later... something happened but I don't know what.

Reply by KSNotary on 10/2/07 1:05am
Msg #214197

Re: Makes you go hmmmmmmmmmm - still

Well.. coming from a marketing standpoint.. if you wanted to "groom" the database of notaries to have the best info possible.. you'd tell your people to update it.

My guess is someone from EFS .. will be arriving (or starting) a new title company with a shiny new list of every appraiser, notary collected over the past 22 years and the like real soon!!!

With a list like that of probably 200,000+ names.. the ideas are endless!!

"The Title Report, an industry publication, speculated the death blow for Express Financial may have come about six months ago when the firm lost giant Countrywide Financial Corp. as one of its clients. The lender chose to work with four vendors on a national level, it said."