Posted by Nick/MD on 9/16/07 2:06pm
Msg #211404

word of advice

Don't ever accept a company that says they will pay 45 days net... EFS was paying regularly 60 days out; I was ok with this for the past several years, because I did so much business for them... as everyone knows, on Friday they closed their doors... I am now more then likely out a lot of money... as many of you are... I am not sure at this point if there will be any chance of recovery but I will try my best to get mine. If anyone has any suggestions, please advise. Thanks.

Reply by Templin on 9/16/07 2:33pm
Msg #211407

I didn't know that, thanks for sharing!!! I did one for them and did get paid, thank goodness.

Reply by sue_pa on 9/16/07 3:58pm
Msg #211424

it's more of a trend to watch. Express used to pay in 30 days then their payment schedule went out a little further, then a little further and that had problems. That said, if a large company like EFS goes under, everyone is wide open. EFS has had MAJOR problems that were right out there for everyone to see - those who worked for them directly and as contractors. The writing was on the wall for at least 18 months.

Reply by Nick/MD on 9/16/07 4:10pm
Msg #211428

good point Sue, we use to be paid here in Maryland every 2 weeks from their satellite office, then they pulled all back into their corporate office in Pittsburgh about a year ago, due to a new system... I don't get it, if the local office still was in charge of disbursing the file, paying the creditors, they should have had the control still of paying the abstractors and closing agents, don't you think?

Reply by Todd/OH on 9/16/07 4:18pm
Msg #211430

Companies the size of EFS must consolidate operations under one roof to reduce cost. When you have multiple locations performing the same task (paying invoices), that's a lot of resources doing duplicate work. LSI did the same earlier this year. Let the local office service the customer but provide back office support from one location.

Reply by Nick/MD on 9/16/07 4:52pm
Msg #211434

right, this is what ATM did years ago, but now the entire EFS company has shut down, even their corporate office.

Reply by MelissaCT on 9/17/07 8:35am
Msg #211466

the Pittsburgh office is closed the other locations are open n/m

Reply by Linda_H/FL on 9/17/07 8:39am
Msg #211467

Re: Melissa - where did you hear this?

A couple of reliable people have posted they confirmed all offices are closed. Has this one been left open to address the outstanding invoices issue? (we can only hope.)

Reply by MelissaCT on 9/17/07 9:55am
Msg #211474

Re: Melissa - where did you hear this?

A notary I network with had a signing scheduled for late last week & this is what she was told by the scheduler.

Reply by MelissaCT on 9/17/07 9:55am
Msg #211475

Re: Melissa - where did you hear this?

A notary I network with had a signing scheduled for late last week & this is what she was told by the scheduler.

Reply by Eric2OO2 on 9/17/07 10:17am
Msg #211483

Re: Melissa - where did you hear this?

Well they are wrong- EFS IS DONE, CLOSED, OVER........

They have CANCELLED closings for various lenders within the past few days. They have called the borrower and cancelled without contacting the lender. NICE!

Reply by MistarellaFL on 9/17/07 10:53am
Msg #211499

No, the other offices have closed, too

check out FL: ADMIN DISSOLUTION filed 9/14/07

http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=P98000088449&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=EXPRESSFINANCIALSERVICES&names_filing_type=

Reply by MelissaCT on 9/18/07 10:00pm
Msg #211879

Thanks!! That'll teach me to pass on info that I haven't

verified first personally...