Reply by LCS_CA on 4/5/08 1:18am
Msg #242274
I haven't done much for them the last 12-18 months - and I don't miss the work because I have noticed the check would be dated, for instance, January 1 but the post mark on the envelope was February 1 or even later - so they cut the checks and then hang on to them for at least 30 or more days. I always thought that was a little peculiar.
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Reply by Les_CO on 4/5/08 11:41am
Msg #242306
Re: CP signatures/ never worked for them but...
Maybe I can shed some light on this for you. I have some friends that have a SS.
Most SS’s are not 10 people; they are one or two, with perhaps some part time help. They don’t have “accounting” or a “mail room” or any of the things associated with a big company. They do it themselves. Many Title companies that use a SS, do it because they don’t have the people to do it themselves. The big companies have their own “in house” SS’s. So let’s say you are a small Title company, but have 100 closings a month, and you don’t have the people to mess with it so you hire a SS. So this SS (if they want your business) does the scheduling, the uploading of the docs, from Lender, and Title, gets them to the notaries (usually late), handles the QC on the BS fax-backs required by the lender. Changes appointment times, changes notaries, and handles all the communication problems between Lender, Title, Notary and Borrower. In addition to this Title has no time to track, write, stuff the envelopes, and mail out 100 checks to different notaries across the country. They want the SS to do that. So the SS if they want this customer must do this while juggling all the other things they must do. Not only that, but the Title Company’s accountant wants to give the SS ONE check a MONTH. Not 100 checks cut when the file funds. ONE a MONTH!!! So the SS, not only has to cut 100 checks, mail them, and keep track of all this, they have to FRONT the money! And on 100 signings at say $100 each that’s 10 grand! As Sylvia says you can’t start a SS without having some capital. She is SO right! So some of these guys type the checks when they can, a few each day, then at the end of the week mail them. And those without the necessary capital wait until they get “their check’ from Title, then they mail them. I know this because I was up until midnight for two days last week stuffing checks in envelopes, helping my friends. They (and me) are doing 30 more today, and then it’s off to the post office to mail them. 170 checks, some typed Tuesday, Wednesday, you get the idea. And these checks are for the EOM March. So if this (actually two) Title Company(s) goes broke and does not pay them, they have just lost about 20K of their life savings. Some in the SS business won’t that that chance.
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Reply by JerryhFL on 4/5/08 12:10pm
Msg #242309
Re: CP signatures/ never worked for them but...
I now have a better understanding of how the system works.
What I don't understand is why not become more automated by buying a billing system such as Quickbooks, Peachtree or "whatever."
If you want success, you must be better than your competition.
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