Posted by Derrick/MT on 2/15/08 12:56pm
Msg #235462
Docuserv USA
Has everyone had a chance to view the email that was sent out by them explaining why the are having a hard time paying?
I will post it here for everyone to read:
DOCUSERV USA MEMORANDUM
To: All Docuserv USA Notaries and Independent Contractors
From: Docuserv USA management
Re: State of Affairs – Mortgage Industry and Docuserv
Date: 2/4/08
The past 12 months have seen some catastrophic changes in the mortgage industry. Many broker shops, Title & Escrow companies, lenders, and signing services have all gone out of business, owing a substantial amount of money to various parties that participated in their transactions. Docuserv USA was hit exceptionally hard by these changes, as we were shorted almost $100K in 2007 by a number of clients and Lenders that are no longer in business. We have spent the last 6 months trying to recover from these losses. This has led to some of you experiencing a delay in payment for your services. This certainly was not our intention nor was our business mismanaged in any way shape or form. We, like you, have been products of an industry that has crashed. Many of our competitors have closed their doors completely, but we have taken a different path. We have chosen to do all that is necessary to keep our doors open, and to make good on all our financial commitments in spite of the great losses we have incurred:
- We have restructured our notary debt and initiated a payment deferement program for payments that have been affected by this industry crash. We have been able to pay back more than $30,000 to date, and will continue to do so.
- We have reduced and restructured our accounting and process departments and have cut costs in almost every aspect of our internal workings in order better handle these payback commitments.
- Salaries of Docuserv USA’s owners have even been frozen both to show our commitment to this issue, and to aid in increasing the amount of these deferement payments.
- We are currently working on new financing that would enable us to make lump sum payments to help ease the total balanced owed to individual notaries.
We will continue with these current programs until EVERYONE has been compensated fairly for the services they have provided. Docuserv USA’s goal is to keep our doors open to enable us to get YOU paid back.
We understand that not everybody is going to agree with our strategies and resolution, but we encourage you work with us in our effort to rectify this situation. Some of you may be tempted to post negative remarks or comments about Docuserv USA on the internet or amongst notary circles. These comments and remarks only serve to further diminish our health and our ability to conduct current business that will aid in getting everyone paid back. Contacting our clients also strains our relations with these clients and puts us at risk of losing these accounts – another action that diminishes our ability to get you paid back in a timely manner.
The good news is that the mortgage industry is showing signs of life again. Interest rates have fallen, lenders are starting to bring back some of their loan products, and recent mortgage applications have increased significantly. In the past few weeks our clients have reported a dramatic increase in new orders. Docuserv USA has also been fortunate enough to land various new big accounts. It is because of these positive signs that we are confident we will succeed in resolving this issue.
We realize this is a very trying time, but we are dedicated to doing the right thing. With your cooperation, we are confident we will reach an eventual resolution to this issue. A representative from Docuserv USA will be contacting you directly handle your payment inquiry. We are committed to speaking with you and resolving this situation, please be patient as we are trying to make these calls as soon as humanly possible.
Thank you again for your cooperation,
Docuserv USA, Inc.
What a bunch of BS. Quit living on free money. Go get a business line of credit and pay people what is owed to them in a timely manner. I appreciate the fact that they are keeping us informed but come on we have bills too and when we get behind the creditors that we owe money to are not as understanding.
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Reply by SD/CA on 2/15/08 1:41pm
Msg #235476
How could a company let itself get so far in debt? If I have company that is 30 days past due, I start to bug them. After that I send them demand notices and if there is no reply, I stop doing business and take collection action.
But why let it go until it is thousands of dollars back?
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Reply by Cari on 2/15/08 8:14pm
Msg #235546
memo is a joke....
...hello, ever hear of business RESERVES for these 'just in case' moments?? DUH! And they sure did poorly mismanage their business, so much so, that they have only paid back $30,000 to date...did I read that right...zonk!! huh??? wha???
Oh and I love the part where they said the 'owners' took a freeze on their salaries....yeaah riiight...you know they got theirs FIRST and foremost!
So much for NOT posting negative remarks...
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