Posted by ME/NJ on 7/30/08 4:00pm
Msg #257770

Sign of the times and what is happening

It maybe time to start considering upfront payments from SS's or a large percentage up front. others are paid up front for service rendered.

I know it won't fly, but it's better then waiting 30-40 days to find out you're not going to get paid.

If a loan does not fund or if they don't sign you the notary already printed 2 sets of docs, traveled and spent 1-2 hours of your time.

So I am serious about charging up front for SS that I have not worked for. I already have a very strict 30 day rule and will not work for anyone who does not pay before that now.

Reply by Kathy/ID on 7/30/08 4:06pm
Msg #257774

I was just thinking the same thing. I know they will not like it but I may have to institute something as I am out the money.

Reply by Linda_H/FL on 7/30/08 4:06pm
Msg #257775

I'd be more inclined to want payment at the table from the

borrowers...avoids non-payments on rescissions and also avoids having to chase non-paying SS's and TC's...signers get the services rendered at the table and pay right then and there..if borrowers decide they don't want to sign the loan then just adjust the fee at the table for print and travel and Poof...done.

And yes I know this has been tossed around before but with the growing number of companies, both SS and TC, not paying or just going belly up this option, to me, is becoming more and more attractive. MHO

Reply by goodgirl on 7/30/08 4:43pm
Msg #257792

Re: I'd be more inclined to want payment at the table from the

I agree that SSs are not paying. Currently, Pacific Dox owes me $100 and Alissa Thomas will not accept my phone calls and pays no attention to my mailings. This is from May 3.
The unfortunate thing about the whole "non pay" situation is - we all know there are SAs out there doing $40 closings and $60 e-doc closings, and these people will still do the work and not worry whether or not they get paid.

Reply by jba/fl on 7/30/08 5:16pm
Msg #257801

Re: I'd be more inclined to want payment at the table from the

Me too - but overnight the docs to the BO so that if there is no sign, payment is not issue for travel, printing. If the BO doesn't sign, he is not going to want to pay anything....JMO

Reply by MistarellaFL on 7/30/08 5:19pm
Msg #257803

If the BO doesn't sign, he is not going to want to pay any

I am not so sure about that...back in the day....whenever I had a no sign, most of the time the brw's OFFERED to pay me directly (to get me out of there with those terms? maybe, lol)
I haven't had a no-sign in over a year....but I can remember many time the brw offered up payment, afraid I would not be paid, due to the no-sign.

Reply by jba/fl on 7/30/08 5:22pm
Msg #257804

Re: If the BO doesn't sign, he is not going to want to pay any

Lack of rereading prior to posting has left a cloud upon my intent at clarity...
What I really meant, print fee. Travel - yes, I get offered also, and that is justifiable and should be expected.

What a day!

Reply by SheilaSJCA on 7/30/08 5:39pm
Msg #257815

Re: I'd be more inclined to spell it all out ahead of time,

If docs are sent to the borrowers. You just need to discuss all this ahead of time with the borrower. I would make it my habit to ask those signers before meeting with them, if they have reviewed the paper work for correctness. I would also explain about my fees, ahead of time. There should NOT be any no-signs, if they know what they are signing ahead of time. I would tell them that travel fee will be charged, if they do not review the paperork and end up not signing for whatever reason. I prefer to work with reasonable people, if they do not understand where I am coming from, and they do not value my time, they can move on to some one else.

Reply by Julie/IL on 7/30/08 9:52pm
Msg #257862

We have already been asking for payment upfront from unfamilar SS's for about 2 weeks. As soon as they hear that we want it up front, they thank us and hang up. Its actually kind of funny.

Reply by TRG_wy on 7/31/08 8:23am
Msg #257908

Re: Sign of the times and what is happening - A better ....

Solution would be to tell the SS that they can send the agreed upon fee directly to the borrower and that you (me/us) will collect it upfront at the table.

The borrower is the interested party here and they can more easily demand the fee since they are already paying for the service as part of title fees.

I, like the appraiser et al am an un-interested party to the transaction and my services demand payment when rendered.

(a laughable concept huh)