Posted by Joan Bergstrom on 11/26/08 12:33am
Msg #270622
Accepting assignments 2008-2009
It's hard to check out a company who calls you on your cell and offers you a notary assignment on the spot. The easy call is the best or worst companies that you know about when the job is offered. 1. Accept or 2. reject.
The tough calls are when you know nothing about the company, and with the notary/loan-signing climate today, this makes it a tough call whether to say yes or no? If you say no the company is going to find another loan signer.
So many companies use almost the same name for their title/signing/lender/escrow companies and this makes it difficult for us to sort the good from the bad when we receive a call on our cell phones.
What I have done over the 6 years is accept almost every assignment and worry about payment later. This statement doesn't work for everyone and everyone has different financial concerns.
Check out the website here and do a search for a particular company and see the review.
My opinion is the signing companies and other companies, who hire us, who are still in business in 2009 will have gotten through the last terrible 18 months and are survivor companies, as I am, and will probably be okay to work with?
I welcome your comments.
| Reply by CaliNotary on 11/26/08 3:18am
Msg #270624
You forgot to add the "good luck" at the end of this post.
| Reply by MichiganAl on 11/26/08 8:12am
Msg #270628
Congratulations on getting through an entire post without plugging, endorsing, or selling anything or anyone. It truly is the season to give thanks. But I couldn't agree with you less. Lying cheating scumbag companies survive just as much as the good ones. The fact that companies like SOX continue to exist year after year is all the proof you need. They just keep finding suckers or they just come back under a different incarnation. And no way do I think anyone should "accept almost every assignment and worry about payment later." If you don't know the company when you get the call, you accept the assignment and then do your research. If you find they're a no pay company, you don't hesitate to call them back decline the signing. The worry about payment later attitude is one of the reasons why companies like that manage to still exist.
| Reply by Bob_Chicago on 11/26/08 8:37am
Msg #270630
I generally agree with you on this, Joan. Unless, I know...
that caller is with a bad company, I usually say yes after a few pointed ??
to the caller.
My theory is that you have a 100% chance of not being paid for a job
that you turn down, because you think that there is a chance that you
won't get paid.
| Reply by Kathy Fletcher on 11/26/08 9:22am
Msg #270632
Re: I've been patient and it has served me good.
I have been patient with my customers who have experienced financial problems this year and for most I received payment. My theory was that if I stuck with them now, in the future I would be rewarded and I truly believe I have been.
Thanks Joan for reminding us to be vigiliant.
Kathy Fletcher
| Reply by MW/VA on 11/26/08 9:23am
Msg #270633
I like your optimistic approach, and it is true to a certain degree. Still, some of the worst companies, like SOX have managed to survive. There will always been good & bad.
IMO it is still best to be prudent when accepting assignments. I am choosy about that, and don't encounter many payment/collection issues. I know others who will accept any assignment, sort of playing the odds. I'm not that much of a gambler.
| Reply by CF on 11/26/08 9:39am
Msg #270634
Worrying about payment later is not an option
that is one of the most ridiculous statements that I have ever heard. I am in business to make money- not to make numerous phone calls, send emails, send faxes, and wait and wait for payment. By the time I receive it the amount does not cover my time and effort that I have expended to collect, in the first place.
Come on people- we are last on the list- fight for what you deserve!!!!!! You are making everyone else their cut- which is thousands of dollars!!!!!!!
That really is bad advice! You can accept orders all day long- get home and check them out. Call back up and decline the order when the company has payment issues. It is real simple and I, usually, do it about 2 times per week. Also, I am sick about the whiners on here saying statements like "I accepted and I need to follow through- I would hate to go back on my word; and now I have waited 4 mos to get paid. Anyone else having trouble?" Give me a break- you are an idiot!!!
Why was this post even written?????? I mean really- lets just bend over and provide charity closings!!! That is my New Years resolution: I am going to make nothing so that everyone else can make their cut!!! Great business plan. I am certain that you would get a small business loan with that outlook!!!! Well, you probably would. I am sorry Uncle Sam- I did not know that it was a risky business plan to work for free and now I can’t pay my bills- will you help me out? Don’t think that it will work that way!!!!
| Reply by Derrick/MT on 11/26/08 9:44am
Msg #270636
Finally a voice of wisdom n/m
| Reply by Julie/IL on 11/26/08 10:28am
Msg #270644
CF, I agree 100%. One word for this post....Unbelievable!
I'm glad to see that I'm not the only one who thought the things you've said. I was begining to wonder what the heck is wrong with SA's. I have never been burned by a company yet. Although there is one in question right now. People need to do whats "right" for them. Not being paid isn't part of my business philosophy.
| Reply by MistarellaFL on 11/26/08 9:43am
Msg #270635
I'm not that much of a gambler
If there was a chance that I could double my money by waiting a few months,
I might be game.
But, the odds are better that my "wager" will go unnoticed.
And there is no progressive jackpot in loan signings.
| Reply by 101livescan on 11/26/08 9:51am
Msg #270637
I get plenty of calls from low pay/no pay companies, sorry I don't have time. I remember them, they are indelibly etched in my brain. I don't have time to experiment. I got a call from a company in Rancho Cucamonga who does loan modifications, they pay little for you to sit with the borrower and fill out a qualifying application to help the homeowner stay in their homes by lowering their interest rate. They charge the client 1000's of dollars for this expertise. However, they low ball the notary and don't always pay the notary. I don't have time. I'm waiting for the bigger fish to swim by. I don't like chasing my money, I've been fortunate to have only been stiffed by instafi.com, Eleventhhoursignings and Docuservusa. They were enough experience for me. I don't know, Joan, I don't think this is very prudent to accept every job that comes along and hope you get paid by companies you know nothing about. But you certainly got us all thinking about how we prefer to manage our businesses. I'd rather be proactive than to waste my time, my own money, and energy on LOSER COMPANIES who will not answer the phone when you call to collect signing fees. Has any one noticed how much harder it is already to get the fees we once commanded, say 2001 to 2005, and now many of the companies are low balling these fees, or figuring out a way not to pay the notary, oops, didn't close, sorry we can't pay you, or you forgot to enclose your invoice, that's $10 off, or some other silly little excuse to reduce the fee even more.
| Reply by Cynthia/CA on 11/26/08 10:05am
Msg #270641
Has any one noticed how much harder it is already to get the fees we once commanded, say 2001 to 2005, and now many of the companies are low balling these fees, or figuring out a way not to pay the notary, oops, didn't close, sorry we can't pay you, or you forgot to enclose your invoice, that's $10 off, or some other silly little excuse to reduce the fee even more.
Yes I have noticed and it sucks!!!! And, I agree with you also - I don't like chasing my money, I'm not a collection agency.
| Reply by Cynthia/CA on 11/26/08 9:55am
Msg #270638
Hi Joan,
I agree that is it difficult to check out a company when you're driving 70 mph down the 91 freeway. Before the market meltdown, I accepted assignments from unknown companies. I don't take those appointments anymore---
In the 5 years that I have been a notary, I have only been completely burnt by one signing company and that company sticks out in my mind like a sore thumb(and that's being polite) The only thing that was acceptable about the assignment is the borrowers were very hospitable. I was at the borrower's home for over 2 hours and I dropped that package at FED-X at approximately 1a in the morning. The owner of that company earned over $300. and I earned NOTHING - no thank you - no more assignments from unknown companies - for a signing company to deliberately not pay their notaries is inconsiderate and outrageous.
| Reply by Derrick/MT on 11/26/08 10:02am
Msg #270640
Wait a sec, lets give this more thought
First, the only people that would see this as good idea would be noobs and dumb people. Not saying that noobs are dumb, just have less experience. Over time after making tons of mistakes they could theoretically cause the company to loss its clients and possibly the lowball companies would disappear.
Secondly, this could work to the advantage of the more experienced notary because over time the person that follows this idiotic plan would give up because they are not making any money at it.
Maybe Joan you could rewrite your book an add a chapter on how to start a non-profit notary business and float this idea in the chapter.
| Reply by Rachel_NJ on 11/26/08 10:42am
Msg #270647
This post is the Laugh of the Day.
I just don't understand the accepting of the signing once you find out the company is terrible. If a company is named The Secure Final Step for instance, a red flag will automatically go up. When I get back and check a few websites, this one included, and find out they are a great company with a terrible business name I keep the assignment. If they are one of the many no pay or very slow pay leaches in this business then I have no problem calling them up and letting know I refuse to do the work.
Worrying about payment later, especially at this time is an awful business plan, but to each his/her own I suppose. Perhaps my mortgage company, utility company and such can follow this plan.
Beggers can't be choosers unless they are notaries....
| Reply by jba/fl on 11/26/08 11:16am
Msg #270651
"Perhaps my mortgage company, utility company and such can follow this plan. "
But they are all secured: mortgage, deposits (w/o sufficient credit history). They have recourse.
| Reply by Glenn Strickler on 11/26/08 11:31am
Msg #270652
Joan, I don't think everyone read your post in its entirety. You have one key sentence that I think describes what most all of us do:
"What I have done over the 6 years is accept almost every assignment and worry about payment later."
The key word is "almost". I have done basically the same thing and in 4 years accepting all types of assignments, I am only out $400. Now that may sound like a lot, but that is over the course of neary 2,000 loans plus collection agency assignments, trusts, work in attorneys offices and many other assignments where I have done the work first to receive payment in the mail later.
Where the "almost" comes in is staying informed by reading the available forums out there to get a feeling on who the companies are that are low pay or no pay. Plus I have a pretty good working BS detector that will go off during the course of the telephone conversation that I listen to. If it doesn't "feel right" I don't take it.
Any type of business or job comes with some risk. If you are not willing to take a risk, then your reward will be smaller. It's how you manage that risk that counts. If risk scares you, then operating your own business is not for you and you might as well stay in bed. Of course, staying in bed comes with risk also. I guess you just can't win .........
| Reply by AC/NJ on 11/28/08 6:17pm
Msg #270737
Hi Glenn,
I am new to Notary Rotary, but not to being a notary. I was referred to this site by a fellow notary here that did a closing for me some time ago. I was totally shocked when the notary did not respond to my emailed question and apparently blocked me. WOW. Nice welcome! Perhaps it is because the company the notary was hired by to do the closing was fraudulant! Dunno.
I have been reading the forums every chance I get, which is not often enough. I would like to know if you would be so kind as to guide me to where I would find the forums regarding companies that are low or no pay. Nobody wants to work for free. LOL... Some of the abbreviations I see in posts here, I am not sure what they stand for, (e.g., g/b/u).
I totally agree with your post about taking risks and I love your statement about your BS detector!
| Reply by LKT/CA on 11/26/08 12:47pm
Msg #270662
<<<The tough calls are when you know nothing about the company, and with the notary/loan-signing climate today, this makes it a tough call whether to say yes or no?>>>
If I already have the day booked with jobs from solid clients who have a proven good track record....I do not want to cut into those appointments in case the new company job turns out to be a hassle/flaky....so I won't take a chance on a new company I know nothing about. The deadbeats I know of, of course get turned down.
If the day is free and I have no other assigments....I'm willing to take the chance on a job from a new company. I will always do my due diligence to get info on this new company, but if I cannot and the day is free....I'm willing to try them out anyway.
| Reply by SharonMN on 12/1/08 1:48pm
Msg #270839
I sometimes accept an assignment, and politely advise the caller, "Go ahead and send me the confirmation, but since I haven't worked with you before, I'll have to do a little due diligence on your company. I'm sure it won't be a problem, but if I find any negative information on your payment history, etc., I'll have to call you back and decline the assignment."
If the company has nothing to hide, they understand this.
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