Posted by LisaWI on 11/28/08 8:32am
Msg #270711

Poll/Question for Rural Area Closers

My experience doing Mobile Loan Closings has been positive for the most part as far as payment goes. Im very selective and as a business owner make choices that fit me and my business. But I have a question on payments coming from Signing Services for the most part, and because I am in a very rural area, was wondering if other rural closers have experienced the same.

Here is what Ive experienced over the past 4 years. And that is, even from some SS's that have a rave reviews for payment quickness, it seems I have waited for payment over what is their normal payment schedule. Keep in mind, I have yet to receive volume from any one company that is a national Signing Service. I have been promised the volume, but it never happens, so that comment from any company does not reflect what I charge. The example I will give you is say a company says they pay in 30 days. But the trend seems to be 45 days instead.

So, I did a little research more closely on these comps and read their reviews/ratings. From what I see, their rave reviews come from places where they probably need to hire more Mobile Closers in more populated areas, ie California and Florida. This is where their volume exists, so they need to make sure their ratings are higher in those areas. If they didnt, they risk not being able to hire a Mobile Closer from those areas.

So I was wondering if other rural Mobile Closers have had the same experience with comps who have really good reviews/ratings, but it seems that they wait just a bit longer for payment.

Reply by notaryinmo on 11/28/08 9:29am
Msg #270713

I, too, am in a rural area. There are two companies that have called me to conduct loan signing for them that pay within 15 days. Each time they call me, I do my best to make sure I can be available for them and so far, no problems at all. If you'd like to pm me, I'll let you know who they are. The other thing too, with the rural area I'm in, there are only 2 other notaries within a 5 mile radius.

Reply by Lee/AR on 11/28/08 9:45am
Msg #270714

I'm rural, too. I'd agree with you....45 days seems to be the norm for most SS. A few are better than that. I don't generally get excited until approaching the 60 day mark. My attitude is: it's in the pipeline & will get to me eventually--my objective is to keep the pipeline full. I do believe that if cash is tight, they will pay the notary in the more populated areas before the rural notary. Working principle is 'we will probably need populated area notary and need to keep them happy & accepting our signings long before we'll need that rural notary again'. Also, any co. who promises me volume (usually coupled with an attempt to reduce my fee) is either lying or stupid...probably both.

Reply by LisaWI on 11/28/08 11:06am
Msg #270715

Well this is the beauty of being a business owner. I can, and will reject closings from those "every once in awhile calls" from SS's that call me for closings, even if they have a very good review. Usually these are comps that I have done closings for in the past, but it seemed I waited for payment beyond what was agreed apon and/or had to call to find out when I could expect the payment. For me, when I do a closing for them and they state to me, we pay within 30 days, I expect that payment to be there. I expect them to be "true" to their word just as I was true to mine on performing the closing in a timely manner. Not put me on the back burner because they arent going to use me often.

I feel the expectations from both sides, works both ways. They expect us closers to perform the closing professionally and to their guidelines without hesitation and that is uniform no matter where the closer is located, so why does the "rural" notary wait to be compesated when they have given the same professional service as a metropolitan notary? It seems the balance scale is a little tipped in this scenerio.

Most of my work comes from Title Comps these days anyway. I do get calls for closings for SS's, but am likely to say no if A: they cannot meet my fee, and/or B: they cannot pay in a timely manner.

Thanx for the feedback.
"I do believe that if cash is tight, they will pay the notary in the more populated areas before the rural notary. Working principle is 'we will probably need populated area notary and need to keep them happy & accepting our signings long before we'll need that rural notary again"
I kind of thought thats what was going on, just wanted to see if this was the experience of other rural notaries.

Reply by Lee/AR on 11/28/08 11:19am
Msg #270716

TCs & most big VM co's are better about timely payment. The random SS--not so much. To me, it's all about keeping the pipeline full as long as they meet my fee and aren't known deadbeats. In 15 years (knock on wood), I've been stiffed twice. One was EFS and the other was one that I really shouldn't have fallen for---but it was a very good lesson about trusting my instincts--which, if I had done, I wouldn't have completed the signing.

Reply by goodgirl on 11/28/08 4:11pm
Msg #270726

Not only have I waited for payment longer than advertised or reported, but I have also never been offered or given volume. Even though this is a rural area, there are too many $40 NSAs within a 50 mile radius who think $40 is a big deal. They'll drive 40-50 miles one way to make their measley $40.
I must say, however, I got more calls this month than I have all year. Unfortunately, since I had to go back to work, my time is limited, and I was only able to take a couple closings. Could be the $40 notaries finally saw the light and gave up on the business.

Reply by notaryinmo on 11/28/08 4:34pm
Msg #270732

I disagree with the $40 notaries who are signing loans for a measly $40. I had a call from a SS that wanted me to do a 75 mile RT and only pay me $90 for it, plus print out all the docs at my expense. Politely, I turned it down - I was assured that they'd be able to find someone else that would accept that low fee. I don't like turning business down, but I'd rather get paid for work I do than have it be a charity case and never make any real money from it. $40 isn't enough to warrant me driving more than 5 miles and since I've been doing general notary work that has paid me more than $40, think i'll stick to my guns on the prices I charge.