Posted by Virginia Doyle on 9/17/08 11:18am
Msg #264468

Mortgage Docs Vendor Pro affiliation

I got an e-mail today from Mortgage Docs.com and then looked at the Vendor Pro site. I called MD to clarify and I was told that there is a $30.00 per month and $2.00 per order received fee notaries have to pay in order to get orders through Vendor Pro as a "member". If you're not a member, then you have to just pay $4.00 per order received, BUT, the notaries who pay the $30.00 per month will get first dibs on orders.

What's your take on this?

Reply by Lee/AR on 9/17/08 11:27am
Msg #264470

It's been tried before & failed. Never pay to get work.

I also received it & have worked for Mtg. Docs in the past. This 'scheme' has been tried before and, to the best of my knowledge, failed. C'mon NRers--who was it that tried this?

I do realize that this is a pay-as-you-go plan BUT, with their old system, you have NO ability to negotiate fee--everything goes in a rock bottom & travel is NOT taken into account. I don't know that they've duplicated that 'no fee negotiation' feature, but doubt that they'd change it.
Anyone signed up for this and actually KNOW?

Reply by BrendaTx on 9/17/08 11:58am
Msg #264473

**What's your take on this?**

Kiss my grits.

Reply by Michelle/AL on 9/17/08 12:05pm
Msg #264475

Brenda, stop beating around the bush and tell us what

you REALLY think. : )

Reply by BrendaTx on 9/17/08 1:20pm
Msg #264483

(:>) n/m

Reply by John_NorCal on 9/17/08 12:22pm
Msg #264477

What's your take on this?

I would say with complete reverence to these purveyors of free enterprise,

KISS my A ----ahh feet!

Reply by PAW on 9/17/08 1:25pm
Msg #264485

Will they guarantee at least two signings each and every month, each in excess of $100 to cover all expenses, including the $30/month plus ($360/yr plus)?

Reply by HrdwrkrVA on 9/17/08 1:31pm
Msg #264487

My take on this: they've found a new market - the notaries!!!
We won't get any signings & they have a nice, small but steady stream of income!
I tried to sign up for the "free" alternative, but all roads lead to them asking fo my credit card info!

Run like the wind!!!!!!!

Reply by Lee/AR on 9/17/08 1:40pm
Msg #264491

There is no free lunch....

You pay either a bunch per month for which you get 'first notification' OR you take whatever dribblings are left over & pay $4/pop...charged to your CC. I think I remember that IF you accept the $30? $40?/mo., they give you 30 days or 3 signings for 'free'. Of course, there's no guarantee that they have ANY business for you, but the mo. charge will continue.
Give me a break~~ Nah! I make my own by saying NO to this nonsense.

Reply by HrdwrkrVA on 9/17/08 2:06pm
Msg #264496

Update from MortgageDocs:

lendingSTAT.com is fixing a bug with the VendorPRO sign up process that removes
the option for you to have to enter a credit card.

So if you haven’t signed up for a VendorPRO account yet please wait until this
problem is fixed and we will send out another email letting you know to go and
sign up once it is ready. So you don’t need to keep trying to sign up for a
VendorPRO account to see if it is fixed yet, we will notify everyone once it is
working correctly.

If you’ve already signed up for a VendorPRO account that is OK too. You won’t
need to sign up again.

Thanks,
MortgageDocs.com

Reply by BobbiCT on 9/17/08 2:29pm
Msg #264497

Much more profitable that scheduling signings :) /nm n/m

Reply by LisaWI on 9/17/08 2:57pm
Msg #264498

"If" I were to do something like this......

my question would be, does the person who is taking my credit card info by internet or by phone have a BGC?

Reply by MW/VA on 9/17/08 4:42pm
Msg #264508

Another scam to make money.

Reply by SOCAL/CA on 9/17/08 4:49pm
Msg #264509

Re: Mortgage Docs Vendor Pro Another Scam n/m

Reply by Bob_Chicago on 9/17/08 5:26pm
Msg #264513

Information as stated here Re: Mortgagedocs is INCORRECT..


I have not read the entire thread, but I do not believe that they expcet you
to pay anything to do signings for them
I will not get into specifics here , but if you have, or want to do
signings for Mortgage Docs, I strongly suggest that you contact them
directly to get the correct info.

Reply by BrendaTx on 9/17/08 5:40pm
Msg #264514

Re: Information as stated here Re: Mortgagedocs is INCORRECT

Here is the link to the Vendor Pro link which is on the SignStat site:
http://www.lendingstat.com/VendorPRO/Experience+PLUS

Reply by BrendaTx on 9/17/08 6:04pm
Msg #264515

Re: Information as stated here Re: Mortgagedocs is INCORRECT

Okay - I'll probably be in trouble for posting the link but the point is that their website states they give priority to the people who use the VendorPro (and pay $30 a month) plus you have to pay $2 (rather than $4) to get the signing.

The other backhanded thing I see is that they state: "Create a profile for your clients who do not use signSTAT to keep track of them, their contact info and private notes that you may want to keep for future reference."

That's what AnnieMae did...oh-my...you put your contacts in (those who do NOT use signSTAT, of course) and guess who else could see your contact information? A signing service COULD, but of course they wouldn't, would they? You pay them and they COULD see your contact information for your clients...but they probably wouldn't look.

Reply by Bob_Chicago on 9/17/08 6:30pm
Msg #264516

It is a bit confusing, but I believe that the cited info ..

is for signing services, NOT NSAs.
Again, I suggest that those who work for ,or wish to work for, Mortgagedocs
contact them directly for accurate info.
An e-mail was sent to their NSAs which I am NOT at liberty to post.

Reply by Tony_FL on 9/17/08 6:44pm
Msg #264519

No, BOB! They are SPECIFICALLY addressing Notaries

> PLUS is an add-on service to VendorPRO that allows notaries to use their VendorPRO account to manage the business they get from clients who do not use signSTAT.

Plain and simple, they are going after the individual notary.

Reply by BrendaTx on 9/17/08 6:56pm
Msg #264520

Re: It is a bit confusing, but I believe that the cited info

*... PLUS is an add-on service to VendorPRO that allows >>>>notaries<<<< to use their VendorPRO account to manage the business they get from clients who do not use signSTAT.**

If this is what they are selling to signing services (and not notaries) they need to figure out how to communicate better. Bob, I trust your input, but c'mon...this sure looks like what has been said.

Reply by BrendaTx on 9/17/08 6:57pm
Msg #264521

Re: It is a bit confusing, but I believe that the cited info

**from that link ->"That is right, enable the Auto-Assign feature on your Admin Settings tab and you can have new work orders automatically assigned to you if they fit into your schedule."**

What signing service could this apply to?

Reply by Tony_FL on 9/17/08 6:41pm
Msg #264518

Actually, isn't this just a DEVIOUS way to get ...

... your clients information. If they want you to add your own, non-VendorPro clients into the system to manage your "entire business" as their so-called ad refers to ...

wouldn't this just actually give them access to YOUR own clients that they would then try to weasel away from you?

Reply by CF on 9/17/08 8:58pm
Msg #264529

Re: Actually, isn't this just a DEVIOUS way to get ...

First of all- I would never use this or any other companies on-line scheduling system for my personal contacts. Second- I am not too sure what the big problem is with this? If you read the website- you do no need to pay anything for an account- it is FREE- you do not need to enter a credit card either. You only pay them $4.00, assuming that you took the FREE account option, if you receive an order. You can pay for some upgraded BS- that no one needs...but that would be for an idiot to buy into.

The way that I look at it- If I receive an order from this system- then paying $4.00 is nothing compared to not making any of the money in the first place. If the order pays $100.00 (which is low- but can still be profitable if close) I pay them $4.00 then that is $96.00 that I would have never had the chance to make. Not too sure what the issue is here????? If you get no orders then you pay no fees- at all!!!!

Of course, I have no idea what companies will be using or paying for the SignSTAT portion of thier site but I am not concerned with that b/c I did not pay to get listed. This is FREE advertising-always a bonus in my opinion. This has been attempted in the past- I am not holding my breath for an order!!!

Reply by MistarellaFL on 9/17/08 9:05pm
Msg #264530

But tell me....

How do we negotiate fees?
Or are fees set in stone?
If they are set, what are they?
Too many questions and not enough answers to consider this "opportunity" a viable one
at this point.

Reply by Linda Juenger on 9/17/08 9:34pm
Msg #264534

Re: But tell me....

All I have ever been offered is $65.

Reply by Lee/AR on 9/17/08 9:45pm
Msg #264535

Re: But tell me....

Hmmm.... haven't done any recently, but my fee was always higher than that. They "did try" to keep me very close to home but sometimes they tried 'a zip too far' for the same fee. All I could do about that was to simply turn it down as there was no way that you could 'state your case for a higher fee'. I always found that no-negotiation aspect a very unsatisfactory method of conducting business--for everyone involved, not just me.

Reply by CaliNotary on 9/18/08 2:36am
Msg #264543

It's called principle

"The way that I look at it- If I receive an order from this system- then paying $4.00 is nothing compared to not making any of the money in the first place"

What possible justification is there for this company to do this? They're already getting a cut of the fee from the borrower, why do they deserve even more. And if they want more, why don't they just take a bigger cut of the fee instead of charging it to a credit card?

"but that would be for an idiot to buy into"

As is the concept that we should be paying them $4 for every signing that we do. Why would anyone get anywhere near a company with such a disgusting, greedy business model?

Reply by CF on 9/18/08 8:00am
Msg #264556

Re: It's called principle

I disagree with that concept...that is like saying a that we should get a full fee for everything that we do. Well, that is not the case...TC's do not pay us the full closing fee or notary fee- most always upcharge on that part of the Settlement Fee too......many times I am getting $150 and the HUD says $175 for Notary Fees. TC's are different b/c they do perfrom the legal action of the settlement- so it is best compared to Signing Services.....which I work for a very select few- that are above board. You know that they take a cut too....and I really do not think they have a place in this business....and each day they are getting thinned out!

Paying them $4.00 for a referral is very reasonable in my book- we all have different business plans and I can actually be profitable on $100.00 order- if they are close in proximinity. You need to make decisions that work for you! I am certain that I wont see 1 order from this website- as I never did from that CloseLine deal....but you never know! I have a way to build relationships around SS all the time!!!!So from that being said- I may land a direct client and if I had to pay $4.00 to do so.....then so be it!!!!!!! Still firm on the fact that I would not have been in the position to make any $$$ w/o the referral.

Reply by CaliNotary on 9/18/08 12:21pm
Msg #264602

Re: It's called principle

I'm not saying that we should get the full fee if we're given a signing through a signing service. I'm saying there is no reason for a signing service to take an additional $4 off of every signing when they're already taking a cut off of the initial fee, and I'm saying there is definitely no reason for them to have to take that $4 by charging it to a credit card.

If it were ONLY a $4 referral fee and the rest of the money went to us, then yeah, I'd say take as many of them as you can. But that's obviously not the case.

It seems obvious to me that since their signing business is down, they've shifted focus onto trying to make money off of our backs instead, up to and including setting up a system that they hope enables them to steal your clients. That is repulsive to me, and there's no way I'm going to be any part of it. I'm sorry that it's just about the money to you.

And btw, your logic is exactly why so many people take these ridiculous lowball offers. They figure $50 is better than nothing, and look what that mentality has done to the industry.

Reply by BrendaTx on 9/18/08 6:51am
Msg #264547

Re: Actually, isn't this just a DEVIOUS way to get ...

Speculating...just a guess, but based on Bob's earlier posts regarding this being for signing services and the way things are going these days my guess is that the free database of notaries will become a place for other signing services to find notaries and that this is going to become something similar to the "cafe" but more.

If things go as usual with MD they will probably issue a statement here later to qualify and clarify the remarks made.

If my speculations are anywhere close to accurate I think it is telling that a signing service would venture off into a business where they engage other signing services. Looking for business anywhere they can get it. But you must admit...it IS a PRETTY site.

Reply by Linda_H/FL on 9/18/08 8:57am
Msg #264561

I'm not familiar with this new venture on MD's part...haven't closed for them in quite a while - I did a couple for them about two years ago and then received an e-mail telling me I needed to cut my fee to remain in their database - $75 seems to come to mind...IMO if I'm already agreeing to a bargain-basement fee schedule, I'm certainly not going to agree to paying them a fee to pay me that bargain-basement fee. And $30/month to be at the top of the list...sounds like the same old "lower rate in return for volume" theory....JMHO