Posted by Mamie on 9/5/08 2:46pm
Msg #263286
Payments
When did it become almost the standard for SS to pay after 30 days? It seems that even some TC are starting to pay this way. If, as in today's market, you don't get a lot of work, that is a long time to wait for payment. I guess I'm just a little exasperated having to send emails and make calls after 30 days in order to receive my payment.
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Reply by davidK/CA on 9/5/08 4:37pm
Msg #263305
I think it's a reflection of a basic problem with the business operations of so many, many SS today: under-capitalization and staff levels that are excessive in this decreasing market.
And of course since the agreement to pay is between the SS and the NSA, the time that it may take for the TC to pay the SS really should have no bearing on when the SS pays the NSA. It's just an excuse that allows the SS to use the NSA's money for a while to pay the SS bills.
This problem would go away if the real fees to be received by the SS and the NSA would appear on the HUD-1. That way, unless the TC is stealing escrowed funds (as it's starting to happen more frequently because of under-capitalization and over-staffing of TCs) the NSA would get paid shortly after closing, without fear of loss or excuses from the SS.
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