Posted by Leon_CO on 2/14/09 4:30am
Msg #277507
'Credit limits' for companies
I got a check in the mail yesterday from LSI for the signing I did a couple of weeks ago in Trinidad, CO. That closing was more than 140 miles away. And at the time I did it, LSI hadn't paid me hundreds of dollars for previous closings, because I hadn't yet submitted my paperwork.
But I trusted that LSI would pay me when I accepted that closing assignment, or else I wouldn't have driven that far. And in terms of creditworthiness, they have an 'American Express' card.
On the other hand, there is a company that owes me more than $500 for assignments going back to early January. I'm not worried about getting paid. But I have decided that I won't do another closing for them until they pay me for the previous closings. They have exceeded their credit limit, so to speak.
There are only a few companies that I give an 'American Express' rating to, apart from LSI. MeyMax Title is another one. I'm doing a closing this evening for them that's more than 50 miles away.
I'd be interested in hearing from others as to if you actually assign 'credit lines' for companies, and what criteria you use.
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Reply by Lee/AR on 2/14/09 7:29am
Msg #277515
No formal 'credit limit', I just remember EFS and use common sense.
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Reply by Calnotary on 2/14/09 8:45am
Msg #277529
I do set credit limits on the companies that calls me. I remember a few months ago, I did one for Genuine Title
(not their 90.00 dollars ones)and when I preparing the package I received another call from them to do another one, and it was for their 90.00 dollars edoc, I told them that I wont do it for that price but the main reason I wasn't doing it was of their "credit rating"here in NOt Rot, but we couldn't agree on the price either.
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Reply by Les_CO on 2/14/09 8:47am
Msg #277530
Depends on the company…some I ask to pay in front…some I’ll take all I can get. My invoice states 30 days, If I don’t have my check in 30 days, I take no more until I get paid.
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Reply by Teddog/CO on 2/14/09 8:58am
Msg #277533
Totally agree with you Les CO Show me the MONEY:) n/m
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Reply by TRG_wy on 2/14/09 9:14am
Msg #277534
My invoice also states 30 days net.
If after 45 days and no payment, they go on what I call "my denial of service" list until all arrears invoices are paid. My auto responder notice for confirmations reafirms this as well.
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Reply by Yowheelz on 2/14/09 12:02pm
Msg #277552
I have never had an issue with LSI
They send me a confirmation and when the job is done they send me a fee verification notice then they pay me promptly. We must deal with different LSI locations. I do many closings for them each month and I have never had to bill them.
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Reply by JanetLA on 2/14/09 2:49pm
Msg #277561
LSI always pays me promptly n/m
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