Posted by Art_MD on 6/26/09 1:13pm
Msg #293714

Rate of non payment

In the previous post "reassurance" a signing was turned down because of lack of info.

Just for info, if anyone has stats for how many signing out of total done did you not get paid.

I just checked my records since Jan 05 and have 11 write offs out of 1257 closings. (full time til 6/06, part time since).

Thats Approx 1%. Burned by Docuserv, Sox (they used a fake name), advantage equity, UStitle and signature plus.

Art

Reply by Yowheelz on 6/26/09 2:03pm
Msg #293721

since Jan 2008, 713 closings, 3 no pays, 3 bankruptcies, 1 short pay. May have to add a 4th no pay, Pier National isn't responding. Considering last year's market I don't think that too bad.

Reply by MW/VA on 6/26/09 4:45pm
Msg #293737

In 3 1/2 years, over 800 loans, got burned for 3 (1 company--closed & skipped/$400).
I'm careful who I take work from, but also thankful for participation in this board & Signing Central!

Reply by nolanotary on 6/26/09 6:25pm
Msg #293747

Out of approximately 400 closings since January 08, only 1 non-payment (Accusigning disappeared) and 2 short payments. I am very careful who I accept work from, and if my gut feeling is bad I either refuse the work or request payment up front. 90% or more of my appointments come from repeat clients...most are prompt with payment and a few drag it out. If they try to push me past the 30 day mark, I continue to pressure them for payment, calls & emails, collection letters, etc. My theory is that they are holding my money, I worked for it, I want it, I'm not going away, & I'll drag their a??'s through the mud, if I need to, in order to get it.

Reply by Yowheelz on 6/27/09 7:46am
Msg #293782

I might add that prior to 2008, in 15 years of mortgage closings I had only had 2 payment defaults of which one was a bankruptcy. Last year was bad, the bankruptcies were compainies for which I had done closings for many years and they had always been good companies. Last year you couldn't tell the good from the bad and ugly.

Reply by Joan Bergstrom on 6/27/09 10:11pm
Msg #293844

I have been doing signings since 2002 and have completed well over 4,000 signings.

Non payment: approximately 15-20 times and most of them came in 2007-2008 when the industry hit the skids. These are not 15-20 companies, just individual signings.

I haven't had any payment issues in 2009.

Reply by PA_Notary_II on 6/29/09 8:01am
Msg #293918

I have been and still am a full time witness closer since 1997. With over 4500 loans witnessed I have never had a no pay. Some have tried, but I also had 20+ years in the finance, banking and collection biz. Knock on wood.