Posted by ME/NJ on 12/11/10 8:17am
Msg #364697

Is 45 days the new 30 days

For payment. Just before I shut down the corporation the only clients I had left paid within 21-30 days. Now it seems almost all the jobs I've done so far are on a 45-50 day turnaround, the biggest shock was Equity Settlement Service this company was one of my biggest clients during the prime days with a 14-21 day turn around. Now they are 6-8 weeks OMG what happened.

Reply by Shoshana/AZ on 12/11/10 9:36am
Msg #364704

It's a sign of the times.

My guess is that you should be happy that you're getting paid.

Reply by Les_CO on 12/11/10 10:06am
Msg #364708

Everyone’s trying to use “other people’s money” to stay afloat these days. Now that most Title Companies pay the ‘remote closing’/notary fees out of their operating account, rather than when the loan funds, out of an escrow account (They still pay THEMSELVES when the loan funds!) their accounting usually has a priority of who gets paid what first. Guess who’s the lowest on their priority list? JMO

Reply by jba/fl on 12/11/10 10:09am
Msg #364709

Life happened. Unemployment soared, companies went out of business, a general brain drain in this industry, foreclosures skyrocketed, and many others things happened. I don't watch news or tv, but I've managed to notice these things....surely you didn't believe that the status quo was unchanged as well?

There are companies still paying in 2 weeks - just less.

Reply by James Dawson on 12/11/10 10:34am
Msg #364711

I don't understand how people can do this to someone or allow this to happen to them. It's sad.

I heard a saying, "when you going through hell, put your head down and get through it".

Our mountaintop is wherever we find ourselves this year. Everything else is downhill. I stop working for people who pay 30+ and people who pay $XX Not working as much but a whole lot smarter. My .02

Reply by Les_CO on 12/11/10 2:49pm
Msg #364727

I didn’t say you (or I) had to take it, or take what they offer. My business is 'my' business. You hire me on MY terms or you don’t hire me. I am today 30 day net, and have always been. IF the SS doesn’t have the capital to do business properly (pay what they contract for) in my time frame…then its goodbye!!! I KNOW Title does have the money, because they get paid at funding, usually no more than three days after signing. In these lean times one has to be extra careful to whom they extend credit, if not, guess who will pay for your direct costs, and for your time, and effort?
If they can’t afford to pay me…I don’t want to work for them, EVER!

Reply by James Dawson on 12/11/10 3:33pm
Msg #364729

True..I actually was addressing Me/NJ's post.....wouldn't even try to tell a person like you with your knowledge what to do. I'm still learning....from some of the best I might add!

Reply by Les_CO on 12/12/10 9:06am
Msg #364760

Re: Is 45 days the new 30 days/James

Actually James I wasn’t addressing you personally, just making a comment. Those of us here that have read some of your posts, know you don’t work for low-ballers, and as for deadbeats, you’ve even had the tenacity to take them to court

Reply by LKT/CA on 12/11/10 10:28pm
Msg #364751

Re: Is 45 days the new 30 days......BINGO!!!

<<<I am today 30 day net, and have always been. IF the SS doesn’t have the capital to do business properly (pay what they contract for) in my time frame…then its goodbye!!!....If they can’t afford to pay me…I don’t want to work for them, EVER!>>>

5 Stars and a box of Godiva chocolates for you!!!

Reply by DD/OR on 12/11/10 9:54pm
Msg #364749

When I agree to take an assignment, I tell them that my policy is payment within 30 days. They agree to that but then they don't live up to the agreement. That's what gets me. They lie, so what do you do? Recently, I did 2 signings for a Title Co and I thought they would pay when escrow closed. Wrong! They told me they pay at the end of the next month after signing date. If the signing took place on 11- 7, they pay on Dec. 31. This from a Title Co. Boy, how things have changed. I think I'm going to rethink this business. I'm thinking seriously of having every company pay me through PayPal. This business is getting weirder and weirder.

Reply by SheilaSJCA on 12/13/10 1:50pm
Msg #364880

I think someone is pulling your leg. They might be telling you they are a title company, but they are probably not. (Maybe related, but definitely not a full blown title company- maybe a settlement service company)?
Title companies, that hire notaries directly, pay them when escrow closes, NOT at the end of next month.

Reply by Linda_H/FL on 12/13/10 2:24pm
Msg #364888

I've never had a title company take that long to pay

30 days tops - most 2-3 weeks.