Posted by CapCityAgent on 12/16/10 9:08pm
Msg #365276

who pays better SS or Title companies?

I performed a closing for a Title company for the first time tonight. I could not believe her when she quoted me the fee for this closing. It sounded to good to be true. I don't think I will ever go back to performing closings for SS. LOL

Reply by Deseree Wynne on 12/16/10 9:25pm
Msg #365278

LOL! Now that's what I am talking about

Reply by Moneyman/TX on 12/16/10 9:34pm
Msg #365281

You better have some pillows around you when you find out

how quickly TC pays verses almost all of the SS companies. In most cases TC will pay when loan funds. Net 15 or better.

Just to be safe, be sure to always confirm and agree to payment terms prior to accepting any job (TC or SS). Nothing like expecting a Net 30 only to find out you are lucky if you receive payment Net 60 just because it was not discussed upfront.

Good luck!

Reply by Pamela Hoyle on 12/17/10 12:06am
Msg #365286

Re: You better have some pillows around you when you find out

It's never happened to me, but I've been told that if my name is on HUD and loan does not fund, I don't get paid.

Reply by Moneyman/TX on 12/17/10 10:05am
Msg #365304

I haven't had that happen to me

My services are as an independent 3rd party and as I read the statues in TX, my fee cannot be tied to the funding of any loan. I cannot notarize any signature(s) for a transaction in which I have a financial interest. If I only get paid IF the loan funds would, to me, give me financial interest in the transaction.

It is part of the cost of doing business for the SS, TC and/or lender. That is why their fees are higher than ours, they take more risks.

Some have said that if they had a good relationship with a TC (I take that to mean several loans per month) that if they had to "eat" one or two closings every now and then (for me that would probably be per year) that they probably would to preserve the relationship. That is a business decision on each individual business owners part. If > I < decided to forgo my payment because a loan did not fund because of a business decision, then I consider that to be fine. However, when I render service, I expect to be paid. Much like the people working for hourly rates expect to be paid at the end of the week regardless of the sales that week. Their agreement is that they will show up and preform work in exchange for payment.

I will take that risk everyday of the week for a Net 15 payment verses a Net 30 or Net 45.

Reply by James Dawson on 12/17/10 10:53am
Msg #365307

Re: I haven't had that happen to me

That makes two of us!

Reply by MW/VA on 12/17/10 8:53am
Msg #365298

I love working directly with the tc's. Less hand-holding, better communication, & faster pay.
Unfortunately, so many loans now are brokered, and that biz seems to be coming in through ss.
I have a few good ones that I work with. Work is work. I'd be out of biz without the ss.

Reply by Louisiana33 on 12/17/10 8:54am
Msg #365299

Re: Title companies

In my experience, title companies pay more. Sometimes, the signing companies receive less money than the title companies, hence they can only pay a certain amount.

Like anything else, it depends on the company. Some companies are more generous than others.(Can you say Nations Direct?)

Reply by Moneyman/TX on 12/17/10 10:07am
Msg #365305

Re: Title companies

"(Can you say Nations Direct?)"

Not if I can help it.

Reply by Stamper_WI on 12/17/10 10:13am
Msg #365306

Re: Title companies

The SS are middlemen between you and the TC. They take a cut. They work out their deal with the TC but bottom line the borrower is paying it in their settlement costs.
SO If the TC charges the borrower 150 for your services, they send it to the ss. They take their cut and send whatever you negotiated with the ss. So with the SS you are paying for a middle man
Sometimes the SS is actually a part of the TC. Literally someone at a different desk in the same office. They are usually legally organized as a separate business entity from the tc.
Thus the notary is hired thru their SS and they get the middleman fee.
On a large scale I cite First American Title and FASS (First American Signiture Services)

Reply by HrdwrkrVA on 12/17/10 2:14pm
Msg #365322

Some SS market themselves better & recieve higher fees,

thus they still offer you a fair fee for extras like POAs, e-signings, large pkgs & last minute or late signings. Alot of SS's only get what you'd get directly frm the TC. That's why they nickel & dime us to death - trying to squeeze every cent they can out of us!

Reply by Moneyman/TX on 12/17/10 10:34pm
Msg #365387

Re: Some SS market themselves better & recieve higher fees,

You are correct that there are some SS that show respect to SA and offer professional fees, as well as pay Net 30. I have a few customers that know that I will go out of my way for them because they do this. They are the ones that do not attempt to gouge SA with low ball offers.

There are some SS that will lie and say that they don't receive that much from TC as a "selling" pitch in attempts to get SA to accept lower than professional fees so that they can make $75-$100+ just to make calls and send a few emails.