Posted by Notarysigner on 7/4/10 2:11am
Msg #343749

Numerologist Needed


I just completed reviewing S/C looking for patterns and trying to make rhyme or reason out of the information on it. Because it’s sloooooow I thought, someone out there could probably tell us what this all means. A couple of questions I was trying to answer is, what is the likelihood, we would receive a call from a deadbeat company on this list and is there a correlation between that company and the amount they offer? Also, do the higher ranking companies also the ones that pay more? Here’s some info to work with.

There are 631 entries in S/C..

209 have no info available
3 - Five star
49 - 4 1/2 star
85 - 4 star
83 - 3 ½ star
66 – 3 star
34 - 2 ½ star
27 - 2 star
42 - 1 ½ star
32 – 1 star

Reply by Moneyman/TX on 7/4/10 4:27am
Msg #343750

LOL James, it MUST be really sloooooow.

I can answer one of your questions. "what is the likelihood, we would receive a call from a deadbeat company on this list"

Yes, I received one last week and a few last month. One recent call from one of them that took over 6 months to pay me last December for an '09 job. When I told that to the scheduler he asked "Did they give a reason for taking so long?" No, really, he asked me that! I asked him, "Is there ever a good reason to not pay me for my services for over 6 months?" He didn't answer that.

I told him that based upon the companies ratings in SC (mostly 1 stars for the last year) and that it was 8pm on a Friday night for a closing later that night, that my fee would be $175 (he approved the fee, why not they haven't been paying people for over a year) AND that I would have to be paid via paypal prior to printing the docs. He could not get that approved (imagine my surprise).

He did seem to know about their ratings in SC and seemed really surprised that I did as well.

Reply by Lee/AR on 7/4/10 7:49am
Msg #343751

Can't answer the question because the 'star system' is just a quick check of a g/b/u co. You really have to read the comments to make any realistic assessment of a company because there is no criteria for 'earning a star'. Seems to me that too many low-paying companies get far too many stars just because the check is timely or the people are nice or if you call about payment, they do send the check. Plus, the first star is a given--just for being on the list.

Reply by Notarysigner on 7/4/10 8:03am
Msg #343752

Thanks Lee and Moneyman

Hey guys, I haven't been here as long as you so I'm not qualified (if that's the correct word) to argue about the star system. I do wonder though, if the first star is a given, why are there 209 with no star? I do agree the comments absolute must be read but in the end it seems outside forces rules the decision making. The other thing is, how many of us will honestly make a comment like, " I wasn't paid because it messed up the Docs ?" I'm not sure the comments even have a baring honestly.

Reply by Moneyman/TX on 7/4/10 4:27pm
Msg #343781

Re: Thanks Lee and Moneyman

I agree with Lee, the comments will tell the story (at least for the ones that are commenting about the companies performance). Although there can always be improvements to any program, SC is THE BEST of any of the other rating boards on the other sites. And the easiest to read, understand, and rate. Which IMO makes it the most valuable of them all.

A couple of possibilities of why several have no starts could be because they are added either by the company, NotRot, or a NSA and either the company has not hired anyone here or the ones they have hired have not rated them for whatever reason. Another reason may be that they have gone out of business.

I also agree that there is no "standard" for the system. I see some comments that say something like the company has taken 90+ days to pay & lots of calls or contacts to finally get the money owed, then they will rate with a 2 or 3 star, like the company did them a favor by actually paying them for their services. Of course, it is hard to complain when someone accepts a low ball offer, the closings goes well, and the company pays as agreed and they are rated highly. The contract entered into was executed as agreed, so technically they deserve a high rating. My issue, of course, is with the SA accepting these low ball offers, but that is another issue all together.

There are a lot of good companies to work for as far as SS's go. The problem is that the few bad ones show up more often because of the issues they create. As Alex and Cheryl point out below, TC's are the ideal companies to work with. Not only the fastest paying, but the cost paid to the SS company as a middle man is then cut out.

Reply by Notarysigner on 7/4/10 10:19am
Msg #343755

According to my math only 22% of the SS are rated 4 stars are better. That puts a shocking reality in terms of quality SS we're dealing with or another way of putting it, there's a 78% chance of experiencing some type of problem.

Reply by 101livescan on 7/4/10 1:26pm
Msg #343767

I can count on one hand the ss's I'd work for readily. Mostly working for title/escrow, the only way to fly in this biz. Otherwise, we're at huge risk, and reinforced by your analysis of the SC listings/ratings.

Sad but true.

Reply by MichiganAl on 7/4/10 1:55pm
Msg #343774

I couldn't agree more. There are very very few that I would work for on a regular basis, and the number is getting smaller all the time. I wish title companies would get wise to the fact that the quality of their closings go down drastically when they go through a signing service. It adds another layer in the communication process and it turns finding a closer into a hunt for the cheapest person so they can get more of the cut, with little or no regard to quality and experience. Add in unreliable pay and the fact that signing services seem to come and go on a daily basis and it's just a mess all the way around.

Reply by Notarysigner on 7/4/10 2:57pm
Msg #343777

I'm in complete agreement with the both of you.

I had a "rush" signing yesterday and they even forgot to include the shipping label. Yes, I sent it using my own account and will bill them for it but it should never happen.

Reply by Notarysigner on 7/4/10 3:05pm
Msg #343778

284 out of 422 or 67% of these SS will do something ( omit ) that ends up costing us something to complete the job..for them.

Reply by Notarysigner on 7/4/10 6:59pm
Msg #343787

Final analysis...you have about a 68% chance of having a...

Negative experience with a SS by my estimates. With these odds, you should stay firm in you requested fee and not be abused....for less!

Reply by Les_CO on 7/5/10 10:33am
Msg #343806

Re: Final analysis...you have about a 68% chance of having a...

From the comments I read here I see many of you still don’t understand the SS business, and what part they play in our business. I’m referring to good legitimate SS. Not thieves, deadbeats, part timers, and farm-outs.
A SS is no more of a “middleman” than A Title Company. A Title company does NOT have to do a closing. On a purchase/sale the Real Estate Broker does the closing, or HIRES a Title Company to do it for them. On a refinance the Lender, or Loan Broker, is responsible, or they HIRE the Title Company to do it. If you want to “cut out the middleman” get paid DIRECTLY from the borrower/buyer/seller. (The way many of us feel, but can’t, or don’t know how to change the ‘system’.)
In some cases the Real Estate Broker will hire us to present, and notarize the documents, in some cases the Lender/Loan Broker, and sometimes a Title Company or a Signing Service will hire us. And lately, but rarely the Borrower will hire us directly, when they receive the docs from the lender. We are often hired for not only our capacity as an impartial witness to the signing, but for convenience, and sometimes to more or less insure an arm’s length transaction.
There are only a handful of SS that I will work for, but I say the same about Title Companies
A comment like “Only work for Title Companies” is at least uninformed. Maybe “Only work for well capitalized, honest, good paying, solvent, well informed, and experienced in out of office closings Title Companies” would be better? There have been posts this week about Title Companies being closed, and their owners, going to jail for fraud. Several no longer in business. Many on-the-brink of insolvency. Some dishonest. Some just liars, or escrow officers to stupid to check the docs, include a shipping label, or EVER be available after 5 PM. Some that offer $50.
Working for a Title Company only guarantees one thing, if you do the job correctly, and the loan closes, you MAY get paid… eventually.
JMO

Reply by Notarysigner on 7/5/10 11:25am
Msg #343813

Re: Final analysis...you have about a 68% chance of having a...

No disagreement here from me. I do know it is hard to cut out the middleman. I had an Escrow officer tell me she does all the closings herself because she likes the "extra" cash. Hmmmmm then she added, I will call in an outside notary if I'm busy.

Reply by Les_CO on 7/5/10 2:10pm
Msg #343822

Re: Final analysis...you have about a 68% chance of having a...

Apparently much to the surprise of most of the Notary Signing Agents out there, if it were not for “middlemen” we would have virtually no work at all.
At least not “signing agent” work, as we know it.
Some SHOUT: “Let’s eliminate the ‘middleman’!”
I say: “Thank God for the good ones.”