Posted by jackpar on 3/14/10 11:29pm
Msg #327252

Maybe you should consider slow pay companies

At the risk of getting slaughtered I will give some feedback from a notary that has been in business for 8 years. I take all assignments if they fit my schedule and have only turned down "Sign on the X" for nonpayment. Over that 8 years I have only been stiffed twice---I even collected from Sign on the X!!! As a former banker I noted that many businesses often stretch their accounts payable to 45 days. You are leaving a lot of good business on the table if you reject it because it takes a little while to collect. For those companies that pay late, charge more but offer to take the assignment. Best wishes to everyone for a successful year.

Reply by desktopfull on 3/14/10 11:47pm
Msg #327253

Your welcome to have all the closings you can handle from NREIS, they now take 120+ days to make payment. Never expected Landamerica, LFC, Bridgespan, etc. to file bankruptcy on me, but they did. I ignored the signs and kept taking closings and got burned, so by all means take every closing you can from the deadbeats and slowpayers, your welcome to them.

Reply by Marian_in_CA on 3/15/10 12:17am
Msg #327256

"For those companies that pay late, charge more but offer to take the assignment."

Yeah... the major flaw with that idea -- while a good one -- is that the super slow pay (if they ever pay) companies generally are NEVER willing to agree to may more.

Reply by Ilene C. Seidel on 3/15/10 6:27am
Msg #327262

And even if they are willing to pay the price they may reduce it shorting your check. Your just lucky you haven't been burned.

Reply by Lee/AR on 3/15/10 8:16am
Msg #327270

Maybe you should consider slow pay companies...IF

You have a large stable of companies that you can do one signing for and wait until you are paid before accepting another job, this might work because the worst that probably could happen is you get stiffed by one co. for one signing, but you've kept your 'pay pipeline' full. Spreading the risk factor over many companies would tend to minimize your potential loss.

However, if you continue to take signings from any slow pay co, over a 90 day 'no pay' time period, even at $100/job, 2/week, over 90 days, you have racked up a potential loss of $2,400...plus expenses....multiplied by however many co's you allow to get away with this behavior.

Many years ago, I worked Credit/Collection for a very large nationwide co. It was their practice to simply stop processing new orders for any customer who was 15 days beyond their 2%/10, net 30 terms. Amazing how rapidly they sent a check!

Reply by cawest/PA on 3/15/10 8:53am
Msg #327277

Re: Maybe you should consider slow pay companies...IF

The problem is that in our industry if we start to refuse jobs chances are we are dropping of their list as there are plenty of newcomers out there that will do the job as they have not been burned yet.
So far I have been lucky and only had to endure one burn but I cannot guarantee it will stay that way.
In collections the customer wants to recup the funds lost ... in my opinion total different ballgame.

One thing I have learned to do is to keep all the Escrow and lender info, just in case.

Reply by Carole Breckbill on 3/15/10 9:10am
Msg #327282

K2 Settlement - Pittsburgh

Your advice may be sound; I don't worry too much about slow pay as long as I get paid. I try to limit my exposure in these cases, however (remember Quest?). The problem comes with companies for which I've done work and gotten paid that seemingly all of a sudden aren't paying, and not responding to requests for information. This is my current experience with K2 Settlement in Pittsburgh. I considered them a "good" company based on my past experience, but I'm still waiting for payment for 2 jobs done in mid-December.

Reply by cawest/PA on 3/15/10 9:13am
Msg #327284

Re: K2 Settlement - Pittsburgh

I know that this might sound bad but on the other hand *are those companies* getting paid?
It does look weird that suddenly the *good payers* seem to join the ranks of the *slow payers* and we all know that the banking industry right now is not doing to good.
However no matter what they should have funds set aside to pay us.

Reply by Carole Breckbill on 3/15/10 9:15am
Msg #327286

I couldn't agree more! n/m

Reply by Linda Juenger on 3/15/10 9:30am
Msg #327288

I want to say also that appraisers don't always get paid

either. If a lender orders an appraisal, it is contingent on the loan funding. If it doesn't, the lender pays 1/2. If a borrower gets an independent appraisal, the appraiser is paid upfront, but a lot of times it is built into the loan. I was talking to an appraiser over the wek-end and they are sitting on thousands of $ of unpaid appraisals. They work a lot like we do and wait for payment and hoping for payment.

Reply by Grammyzoom on 3/15/10 10:15am
Msg #327296

Do any of you...

get an agreement from the borrowers to pay your fee in the event you are unable to collect from the SS or title company and if so does that work? Just curious.

Reply by Sylvia_FL on 3/15/10 10:20am
Msg #327297

Re: Do any of you...

Never!
The borrower is already paying in the closing costs.
Why would they want to pay twice??

Reply by Grammyzoom on 3/15/10 10:31am
Msg #327298

Re: Do any of you...

Did not make myself clear, sorry. I meant in situations where it shows the notary fee on the HUD being charged to the borrower.

Reply by bob/IA on 3/15/10 1:15pm
Msg #327341

Re: Do any of you...

I suspect if a tc or ss ever learned you were having borrower sign to pay in case the ss or tc did not pay, they would never call you again, at the very least

Reply by Sylvia_FL on 3/15/10 1:25pm
Msg #327346

Re: Do any of you...

But the notary fee on the HUD may not cover just the notary signing agent fee. Plus charged to the borrower still means they are paying the fee in the closing costs.

Reply by Grammyzoom on 3/15/10 3:43pm
Msg #327388

Re: Do any of you...

I was just curious.

Someone I spoke to lately said she is doing that now on some of her signings. I was surprised, to say the least, and wondered if anyone else was doing that in light of the current fear of not getting paid by a lot of notaries.

This gal has a form that she developed and is throwing in with the docs.

Reply by Sylvia_FL on 3/15/10 3:50pm
Msg #327391

Re: Do any of you...

She cannot add forms to a loan package. If the companies she is working for find out they would probably discontinue using her. I know, as a signing service, if I discovered any of the notaries I used had added such a form, then that would be the end of me using them.

Reply by cawest/PA on 3/15/10 5:13pm
Msg #327408

Re: Do any of you...

The only form I add to a package is the one when the borrower refuses to sign, always have one with me now as you never know what could happen however it would never cross my mind to ask my fee to the borrower.

Reply by cawest/PA on 3/15/10 5:09pm
Msg #327407

Re: Do any of you...

Is that legal?

Reply by tmoring on 3/15/10 4:40pm
Msg #327401

Re: Do any of you...

I have not read all of the responses, but New HUD 1 Doc gives a total for the fees, it does not give a break down including Notary Fees. Many of the Signing/Title companies will let you know the agreed upon fees up front, and you should of course have those fees in writing. When talking to the Buyer, if they ask what your fees are, you can of course feel free to explain this to them, and if you want to, can tell them the fee you are making for the transaction.

Reply by Grammyzoom on 3/15/10 7:44pm
Msg #327438

Re: Do any of you...

I don't think what she is doing is legal and I agree that if the TC or SS found out about this form they would at the very least, never hire her again.