Posted by bh/IN on 3/25/10 5:14pm
Msg #329006

NREIS update

Got a check from them last week for a November closing and one this week for a December closing..... just wanted to let you know. Still owe me just one more and I've gotten calls for closings from them but told them I had to decline until they pay me. If I do get the 3rd check, it will probably be awhile before I accept more until I see that they are back on their feet again.

Reply by MW/VA on 3/25/10 5:16pm
Msg #329008

They ARE paying, and that's good news. n/m

Reply by Patti Corcoran on 3/25/10 6:14pm
Msg #329017

good news! I did two for them in the last few months but have declined any others until I am paid. All because of the posts here on NotRot. If we keep declining until we are paid; perhaps they will get the message.

Reply by JanetK_CA on 3/25/10 11:43pm
Msg #329049

No offense, but I don't think it has anything to do with the "message", but rather the "money". They appear to have the intent to pay but not the bucks to make the checks good... I can't think of any other reason why they would "issue" checks but not mail them. As we know, there ARE a few companies out there who, it seems obvious, hire people with no intention of paying them. But I think most that are slow payers or aren't paying get to that point because of financial difficulties of some sort. Sometimes it's a snowball situation, where maybe a major client goes under without paying them or the check bounces, or they're a victim of embezzlement, etc.

A lot of what we're seeing today, though, I feel is a result of companies not staying ahead of the slowdown with their management decisions. If they lose a major client or the client volume takes a drastic decline, they still have heavy overhead - the building space and all the employees they had hired to be able to handle the busier times. Suddenly that loss of profit is cutting into their overhead big-time, cash flow takes a huge hit - and they're short $$.

The easiest place for them to cut back is with pay to the faceless masses out here who do the work for them - only because they know that they can always find someone else to do whatever work they still have coming in. I'd bet dollars to donuts that if the market situation were such that there was a shortage of us loan signers, we'd be the first ones paid, because that would be the only way they could stay in business at all. And I also wouldn't be surprised if the ones getting paid most quickly are the ones in somewhat busy areas with few NSAs. I suspect there are lots of bean counters very busy strategizing in various offices at NREIS these days!

The sad part, as we know all too well, is that it invariably rolls down hill and causes some of the people they owe money to to have to do the same thing...

[BTW, none of this is intended as an excuse what they are doing!]

Reply by Maureen_nh on 3/25/10 10:48pm
Msg #329046

Got paid for a local mod I did in Dec

Reply by Jessica Ward on 3/25/10 11:42pm
Msg #329048

They've been paying me too, but around 70 days. I've told them that I won't extend them any more than eight closings and then I am just gonna sit around and wait on checks. I'm declining a few calls a day from them right now. It's a bummer because I really, really like working for them.

The other companies they schedule for haven't given me any trouble with payment, so I always check to see if it's an NREIS closing or a Secured Lending closing.

I have check numbers and everything on the payments I'm waiting on, they just haven't cut the checks.

I come from the construction industry--I know cashflow gets weird and sometimes that gets passed on to vendors, I had a few clients that we'd negotiate on contracts that they could pay us at 90 days in exchange for no retainage withheld, that sort of thing. That doesn't make it right, but I'm not as doom-and-gloom about it as some are. I suspect this is a temporary thing, but just in case, I'm setting them on a credit limit that I'm comfortable with. For unknown companies, I'll extend no more than three closings until they've had a few months of good payment history in my files.

Reply by Laura Ross on 3/29/10 12:28pm
Msg #329434

I am waiting on a payment for a signing in January 2010. Very poor communication, no one evers returns calls I told them I won't sign for them anymore, and I live in a very rural area and am the only mobile notary for MILES. They don't seem to care. I think we should all stick together and say we won't sign!

Reply by Note_this_CA on 3/31/10 1:14pm
Msg #329815

If I am ever paid I will give them an extremely short leash. One signing until paid. But for now, I'm turning down their requests..funny how the calls have stopped.