Posted by Speedy Mobile Notary Signing Service - Michelle on 9/11/10 5:37pm
Msg #352331

Why must notaries wait so long to get PAID???

Notaries must stick together on this one!!! I now do net 15 days and offer 2% discount if paid early...in 10 days! (2% 10 net 30 days). All Notaries should get paid at time of close! What is the hold up? Our checks should get cut when loan funds. Right? What does everything think?

Reply by Ali/IL on 9/11/10 5:43pm
Msg #352332

Why don't we get paid on time? Because we are the last ones to be paid on the totem poll.


I called a company that has not paid me. I was told that they have paid others ahead of the independent contractors(us)that they were looking to borrow the money.

Don't you think that giving a reduction if paid sooner will give them an excuse to pay you late?

Reply by Ali/IL on 9/11/10 5:45pm
Msg #352333

Sorry, meant to write pole n/m

Reply by BrendaTx on 9/12/10 1:05pm
Msg #352379

Re: Sorry, meant to write pole - Ali

I might like to be involved in a totem "poll" if there is one.

Reply by JimAZ on 9/11/10 6:28pm
Msg #352335

I'm new but learning fast. First of all this is a great site for learning the business. I agree with you that it shouldn't take so much time to get paid. We are the only personal connection with the borrower. We have value in the transaction whether the SS or Title company think so. However, I wouldn't discount my fees for early payment. Based on this chat site I only market to four star and above. If a three star contacts me I will give them one chance. If a two star or worse contacts me I decline. If a new company contacts me I will give them one chance also, only because I am new. I think if all signing agents followed something along these lines we would put the bad guys out of business. I declined 3 assingments from Nations Direct last week because of their two star status. IMHO

Reply by Speedy Mobile Notary Signing Service - Michelle on 9/11/10 6:48pm
Msg #352339

Thanks! I will start looking at the ratings. I still think 30 days is TOO LONG to wait to get paid. 15 days is what I use now! We are a VERY IMPORTANT part of the closing process because without US what would THEY do?????? I think all NOTARIES should use 15 days! What does everyone think?

Reply by Linda_H/FL on 9/11/10 7:06pm
Msg #352342

"We are a VERY IMPORTANT part of the closing process because without US what would THEY do?????? "

Send the docs to the borrowers and bypass us altogether; do closings in-house and bypass us altogether; you see, we CAN be done without...we're dispensible.

I have no problem with 30 days...even 45 days if I know ahead of time...Yes I prefer 15 but 30 is still good with me....I'm not going to slit by own throat by insisting on 15 days ... but you go right ahead...hope it works out for you.

Reply by Marian_in_CA on 9/11/10 7:30pm
Msg #352343

I think that insisting on 15 days is a bit extreme... I have reasonable expectations, and 30 days is fine by me. I don't understand the need to wait beyond 30 days, though, pushing it to 45 is frustratingly tolerable. But beyond that?? No way.

That's why I give the 5% discount for those companies who are with it enough to pay within 10 days. In the long run, it's a very small price to pay for getting money in sooner. For a $155 signing, that's a discount of $7.75 --- no big deal to me if they pay fast.

Reply by Speedy Mobile Notary Signing Service - Michelle on 9/12/10 1:41am
Msg #352361

Do you normally get $155. per signing? Some Title companies pay $175. What are most of you charging for a Refi. Purchase....? Most documents are between 60-100 pages. I hear some Title companies are going green and allowing notaries to forward their copy by email or CD to save on paper. How many of you are sending borrower's copy by email or CD? I would ask Signing company or title company first to make sure it's okay.

Reply by Marian_in_CA on 9/12/10 2:24am
Msg #352363

$155 was just a random number that I pulled out of the air. I've had jobs that pay more... and jobs that pay less. Every single one is different based on circumstances, though I do have a Title Company that pays me the same rate no matter what. That's a pre-existing, negotiated agreement I have with them. That's also the same TC that I spoke of that takes the early pay discount.

Reply by Baragona/MO on 9/12/10 12:33am
Msg #352356

Linda is correct. We are not indespensible. We are not a something that can be done without. I worked for a large title company that was a subsidiary for a very large lender and we did very well by bypassing NSA's for a long time. Basically, we just sent closing packages to the borrowers, 'flagged and tagged' them, and went on the assumption that the borrower would know what to do.

We could hope that the borrower would use a bank branch to get a notary to help them sign, but in the end, we really didn't care. We just wanted the signatures and the notary stamps, and that is all that mattered to us. If you don't think we are irreplaceable, think again! The only reason we went back to having NSAs do our signings again is because we decided that title insurance premiums were the way to go once more. The reason for the 'mail-aways' was because we could get away with a self-insured product, where we only needed to do a straight title search, and not offer title insurance based on it being the same lender.

This lender decided that it was more profitable to offer title insurance, even when it was considered 'streamline' refinances. However, there can be a time where they realize it is easier to just rely on their own notaries again and just go back to the way things were. What I am getting at is don't think you can't be replaced or be made irrelevant. Corporations are always one step ahead and thinking of ways to get rid of one more expense.

Reply by Linda_H/FL on 9/12/10 10:15am
Msg #352368

Not to mention...

Press a personal agenda and they'll move on to a more patient, cooperative notary

As long as I know I'm going to be paid I'll work with them and wait - and that state of mind comes from not working with questionable companies with questionable payment practices.

MHO

Reply by MW/VA on 9/12/10 12:16pm
Msg #352378

If you think 30 days is too long to be paid, I'm not sure you're realistic about this industry. While some companies pay at 10-15 days (tc's that pay when the loan is funded), ss often aren't paid by the tc's until the end of the month. This has been discussed to death. Some want to be paid PayPal at the time of signing, etc. You can push for it, but be prepared to get a very limited amount of work. I've been in biz for almost 5 years, and the average payment is at 30 days.
While we do see what we do as important, we are at the bottom of the food chain.

Reply by James Dawson on 9/12/10 1:13pm
Msg #352380

If you are focused and consistent, you should be receiving checks almost everyday...from 30 days ago. There are very few days that go by that a check isn't in my mailbox. Now with the general notary work which is paid on the spot, that takes away some of the pain of waiting.

I use to go to that bank everytime I got a check, probably excitement but now I only go once a week. One check or 15.....from 30 days ago.

Reply by MW/VA on 9/12/10 2:18pm
Msg #352384

That's a good point, James. Once we have established a good

amount of business, we always have a stack of receivables. It's great to get that steady stream of checks throughout the month.

Reply by Marian_in_CA on 9/12/10 2:03pm
Msg #352382

Marilyn makes a great point here...

Often, these signing services *are* only paid once a month, sometimes twice a month. So a delay in our getting paid from a signing service does makes sense... for those that operate on the premise of "you don't get paid until I do."

However, there are some companies out there who view things differently. These are companies who maintain a proper operating capital and payment to their vendors is not contingent upon payment from their clients. Personally... I prefer to work with those companies.

Look at it like this... I have an agreement with a vendor... let's say it's the power company. I have agreed to pay them for power they supply to my home. Do you think the power company cares when I get my income? Nope... they just want their bill paid when it's due. I owe them for services they rendered to me regardless of who or when I get paid by others. If I don't pay... they'll shut the service off. It's that simple.

I look at it the same way. I'm providing a service to a company. I don't care when or how they get paid... I just want to be paid according to the agreement I have with them and for the services I render to them.

I do not like to work for the companies that say, "If the loan doesn't fund, you're out of luck." No, THEY may be out of luck, because that's a risk THEY took, but I still provided the services, and (most of the time) I don't do contingencies. Why? Because I'm providing a specific service and I deserve to be paid for the time and effort I put in.

Now, don't get me wrong... I'm flexible about these things on a case-by-case basis... but as a general rule, I expect to be paid for my services when they come to me for help.

Reply by James Dawson on 9/12/10 2:08pm
Msg #352383

DITTO! n/m

Reply by Marian_in_CA on 9/11/10 6:39pm
Msg #352338

I also offer a discount if I'm paid within 10 days (for loan work). I have one title company who actively takes advantage of it. I'm always paid within 10 days of the signing, no matter what. Not so surprisingly, it's also the same title company that pays me what I ask without hassle, doesn't babysit me, and knows I'll get the job done right.

I offer to let them take a 5% discount if I'm paid within 10 days of the signing. The signing...not the closing. I base it off of the date that I provide my services.

The way I put it on my website:

"All loan signing invoices are generally 5/10 Net 30. That means that invoices are expected to be paid in full within 30 days of the signing. If your payment is received within 10 days of the signing date (not the closing date), you may take a 5% discount off the total amount due.

Late invoices are subject to a 5% late fee, charged every 30 days until paid in full. I may require payment up front from some companies. If this is the case, I will let you know this before accepting the assignment, and the 5% discount will apply."

Reply by Susan Fischer on 9/12/10 12:51am
Msg #352358

How does that work, Marian? Is the 5% late fee of the

amount of the original invoice, or added consecutively, creating a new balance due each billing period?

Reply by Marian_in_CA on 9/12/10 2:19am
Msg #352362

Re: How does that work, Marian? Is the 5% late fee of the

I base it off of the original invoice amount... so for a $155 job, that would be $7.75 late fee every 30 days until paid. The late fee is added after the initial 30 day period is up.

Practically speaking, though... nobody has ever paid me a late fee like this. But, I don't have trouble collecting invoices, either. I've never had one go past 45 days.

Plus, I'm not a meanie... if the payment arrives at 30-45 days, I probably won't push the late fee issue... but I still reserve the right to charge it, and the policy is stated on my website and in all my confirmations.

Reply by Susan Fischer on 9/12/10 11:23am
Msg #352374

Thanks, Marian. n/m

Reply by SharonMN on 9/13/10 12:47pm
Msg #352460

Be careful of usury laws

Marian said: I base it off of the original invoice amount... so for a $155 job, that would be $7.75 late fee every 30 days until paid. The late fee is added after the initial 30 day period is up.

I'm not sure what California law is, but normally you cannot charge more than the usury limit for your state, which is an annualized rate. At a 60% annual rate (5% a month x 12 months in a year), you might exceed the limit, and if a company pressed in court, you could forfeit the late fees and amount due on the original invoice, and possibly be made to pay penalties to the other party.

Reply by Susan Fischer on 9/12/10 12:45am
Msg #352357

There are so many ways to run businesses. As a home

construction sub-contractor, it was typical to wait 45 days, depending upon the date of submission of my invoice. Once in the payables of a builder, the checks were cut like clockwork. Other subs, like HVAC, Plumbing or Electrical or Roofing companies probably had different schedules than Painters or Detailing/Finish Cleaners; other vendors, were strictly Cash & Carry only, and on and on. My business was started on a shoestring and a strong back. And enough resources to get through the first six months while I grew by company and got into the pipelines of the quality builders in my area.

To those Builders, a sub-contractor who needed to get paid every day, or asked for draws frequently, etc, were typically sub-par workers who'd bail at the drop of a hat and leave the job hanging, or show up late/still drunk and get the boot, (a draw ahead if on a Monday - grrrr).

My point is, that if someone decides to become self-employed, it's wise to understand the waters into which you dive. Perhaps a way to increase your cash-flow is to seek out Notarial work in your community - it's a cash deal. There are ways to make a little here, a little there - they add up, if you're sticking to your budget. (Do you have an excellent CPA who understands this work? My budget, for instance, is a monthly 15-20 minute meeting, usually by phone to adjust for conditions on the ground, as they say.)

SCORE http://www.score.org/index.html is also a great resource for Small Business advice.

If your cash-flow issues include creditcard debt, there are scores (no pun intended) of resources to research.

We are a Nation-Wide un-unified group, with 50 different State's Laws, Rules and Regs, and by Uniiversal Understanding, under a single Notary Public Ethos. At the same time - and by that very Ethos and underlying Responsibility - we are Mobile Notaries Public specializing in remote "closings".

In my mind, this Saturday night, that makes us extremely valuable. Like Appraisers.

But. Monday morning, it will be back the the reality that "demands" from non-Union sub-contractors are ~rarely~ more successful than negotiations. Much better is successful cash-flow budgeting in the first place.

Just the opinion of one of the Elders (which, btw is so apt,)

Thanks for your ear, and all the best to you and yours, Michelle.