Posted by jnew on 2/15/11 1:18pm
Msg #372852

Getting paid in harder times

One thing I noticed was that in late 2008 when the economy went in the toilet, I had the most trouble getting paid by signing entities. When times are good, the cash flow is suitable that they can spend money and still pay the notaries. When times are bad, they still need to pay their fixed expenses and if they are going to let something go unpaid, it will be the notary-signing agent. I am not saying this is a trend throughout the industry, but it may be something that you might want to watch out for in the coming months if things go as bad as some predict.

Reply by Les_CO on 2/15/11 1:59pm
Msg #372859

It’s always been hard to money out of deadbeats, and thieves, easy from reputable companies. The hardest part of this job is to learn the difference. I happen to think that the next couple of years will be worse that the past few in/for this business. The good companies will still pay… the thieves not. I believe that the thieves (and low-ballers) now outnumber the ‘good guys’, and this situation will get worse in the future…be careful! JMO.

Reply by James Dawson on 2/15/11 2:10pm
Msg #372862

I did some research back a few months, I look at the number of SS in SC then listed the number by "Star" rating and boy was I shocked. Less then ten % has a rating above 4 stars....unbelievable.

Reply by DD/OR on 2/15/11 4:42pm
Msg #372901

That why I'm hurrying up to collect from the company's that owe me. I don't want to be the one stuck without a chair, as in 'musical chairs'. I've collected from most of them but one is giving me trouble. That one has a 3 star rating.

Reply by Elizabeth Little on 2/15/11 6:10pm
Msg #372913

The process of the loan goes like this. When the loan is closed the signing service company and/or title company get paid that day. They drag our money out for what reason I don't know. But if you are having trouble getting your money you need to contact the company that hired you and inform them that you are aware of the payment process from the originating client and lender and they receive their funds immediately i.e. when file is balanced. Let them know in writing if they do not pay you with ___ days of your notice you will contact the lender direct and inform them you have not been paid for your services. Always keep all that information so you will have contact information. Hope this helps! Oh and if they stop calling you well you don't want to work with them anyway if you have to constantly beg for your money, which is usually less for your time than you get paid! Good Luck