Posted by pat/WA on 3/9/11 3:38pm
Msg #375634

NREIS

Anyone having any success getting paid by National Real Estate?

Reply by RedBaron/IN on 3/9/11 3:49pm
Msg #375636

A lady called me yesterday and gave me a time line as to when I would start receiving my past due invoices. This is after I emailed them a list of past due invoices and turned down a signing when I was offered $$$$ less than usual. I informed the schedular I could not accept because gas prices are increasing dramatically, they are not paying me as promised and I am increasing my fee by $$$ because of the slow payments. He said he has had comments like that before and he now has to call many more notaries to find someone to accept. They must be newbes. What is your expeerience?

Reply by notary/OR on 3/9/11 4:31pm
Msg #375646

If a notary doesn't mind waiting 3 or 4 months to get paid, they will eventually pay, however, the question remains if they will go out of business before you receive payment. I don't take assignments from them anymore because I don't want to wait that long...if everyone quits accepting assignments for the same reason, maybe they will get back on track.

Reply by Dennis_IN on 3/9/11 4:49pm
Msg #375653

There are several companies owned by SingleSource Select, NREIS being one of them. If NREIS calls and it is an IREP associated loan I will take it, for some reason they do pay in 30 days. Also Single Source pays on time. Not sure why NREIS won't pay on time. Maybe they accepted a large cut rate account (BOA maybe?) and can't cover its expenses. Bottom line, I will take the IREP and SingleSource deals.

Reply by BillyJack/NC on 3/9/11 6:07pm
Msg #375664

What makes you think NREIS is owned by single source select??

Reply by Dennis_IN on 3/9/11 7:29pm
Msg #375672

My Bad! NRLIS is owned by Secured Lending Services. I was

going off memory and got them confused.

Reply by Shoshana/AZ on 3/9/11 6:30pm
Msg #375666

So, where does LenderVend fit in?

They appear to be related to NREIS, yet they pay in 30 days.

Reply by BillyJack/NC on 3/9/11 6:38pm
Msg #375668

Re: So, where does LenderVend fit in?

They are a subsidiary Co of NREIS, and so is IREP and Rainbow

Reply by John Schenk on 3/9/11 9:14pm
Msg #375678

Re: So, where does LenderVend fit in?

Same experience. LenderVend has paid me timely, NREIS hasn't and doesn't. I think they're like across the street from each other, but can't remember.

JJ

Reply by Doris_CO on 3/9/11 11:15pm
Msg #375684

Re: So, where does LenderVend fit in?

NREIS had a huge lawsuit last year or the year before that they lost. I remember something about an appeal but I don't remember the outcome. Anyway, their payment problems started about the same time as the lost lawsuit.

Reply by jba/fl on 3/9/11 11:24pm
Msg #375687

So all the notaries involutarily chipped in for the lawyers? n/m

Reply by John/CT on 3/10/11 7:34am
Msg #375697

Almost $2 Million, when considering their own,

plus the prevailing party's (REBA) in the appeal. Gotta' hurt their cash flow.

Reply by PA_Notary_II on 3/10/11 8:53am
Msg #375712

Remember, the judges were also lawyers...read here

For the most recent news I could find.

http://www.massrealestatelawblog.com/2010/11/02/battle-between-massachusetts-closing-attorneys-vs-settlement-service-providers-argued-before-sjc/

BTW all of the sub companies mentioned previously are owned by NREIS to my knowledge.

Reply by pat/WA on 3/10/11 10:56am
Msg #375721

Re: Remember, the judges were also lawyers...read here

After the law suit they started paying promptly and no they are back to their old tricks of slow or no pay.
I think the law suit was an excuse not to pay

Reply by Michele Dexter on 3/10/11 3:47pm
Msg #375781

Re: Remember, the judges were also lawyers...read here

Just spoke to NREIS, they are on a 45 day pay from the date the file is turned in for payment which could be two weeks from the signing.