Posted by Liz/OR on 3/15/12 1:03pm
Msg #415016

Multiple jobs for new/questionable companies

I am wondering how others handle it when they get multiple jobs from a single signing company that does not have much of a history. I would like to get some guarantee from the person that hired the signing company that if they do not pay me, the title/loan company will. Has anyone done that?

I realize in our job, we do take some risk, I am not asking to be paid up front, but I have a high quality service that I provide and I want to protect the investment of my time, auto expenses and materials. I have been burned before and I cannot afford for it to happen again - I check every company with Signing Central now to see its rating.

I feel like I can get "in writing" anything I want Net 30 payment or whatnot, but if a company isn't going to pay it isn't going to pay regardless of what I got in writing. I have also thought of putting a document in the package that holds the borrower liable for my fee if I am not paid. It is their transaction after all and maybe they would have an easier time recovering the fee from their loan company/title company than I would, for reputation's sake.

Please tell me what you do in this situation. After doing the job and not being paid, I can tell you from personal experience that there is little if anything you CAN do to get paid, so what are your preventative measures, if any?

Reply by A S Johnson on 3/15/12 1:50pm
Msg #415022

The operation that hired you or who hired them.
BUT, never , NO reason to hold the borrower for collection of your fee.
The borrower has paid it as part of the fee on the HUD. You con NOT change the HUD.

Reply by jba/fl on 3/15/12 1:56pm
Msg #415023

Others have stated that they don't let the new unknown company get into them for very much - 1 or 2 signings - until a track record can be established. I think that is prudent.

Reply by Stephanie Santiago on 3/15/12 2:25pm
Msg #415027

Re: Multiple jobs for new/questionable companies...agree

with Julianne.
I don'y complete to many signings until the new company has a track record with me.

Reply by Lee/AR on 3/15/12 2:26pm
Msg #415028

They are a business. I am, too. Our business must have a credit limit that we are willing to extend to new companies based upon what we can find out from our peers. If a company is too new for that, then there are 2 things I do: 1. Figure out what I can afford to lose (very little) and stick with it until their payment history has some history. 2. Keep it very close to minimize my expenses until (See 1). Nor am I the least bit hesitant to let them know this. It's simply how business works. It's nice to be liked and appreciated, but it's necessary to get paid in a timely manner.

Does Mastercard give you a limitless credit card? Of course not, so why should I or you do that?

Reply by DD/OR on 3/15/12 2:32pm
Msg #415031

I did a job once for a title company that had a page in the documents that said the borrowers are responsible for paying the notary if they should cancel. The borrowers had to sign it. No problem, they did. In fact, that happened several times.

Reply by JanetK_CA on 3/15/12 10:39pm
Msg #415090

I've run into that one a number of times, too. The one I've seen is on an amendment to escrow instructions and takes the position that having the notary come to them is an accommodation. It's on a page with several other items, but there is a paragraph heading in bold print.

I have mixed feelings about it. Part of me really likes the idea, but I also wonder if that isn't a conflict with limitations on the HUD. But the ones I've seen are from a significantly major title co, so I imagine it's been reviewed by their attorney(s). However, it is what it is, and I believe that there's a big difference between a title co adding that to their escrow instructions and one of us deciding to insert another document that states the same thing.

Reply by Liz/OR on 3/15/12 4:36pm
Msg #415055

Thank you, your replies have been helpful. I will minimize the work I perform with them in the beginning.

Reply by Sha/CA on 3/15/12 5:02pm
Msg #415058

Maybe they could pay you immediately through Paypal. n/m