Reply by John E. Rogers on 4/14/13 1:37pm
Msg #465634
Thanks for the update about this...I have refused assignments for the past several years with Nations Direct due to low fees, late fee payments, and far too many faxbacks. I read the info in the "title report" you included and boy, what a crock! If ND and now RQ deal with TC's and lenders as they deal with signing agents, the entire organization is in trouble and the borrowers will pay as well as signing agents.
Hopefully, they have and will improve in their business with SA's. jer/oh
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Reply by 101livescan on 4/14/13 1:58pm
Msg #465639
Very interesting, Linda. Nations Direct is famous for their low ball, slow pay method of compensating notaries for their hard work and diligence for as long as I have been in this business (2000). On their website they tout they have a database of 47K notaries and have closed over 2 million loans. Interesting, old numbers I think, based on this release. However, some notaries are still accepting work from them, oddly enough.
Heads up everyone. Make sure you have your antenna up when you get calls from RamsQuest. I'm pretty sure the fees won't be any grander than Nations Direct. As a matter of fact, we're all noticing a trend of fees between $50 and $90, including fax backs to low ball, slow pay companies lately. These companies are not regulated by any one. They are not required to have background checks, E&O insurance or to be bonded. They are not credit checked. They are capturing your private information if you allow them to by sending them a W9...DON'T DO IT!
A word of caution. These companies are operating on bare bones capital, few resources and have no real time business experience that makes them experts in our field. They soon will find they are not making enough money to keep the lights on. They will fold up their tents in the middle of the night. You'll call to see where your payment is and the website will have been taken down, phones disconnected, no one in sight, no one to talk to. You'll be left holding the bag. Unfortunately, what I'm observing is that these companies always manage to find new, fresh meat to feed on, someone who has not heard about their reputations in the biz for low/slow/no pay, and they "bite", then squeal when they don't receive timely payment.
I personally would never sign a contract agreeing to payment 45 business days out. Ridiculous. Especially when disbursement is made at closing, following the three day rescission period.
Some companies are hedging their bets on notaries completely forgetting/no tracking who owes them money from these signings.
Only work for the best. As we all know, we can no longer count on 4 and 5 star rated companies, since some of them have the ability to skew their ratings, completely eroding their believability and credibility. Avoid 3.5 and below star companies. Very simply, it's not worth the risk to take a chance on them.
I predict that in the coming months, we'll be seeing a lot of companies leaving the horizon.
I've been watching the ratings around our community. Pretty interesting food for thought.
If their own lack of business acumen doesn't do them in, tax evasion, failure to comply with State and Federal tax guidelines, in time, will.
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