Posted by 101livescan on 6/23/13 1:23pm
Msg #474420

Working for Great Companies

I've been blessed to escape/evade the agony and terror of working for companies who pay low fees, slowly and where collection of fees is a major headache. Frankly, I'm so busy I do not have a nanosecond to make collection calls and other efforts to chase my hard earned money around. As a matter of fact, the loser companies do not call me any more at all. I've ranted and raved so much on this board about BADSSs, they know not to call me.

For all you new people out there who are simply ecstatic when the phone rings, and you're asked about your availability "to help us out with a signing", I hope your radar goes on high alert and that you're asking all the right questions (while you're looking them up in SC or the no's site to validate their reputation and honor as a great company to work for). Three stars and under will get you into the shark infested waters of work for no pay, or low pay/slow pay. If you're on the road and get the call, can't check them out immediately, you need to check them out as soon as you're parked and safe. Never too late to turn the work back before you make contact with the borrower to confirm.

Then there is this new breed of company, which deducts $5, $10, $15, up to $35+ for "issues", even after you've negotiated what you feel is a fair, appropriate fee for the scope of work. When your check arrives 60 days later, you're looking at a fee reduction for any ole stupid reason. This is not the kind of company I would want to work for. When I work directly for title/escrow, I am treated much better than some of these companies are treating their notaries. It's very clear that they are the better vendor than these snaky companies.

I would also like to congratulate a couple of new (within the last year) notaries whom I've had the pleasure of meeting on this forum, shepherding them to better loan signing work than these low paying companies springing up recently. This business is not a cakewalk, even if you work for the best lenders and title/escrow companies. Who needs the anxieties of working for these slime ball companies? It's a complete waste of energy and time.

It pays to do your homework, and to ask all the right screening questions. Make sure they have a business license, address, phone number, after hours number, references. Are they themselves notaries public? That means a lot, because they've been background checked already.

It is a crime to hire someone to do work and then not to pay them for their service. It needs to stop! I'm just amazed so many SSs are operating in this manner. The only reason they are still in business is the loan closing schedulers are able to "snake" so many new notaries emerging on the horizon.

I was once a loan officer for RBC Mortgage, and I can tell you that if I ever received a call from a notary that they had not been paid for their notary service, helping my client with their new home purchase or refinance, I'd be all over it with that signing service and the escrow/title company who hired them.

I hope you all had a great month in June. One more day. This month has been the best month all year for me! If things slow up a little, I'm ready for a break. I'm thinking of taking a motor trip with my nephew and his mother, along the beautiful coast of CA and Oregon/Washington.

Reply by Yoli/CA on 6/23/13 4:20pm
Msg #474451

While I agree with most of your post ...

and I know you mean to educate the newbies by your posts, you may want to clarify:

<< Are they themselves notaries public? That means a lot, because they've been background checked already.>>

To my knowledge, and that may be limited, most States do not require notaries be background-checked. In California, yes, it is a condition of being commissioned. However, it is my understanding by reading NotRot, that the only requirement in some States is for the prospective notary to be breathing.

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Hope you get a chance to take that much deserved break and slow down and enjoy your family and the sights!

Reply by 101livescan on 6/23/13 4:58pm
Msg #474457

Re: While I agree with most of your post ...

This is to clarify what I posted previously. Most of my work is for First American, Fidelity Affiliates, ORTC, Title Source, Performance Title and American Title directly. Most of the lenders, at least in CA, have certain requirements for the notaries these companies use to be background checked, XYZ's BGC being the most commonly accepted. The SSs these title companies use also must be background checked.

I also know that some lenders run a background check on the notary when they are getting ready to fund the loan to make sure there are no convictions or recent arrests. Once my name came up on the Department of Homeland Security list (it was another Cheryl Elliott in LA area), and I had to prove it wasn't me before they would fund the loan.

I'm pretty sure while many states do not require their notaries have background checks, the big lenders will require background checks of the NSA's who close their loans, like Citibank, BofA, Chase and Wells, overriding the individual State SOS's requirements for notaries.

Reply by NVLSlady/VA on 6/24/13 7:57am
Msg #474481

For me, visual "aides" help a lot. I keep a copy of the Hud (page 1) with all the relevant info: Loan Type, Lender, TC - in addition to a manual spreadsheet. Even though my spreadsheet does not include all that, it DOES have all the Companies, the signing DATE and fee offered/paid/received.

Having it all in b/w makes it easy for me to see who the "Great Companies" are in my business life. At year end I know what to do if I notice any undesirable trends or unsatisfactory performance.

Hot Tip: (I am also going to incorporate my custom data in my own Journal created with my needs in mind. There's a lot of wasted space in mine, so I am designing to include relevant data I can use to refer back to when accepting work from companies. Not an issue in VA - as no requirement to keep.)

Reply by 101livescan on 6/24/13 8:34am
Msg #474486

When I taught notary/loan signing classes a few years back, I always recommended the NSA students keep the information on title, escrow, property address and client's address, as well as telephone numbers for future reference. I also keep a spread sheet day to day, week to week, month to month, year to year. It has proven the most valuable tool I have for tracking my work and whereabouts.