Posted by Karen Dalton on 10/30/13 5:08pm
Msg #490550

Payment at time of signing

Having only been an NSA for a year, I'm curious why the industry has allowed the agencies to hold our payments for 30/45 days or longer? With Paypal options it seems that we could be paid as soon as the signing is completed and prior to our shipping the package. I, for one, would be more than happy to send fax backs for the companies to verify the quality of the signing if it would mean I would be paid immediately. If we all started doing this as a group, it could eliminate some of the slow pays or no pays. Any thoughts?

Reply by MikeC/TX on 10/30/13 6:43pm
Msg #490566

That's probably never going to happen

If you're getting paid within 45 days, you're actually above the curve. There are two major reasons why many signing services don't pay more timely:

1. They're under-capitalized, and cannot afford to make payments until they receive the funds, or
2. They're so under-capitalized or so uncoordinated that they are scrambling just to keep the lights on, so whoever screams the loudest gets paid first...

There are also the thieves who never had any intention of paying you in the first place.

Your ideas are great, but in the real world that will never happen. It would be great if contractors outside of the loan process would be treated like appraisers who get paid for just doing their job, but don't hold your breath waiting for that to happen.

Reply by 101livescan on 10/30/13 7:24pm
Msg #490579

More companies are on their way out...no biz to keep them

in the game. Imagine no income for several months...screen carefully, work only for the best!

I once upon a time, occasionally, be paid on the spot, usually seller's package, or a short sale transaction.

Reply by MW/VA on 10/30/13 8:28pm
Msg #490585

This has been discussed many times--it isn't going to happen n/m

Reply by Lee/AR on 10/30/13 9:03pm
Msg #490593

It's really easy: Keep the pay pipeline full with decent paying co/jobs and checks keep coming out the other end. Much simpler than faxing everything back. Besides which...it'll never happen.

Reply by AZ/Mike on 10/31/13 12:13am
Msg #490626

Re: Payment at time of signing - Your Right & Your Wrong

Your Right:
Many companies are simply ripping agents off. No capital etc etc

Your Wrong:
The Doc Signers set the standard many years ago to pay immediately after the closing - and we still do. And fair fees.