Posted by RIcloser on 10/25/13 9:02pm
Msg #489814

Signing Stream - Ahead of Industry - Aporeciation - LOL!

From their website: 7 Day Notary Payment Policy

"We pay notary agents their approved rate soon after we receive payment from the lender or title company. In the industry, it usually takes 65 days for a notary to receive payment on signings for large lenders and approximately 14 days for title companies. The Signing Stream payment policy for notary agents is ahead of the industry, and it’s one more way we show our appreciation to our notary agents."

Reply by 101livescan on 10/25/13 9:05pm
Msg #489816

Isn't Signing Stream a SCREAM!

These new SSs have an odd way of appreciating your notaries, don't you think?

Reply by RIcloser on 10/25/13 9:16pm
Msg #489818

Re: Isn't Signing Stream a SCREAM!

They need to get "behind" the industry - like, out of!! That would be "appreciated".

Reply by RIcloser on 10/25/13 9:39pm
Msg #489821

There's an "upside" --- Really???
From Signing Stream website:How long can it take to get paid for a loan signing?
We understand it can be frustrating to not get paid in a reasonable time frame. After all, we as a signing company have to wait for payment by the lender in order to disburse funds to our notary vendors. Notary agents working with Signing Stream can expect to wait up to 45 days for payment due to the major lenders and title companies we work with. Our goal is to reduce your payment time frame to within 30 days.

It may take only two weeks after your loan signing to receive payment from a title company if you are contacted directly. However, if you conduct a document signing on behalf of a large mortgage lender, you could be waiting upwards of 60 days for payment. It’s a tradeoff because a smaller title firm contacting you would not have the volume and ongoing work a large mortgage lender can offer.

Large lenders tend to use nationwide signing companies to handle their document signings. Because of this B2B business relationship, the signing company must, in most cases, invoice the lender for payment. Invoicing can be a time consuming effort, and is usually done once or twice a month. After a signing company invoices the lender, it could take one to four weeks to get paid. Some lenders insist on paying on the 30th day of Net30 payment terms.

After receiving payment, it can take a signing company one week to disburse payment to the hundreds or thousands of notaries included in that lump sum payment from the lender.

Let’s back track for a moment to see how long this whole process can take for a hypothetical signing. Assume a notary handles a closing on May 5 for a signing company that has to invoice the lender once per month. The entire month of May has to pass before the lender can be invoice. So on June 1, the lender can be invoiced for all work in May including this signing in our example.

Just to make this an average scenario, let’s say the lender pays this invoice after three weeks (21 days), or June 22. The signing company has to receive and deposit payment and wait for funds to clear, which could mean 3 days plus another 2-3 days if no holds are placed on deposited funds. After that, it could take an additional week to go through all of the individual notary disbursements included in this single lender payment. After this notary payment goes out, it can take 3 to 5 business days until finally, somewhere around July 5, the notary receives payment.

This example shows how a notary could be waiting up to two months, what seems like an eternity, to get paid for a signing. To a notary not well aware of this process, it may seem like the signing company is delaying payments for whatever reason, when the signing company is really just a intermediary of this “invoice for payment” and Net30 process. The lender’s payment procedures in most cases are the real culprit causing notary payment delays.

The upside of accepting this common scenario in the current and highly consolidated lending industry is the potential for a high volume of signing assignments. If a loan signing agent can afford to wait for payment, many signing appointments can follow. It’s also important to note that notaries should only work for signing companies that have organized and efficient accounting processes that don’t add to any potential delays in payment.

Reply by 101livescan on 10/25/13 10:01pm
Msg #489822

WORK MORE HARDER FOR LESS $$$ in a nutshell!

But you gotta be nuts or stupid to fall for this BS.

Reply by MikeC/TX on 10/25/13 11:12pm
Msg #489827

"The upside of accepting this common scenario in the current and highly consolidated lending industry is the potential for a high volume of signing assignments."

Anyone who believes the myth that "high volume" at low prices will mean more (if any) profit really needs to be looking for either a Business 101 course or another line of work...

Reply by RIcloser on 10/25/13 11:29pm
Msg #489829

You got it right, Mike!

Reply by Marian_in_CA on 10/26/13 2:11am
Msg #489842

No kidding... I can't believe people still fall for the

whole "volume" argument.

There is NO SUCH THING as volume work at the signing agent level.


Volume only works when you can control your expenses. Signing agents don't have the ability to control their expenses per signing to the point where a bunch more work does them a lick of good. It just means more work and more expenses.

Reply by sueharke on 10/26/13 12:29am
Msg #489836

If this is really your goal, go get a line of credit to pay the notaries within 15-20 days and pay the line of credit back once your are paid by your vendors. If you are the boss or owner of a business, then the owner is last person paid after employees and IC. I suggest going to the Small Business Administration (SBA) and SCORE and learn more about running a business.

From Signing Stream website:How long can it take to get paid for a loan signing?
We understand it can be frustrating to not get paid in a reasonable time frame. After all, we as a signing company have to wait for payment by the lender in order to disburse funds to our notary vendors. Notary agents working with Signing Stream can expect to wait up to 45 days for payment due to the major lenders and title companies we work with. Our goal is to reduce your payment time frame to within 30 days.

Reply by Marian_in_CA on 10/26/13 2:08am
Msg #489841

"After all, we as a signing company have to wait for payment by the lender in order to disburse funds to our notary vendors."

Yeah... warning sign numero uno... THEY DON'T HAVE THE MONEY TO PAY YOU!

That kind of agreement is for the notaries who agree to work on contingencies. It's a gamble.

Reply by Notarysigner on 10/26/13 9:00am
Msg #489854

They are full of more SXXX then a xmas turkey..


>>> This example shows how a notary could be waiting up to two months, what seems like an eternity, to get paid for a signing. To a notary not well aware of this process, it may seem like the signing company is delaying payments for whatever reason, when the signing company is really just a intermediary of this “invoice for payment” and Net30 process. The lender’s payment procedures in most cases are the real culprit causing notary payment delays. <<<<<

iF YOU HAD THE "OPERATING CAPITAL" IT WOULDN'T MATTER!

Reply by Gary Williamson on 10/26/13 12:04am
Msg #489831

Be carfull, thes guys will screw you out of every dollar they can. I am witness to that.

Reply by SDSigner on 10/26/13 12:09am
Msg #489833

Yep, unacceptable. Anything over 30 days would be a deal killer for me, again, why not go to the escrow officers directly? Or the lender that makes that call?

Reply by 101livescan on 10/26/13 8:44am
Msg #489852

If we don't accept their paltry offers maybe they'll go away

Nice thought, huh? Someone over their has the philosophy that by hiring people who think so little of their capabilities, skill and professionalism, have low self-esteem, they will always have a captive audience to close their loans.

Signingstream has the classic, worst business model for a signing service I've ever encountered in 13 years. I would never accept work from these people. Clearly they are operating on a shoestring budget while paying themselves first, pay their own people very little, and probably will not survive long on the SS radar string because they are all about taking care of themselves and not their vendors, clients or borrowers.

The best signing services we know of today have been busy building their businesses for the long haul, and they are not an IN AND OUT Service.

Reply by L. Knox Wimberly on 11/5/13 3:34pm
Msg #491433

I received a call from them last night. They offered $75 AND they wanted pointless faxbacks. I quoted my usual fee for the particular county with faxbacks (think double what was offered). I then told them I was sure they could find an inexperienced notary and politely ended the call. Hopefully they will take the hint and not call again...