Posted by loancloser46 on 9/5/13 11:46am
Msg #483300

Anyone else noticing a slowdown in payments too???

Closed a purchase for a title company very early in August and was told the check would be cut and mailed sometime next week. Ridiculous to have to wait 40-45 days for payment. Also have several ss not answering emails and returning phone calls about past due money. I am betting a bunch of them will be biting the dust since they are run like Ponzi schemes. When the money stops rolling in like it has they won't have funds to pay the last batch of notaries.

Reply by pat/WA on 9/5/13 12:11pm
Msg #483303

Even the title companies are slow

Reply by Yoli/CA on 9/5/13 2:34pm
Msg #483318

Care to name that TC, loancloser46?

If they're about to go kaput, it'd be a nice gesture on your part to forewarn your fellow notaries.

TIA!

To answer your question, my checks from TC's and SS's have been coming in like clockwork -- knock on wood! Even one SS I was a little hesitate to accept due to recent postings about slow payment. Hadn't worked for Velvet in about 2 years. She met my fee, which she previously didn't want to, and payment was received 5 days early.

Reply by notarydi/CA on 9/5/13 3:25pm
Msg #483327

yes, slowdown in payments here as well.....

I'm waiting on payments on signings I did last half of June.....the SS always pays.....eventually.....

Reply by ME/NJ on 9/5/13 3:51pm
Msg #483335

No slow down in payments, AR is fine and on schedule 21 day turn around time. Over the years you will know who and when payments are due. During slow time like now less funded companies will extend when they cut checks to vendors to cover there own cost first. This is why if you have to call for payment or wait past 30 to get a check you need to think hard about them

If this keeps up for a couple of months companies may fall, in 2008 a large well known company closed shop without notice leaving many of us on the hook for lots of money. One local got stuck with 4K unpaid invoices I was paid two weeks later they closed. I am sure someone will know the name of this company, it was well known and paid well and on time.

Reply by cremevette on 9/6/13 7:37am
Msg #483404

Only from very small companies. The big ones are still paying under the same timeframes. Slower times like this breeds start-up companies that will try to charm you on the phone and then say "for a signing such as this we typically pay $60." I'll end up taking some $75-100 closings from companies that I KNOW will pay me promptly, but not these newbies with ZERO credit history on Notary Rotary.