| |
 Dear Signing Agents,
You need to REGISTER and have a password to post or reply to discussion topics. Please remember, your password for your listing on 123notary.com is NOT RELATED to and is different from your password on the forum. Your password on the forum can be whatever you want it to be.
|
|
  Be the first person to vote!
| Author |
 Topic  |
|
|
vince
Kansas
324 Posts |
 Posted - 08/25/2009 : 2:35:59 PM
|
In working with various companies, it becomes clear that if the loan does not fund for some reason, or if the appointment cancels, various companies have different stated policies of the amount of the notary payment to be made. Many will state in writing on the work confirmation that "only a travel or print fee will be made" or "no payment is made if loan does not fund." It is best to know what the policy will be, and if it is negotiable, before the quoted fee for service is given. Or that you immediately respond with an e-mail regarding your policy versus what the work order states. More than half of the companies are really not that serious about the less payment statement, but that means the others truly are. You need to know, rather than to count on something that may not happen.
I do work for one local company that does not pay anything at all if the borrower does not sign. But, they are willing to pay a higher fee that makes up for the one policy in twenty-six last year that did not work out. If it happens too often, I would have to re-think the idea as it certainly would be simpler to have a fixed, non-negotiable fee structure that all MAY agree to. |
|
|
|
Renee
Michigan
549 Posts |
Posted - 08/25/2009 : 1:39:38 PM
|
Also, the money used to pay the signing agent more often than not, comes out of the general operating funds (unless you're NAMED on the Hud). Your assumption that they are paid 'your' money at the funding date isn't correct.
We are a business-to-business industry, and being paid 30 days out is kind of a standard across most industries.
There's a whole lot of other people that really do a lot of hard work on every loan that ever sees a closing table - whether or not it funds. We don't "put out all the expense" - I'd venture to say that the lenders & T/C's lose a lot more revenue than we do, when a loan bites the dust. I think a bit more 'team-think' might help you put it all in a more realistic and business-like perspective, Susie. |
|
|
|
Lisa T.
California
391 Posts |
Posted - 08/25/2009 : 09:35:43 AM
|
| Loan signings are not a guaranteed event. While most happen without a hitch, many variables could cause the signing not to happen. Awhile back, I had a signing cancel four times before the fifth time was a go. I will not request prepayment....and I will never work for deadbeats with an offer of prepay [even in their desperation]. |
|
|
|
PWinFL
Florida
469 Posts |
Posted - 08/25/2009 : 08:26:39 AM
|
quote:
Originally posted by susiet57
Why should we not get paid up front.. we put out all of the expense!?? Pay pal, or credit card payment should be no problem for these companies.
I've never tried, nor would I ask. Why? I'm running a business. And it's not a "fast signing" business. The typical business model for services is to receive payment after the service is performed. Like a restaurant, you pay after your meal. Granted, fast food restaurants, you pay upfront, but as I said, it's not a "fast signing" business.
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
|
|
|
susiet57
Tennessee
24 Posts |
Posted - 08/25/2009 : 07:53:46 AM
|
| Has anyone had any luck with requesting prepayment? Why should we not get paid up front.. we put out all of the expense!?? Pay pal, or credit card payment should be no problem for these companies. I feel confident they are being paid after the 3 day recission is up! Any thoughts! |
|
| |
Topic |
|
|
|
| Mobile Notary / Signing Agent Discussion Forum |
© 123notary.com |
|
|
|
Tips for using the forum
The most important feature on the forum is the search box. You can look up a particular word, phrase, name of a company, and see a potentially large list of search results with which you can obtain data. Filters are also valuable. If you want to find popular posts, you can use the number of views filter. You can also see whats new with the active topics link. Email us at info@123notary.com if you need any help using the notary forum.
Resources
The notary public resource page is valuable as it has links to all of the free information pages for notaries. Pages linked to the resource page include a page that teaches you everything you need to know to get the most out of your listing. Another page teaches you all the secrets of getting paid. There is a link to our free list of signing companies. There is also a glossary, learning tools, and much more.
If you are a notary, the free tips we give are invaluable.
Popular pages
If you visit 123notary.com often, you might want to visit some of our most popular pages such as the California notary, Texas notary, Florida notary, and New York notary pages to browse the site. We also have valuable pages for notaries such as the free list of signing companies, and the resource page. Please also visit our get notarized and notarized letter page.
|
| |
Pre Payment
