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edelske
New York
815 Posts |
 Posted - 11/19/2011 : 8:44:04 PM
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I see no relationship whatsoever between the processing after the docs are signed and when notary payment should be made. Payment is due when the job is done. THAT is "industry standard" with everyone I hire to do work. My dentist collects his fee when I leave the office. McDonalds requires me to pay prior to getting the burger. We are hired to do a specific job; when it is done - payment is due. More than half of my work is PayPal (in advance) and that includes individuals and signings. I used to have a regular "dun the duds" day every two weeks. I just refuse to be a bank and lend money to strangers. I have some exceptions who I know and trust from a relationship over the years. But unless there is superb NR and 123 feedback; it's "up front" or go elsewhere.
Sure, some decline - however I make up for it by not having to spend a "dun day" every two weeks chasing "duds" for funds due me. The work I do on those two extra "working" days a month more than makes up for the few who want me to act as their bank.
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
Edited by - edelske on 11/19/2011 8:45:24 PM |
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vtnotary05
27 Posts |
Posted - 11/19/2011 : 12:44:33 PM
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I think there should be some new ground rules regarding payment. Now, here me out, and see if any of you agree. As there is always a method-to-the-madness. I back up my post with an average payment time frame from my own Excel sheet, which I log all closings, date of closing, payment recieved, amount paid, and company name.
Those of us who have executed a few hundred closings know that the borrower has a 3 day notice to cancel, and the funds are transfered to pay off the old mortgage in matter of days once the documents have been returned after closings. If you look at the HUD the amounts for the closing cost are all there, so it's pretty clear once the funds have been transferred the companies who hire us have been paid. This business about "payment 30-45 days out," or "we only sign checks once a month, OR (I love this one...)if you perform a closing between the 1st or the 15th then you're paid when the moon is full and if you're between 16th and 31st, blah, blah, blah....
Point is people, I can tell you five companies right off the cuff, which pay between 5-10 days post closing. No issues, no hassle. So, the question to ask here is "why can others pay between 5-10 days, and the others are dragging it out 30 - 45 days (if not longer)?"
I don't know about the rest of you, but I for one am "all done," with the companies who can't wait to get you hired, but you have to chase down to be paid. This forum should start putting some guidelines on the companies that use this site for notary source/services.
A side note... for those of you who are new, don't give the companies a break if they tell you they're only getting $100.00 to pay the notary, that is complete rubbish! Again, look at the HUDS,you can see the closing costs. It's easy to figure out how much the title company is getting paid.
Just my thoughts. |
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