Hello Notaries…
I have not made it a point to put a couple of these inserts, especially where there is special instructions to settlement agent. I have printed this leaflet and keep them handy and insert them in every loan package, that comes from a signing service. My goal is to have these signing services put out of the business and end notary’s misery . If you are interested, copy the below and create your own notice of prompt payment
ATTN: SETTLEMENT/ESCROW/TITLE /LOAN OFFICER
If this closing has been contracted via a signing service
It is the responsibility of the SETTLEMENT/ESCROW/TITLE /LOAN OFFICER to ensure that the notary closing agent gets paid on time. That means upon settlement or upon disbursement of all fees.
Off late many signing services are not paying notaries.
A few have been folding up, or holding payments far beyond after disbursements has been done. Some signing services employ PONZI model of payment, by waiting on payments from future transactions to pay notaries as late as 45 days/60 days and beyond.
Credit terms for notary payment are never allowed & the above mentioned people will be held responsible for non-payment/default and other civil liabilities
Notaries must be paid for work done, irrespective of whether transaction consummates or not. Please ensure that the signing service pay the notaries promptly & that they have the financial stability to do so.
Some signing services continue to thrive on deception. They do this by changing business entity names and restarting this deception. There is currently lack of compliance and checks on signing services.
I am honored to be the closer for this & should you require my services in future.