TheNotaryPool has a 45 day credit terms as per their contract on snapdocs. I have problem with any agency holding notaries to such long payment period. Why do we have to put up with it?
Simple: We are disorganized and no common umbrella. Title Agents have ALTA to work for them, Realtors have their own organization to work for the betterment of their profession, None for notaries welfare and reform? They just don't exist IMO & if they did, they are doing a poor job of letting this situation fester. Perhaps they are also a part of the same problem & purely commercial in nature.
Why are consumers saddled with these huge costs associated with a simple service such as finding a notary?
Do these huge margins provide for more that just notary search service signing agencies? Hmm ! Kickbacks? Now that would be illegal in all states? Anyways that is just one of my theories.
But this is what I decided to get my payment? I some higher management on the lenders side & they took care of this. Within the hour, the owner called & i received my payment within a few hours.
The lender is also of agreement that it is very unprofessional for notaries to be Not paid , when disbursements happen almost within few hours of loan consummation.
What are the companies doing with our money? Investing and flipping it ? Holding my cash interest free for what?
The larger problem is that notaries are a divided lot.
We are desperate to accept the first available amount? Stop !! Do not accept anything ridiculously low such as 60/70/80/90. I don't know what you get in your state, but in NJ, this is the rate and someone always accepts it.
I have started a google groups. Check out NOTARY_SIGNING_AGENT@Googlegroups.com
I intend to put a stop to the following
1) Notary default/delays in payment... It must be as instantaneous as escrow's payment.
2) Notary Signing Agencies take a LARGE %age as commission & call it notary fee... I am trying to have the law changed in the CD Truth in Lending disclosure to differentiate between NOTARY FEE & SIGNING FEE> Let the consumer decide what he want to pay the escrow as additional fee for notary search services provided by these signing agencies.
3) Title/Escrow only contract with signing service to facilitate finding a notary & deliver documents/ But be held liable for non payment.. For that I am going to push that NOTARIES fees be paid by the person who disburses the funds on closure. Whether the transaction consummated or cancels, the notary fee must be paid.
JOIN MY GOOGLE GROUPS:
BTW visit this URl and post your public comments on the FEDERAL register
Amendments to Federal Mortgage Disclosure Requirements Under the Truth in Lending Act (Regulation Z)
A Proposed Rule by the Consumer Financial Protection Bureau