Hello, I am a new Loan Signing Agent. I have done a few signings for 3 different companies. One company emailed me saying to make sure my address is correct, and another said they will send a virtual check. 2 of the 3 companies seem sketchy, and they did not answer the phone when I wanted to clarify some instructions that weren’t clear and not detailed. So my first signing was completed May 12th, that company was the one that said they would send a check to my home address, and I have yet to receive anything. The other one I completed the signing on Friday. That one was the virtual check. What should I expect?
Sort of hard to answer. e checks can come via email and you get a link to where you can print and deposit. You should have received a terms and conditions from whoever hires you and check the compensation section that should include payment terms.
Mailing a check = expect a paper check via USPS.
Virtual check = aka e-check - you will receive via email or a link in an email so you can access e-check then print and deposit it.
Most companies pay anywhere from 2 weeks to 4 weeks from date of signing. Some pay 30 calendar days from date of signing; some pay 30 business days from date of signing. This is something you should discern prior to accepting an assignment. There are a few companies that say they pay 60 days out. IMO, that’s way too long and I, personally, do not accept those assigments. Then, you have the companies that have the MO of not paying the notary. ABSOLUTELY WRONG!
Always vet those to whom you’re extending credit.