I honestly think that something needs to be done about signing companies that are slow or no pay.
When a loan closes/funds monies are disbursed to all parties that day. So they why on God’s green earth, signing companies take 30 - 60 days to pay the notary. This is unacceptable behavior. They are using notaries to float their business. They are paid, but refuse to pay us in a timely manner or find an excuse not to pay us. Even better for them when we become frustrated chasing them for our funds and just give up. They have gained free funds off of our backs. The integrity of the business has evaporated from the business with these shoddy companies.
In addition it is unacceptable when the title agent makes an error, it suddenly becomes the responsibility of the notary. The title agents are paid hundreds and sometimes thousands to do their job, and when they act erroneously, they, and the signing agent companies, blame the notary who received a nominal fee.
Any suggestions, from anyone how we can gain back the integrity of this business?
I agree!!! I’ve been waiting for Loan Pro Closings to pay me since May! I’ve emailed the accounting department 3 times and the scheduler 2 times and called and left messages but NO response.
I also feel that we were getting paid the same amount during COVID as we do now and we were risking out health and maybe even out lives to go out and do those closing! AND why haven’t they increased our fees? EVERYTHING else has gone up 100 fold, but not our notary fees. What can we do about that? I guess as long as there’s notaries out there that want to get paid pennies, they won’t increase our fees.
The mortgage industry has been slowing down for the last year or so. The standard business billing period in the US is 30 days. When your payments are delayed, your giving the SS an interest free short term loan. If you previous SS billing period has been stretching, it’s an indicator of a cash flow problem.
The SSA are charging strong fees to the title company, who then passes the fee on to the customer. The SOME SSA cream off the top and gives notaries the meager reminder. The bad SSA are giving the good ones a bad name. They should not be permitted to remain in business, or be fined, and pay us delayed pay with per diem interest. Perhaps NNA should get involved and set some kind of strong guidelines. We pay them enough. They have only increased their fees over the years and we are getting the exact same thing as before. They train us not to pursue the clients of the SSA, but we have little and no recourse other than collection and litigation. There really needs to be stringent guidelines set up. Perhaps the state can get involved and set guidelines for the SSA, just as they do for the notaries. If guidelines are not set there will be an explosion one day. Everything swept under the carpet always comes to light (public). But the difference is how it comes to light.
The real problem is the title company that keeps hiring the same signing service that continues to stiff the notaries of the signing fee. If I call the title company to complain they say that the signing service was paid and that ends their responsibility. I called a title company complaining that they pay the signing service but continue to hire the service knowing they are stealing the notary fee from the notary. The title company controls the money and they should not be hiring people who will not pay their vendors.
This is the problem in the industry, no respect for what we do. IMO everyone needs to stop accepting low ball offers. Why is it acceptable to pay us 30-60 days after funding? The master settlement statement should contain a line item entry for the notary and the title company should cut the check immediately to the notary. Every other service provider is paid at funding, i.e., title, survey, attorneys, etc.
Remember, they are running a business. They pay themselves and possibly a scheduler as well as insurance and other things. Some of the larger SS bill monthly, so they get paid net 30 and you may see net 45. Not saying it doesn’t stink-but it is often not a direct connect.
I have had to sometimes nudge or remind a Signing Service to pay me but never had to do much more than that.
Most business are paid Net 30 and that is why we see Net 30-45 on average.
Its just part of doing business.
At any given time I have about $5000 in accounts receivable.
Im happy to have it in the pipeline and to keep on filling it.
As long as it comes I am happy.
Would i like to get paid faster? Sure, but when you have been doing this for a fairly long period of time and you like what your doing, happy with the income your producing its alot easier to accept it as the flow of the business.
Ive owned and operated other small businesses and have worked for other people as well and wjen it comes to getting paid, unless your an employee its never a two week payment like a paycheck.
As an independent title closer for various title companies, I can attest that checks are cut right after closing. I print buyer/seller funds, realtor’s funds, attorney’s funds, and my fee as soon as the lender approves the documents after buyer signs the package THAT DAY.
I understand in business that net 30-45 is the norm, but chasing down your payment is NOT A PROFESSIONAL BUSINESS PRACTICE.
I’ve stopped working with signing services for this very reason. I have bills to pay too so I feel no pity for a signing service who doesn’t pay.
Unfortunately, many people and newbies are sold millionaire dreams and are advised to take these lowball fees for “experience”.
Then you have the NNA who can upcharge you on a bunch of fluff that you don’t need, but they don’t advocate for notaries against unfair business practices. I could go on and on but I’ll get off my soapbox.
Go direct as soon as possible if you’re tired of being stiffed by lowball non-paying signing services.
I would say go directly to the title company instead of emailing them. Tell them that you are an independent title closer instead of a loan signing agent. Many title companies have no clue what that is.
They also will tell you that they have Closers and in-house notaries, which is great, but offer to be on call during holidays, time-off requests, and emergencies. That’s what I did and they ended up using me full time instead
Couldn’t agree more. Additionally, just because the settlement statement says notary charge $450, doesn’t mean the SS has actually been paid yet. They extend 30, 60, 90 days credit, and I’m sure they’re dealing with slow payers as well. It’s up to you, the business owner, to do your due diligence before extending credit to any company. Especially ones you’ve never done business with before.
Remember we are running a business also and have expenses that need to be paid. Gas, paper, ink, printers, scanners. dry cleaning, pens. NNA fees, insurance, bonds and e & O. Do we say to them the signing agency has an interest free loan from me so please wait until they feel like paying me. Absolutely not.
No argument there, but when you accept the signing from a service, their payment terms are in the order. It they aren’t acceptable, ask to be unassigned from the order.
And I am not taking about non-payers, that is a whole other subject.
IMPORTANT to confirm the payment interval is CALENDAR days (not business days).
It’s important to include on YOUR invoice to them your payment terms; i.e., NOTE: This is a friendly reminder (beginning 1/3/2012) if the borrower does not sign or if loan does not fund, or if the refinance, property purchase and/or sale is not finalized, full payment is still due for the professional services rendered and time reserved for said signing.===>>> Delivery of document(s) to the professional signing agent [PSA]/notary will be considered acceptance of these terms. Thank you in advance.
I agree with zed298. There should be a line item on the settlement statement so that everyone involved gets paid when loan closes. For complete transparency, it should be itemized with signing service as well as notary so everyone can see who is getting paid and how much! There is no reason notaries should have to wait.
I don’t think the signing services are waiting for their payment. There should be a full disclosure on the settlement statement so everyone gets paid at the same time with line items for notary and signing service. It’s really frustrating when you see what the signing service is getting paid and it’s the lions share. Also, I’ve had customers ask me if that’s how much I’m being paid and I have to explain it’s a third party that then hires me and that’s not the amount I’m being paid. And then have to wait 30 days plus is just unacceptable. I no longer accept signings from slow paying companies. There are a few really good ones out there and I jump through hoops for them!
I agree 100%. Notaries are the only ones waiting to be paid. We are running a business too and GNW you are paid on the spot. This should not be any different.
percent.
