Relatively new signing agent here. Is it common to have to wait 30-45 days for payment after a closing?
In a nutshell…yup…or longer
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I keep orders from signing services to a minimum. Title companies usually pay same day or up to 30. Some signing services will take 30-60 days…I actually refuse work from any SS if they take longer than 30 days.
@vdrnach Always remember to make an important distinction when asking about payment turnaround time:
. “Is that 45 Calendar days? Or, 45 Business days?”
When one does the math, it reveals there is a much longer turnaround time for payment with the Business days counting ‘method’ . . .
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NOTE: Industry standard is to be paid within a few days or up to 2-3 weeks of the successfully completed Signing Order; contingent upon whether working Direct or with a Signing Service.
Longer than that is simply not in your best interest as a business owner as your invoices for gasoline, turnpike fees, required supplies, etc. are usually due within 25 calendar days.
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Also, remember to query that once the professional services are performed, payment is due & payable.
Fee is due and payable for services rendered at the time service is provided - regardless of/not contingent upon borrower(s) signing, the loan funding status, or the purchase/sale/refinance finalization status.
===>>> Thus, many items to verify with your potential new client when discussing/negotiating the terms of your professional services.
Hi, unfortunately yes it is common. So, a good rule of thumb is when accepting an assignment from Signing services or direct companies, discuss payment terms. If it is a Signing service, read the agreement and the pay terms are there. Most are NET 30 but some pay in 1 week, 2 weeks and…45 to 60 days.