I’m a new Notary Signing Agent and nervous about accepting my first assignment. Worried I won’t get it right and mess something up. I’ve had offers but reluctant to accept. I’ve been through the NSA certification program and passed the test but having the knowledge and being able to do it are two different things.
How will you know if you never try? Nobody is perfect, even though we are made to feel like we have to be. Check and recheck your work before uploading scans and or dropping the docs. Ask questions for the things you’re unsure about. Title offices and lenders I have worked with would much rather answer a question than have to delay a closing to correct a mistake.
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@michaelgodbey06 Please take a few moments to review my Reply to the other new thread you created.
You have to jump in and just do it.
@michaelgodbey06 Oh! Another very IMPORTANT step to your success . . .
Please research the business entity & their affiliated reputation PRIOR to providing any Professional Services.
===>>> Remember that for the Professional services you provide include associated ACTUAL DIRECT out-of-pocket expenses that become a financial liability you’re incurring for that specific SO; i.e., gasoline, turnpike/ferry fees, paper, toner, binder clips, pens, envelopes, hand sanitizer, wipes, etc.
Many of us have a PAYMENT POLICY & identify those requirements when accepting Signing Orders [SOs] from a new client. That is normally one of the non-negotiables during the SO Acceptance discussion. Here is an example of a payment policy:
“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.”
The PAYMENT POLICY STATEMENT is also included on each invoice for every client.
REMEMBER that your out-of-pocket expenses are promptly due (whether cash payment or credit card) immediately or within 21-25 calendar days (per credit card statement).
Ergo, you owe it to yourself to ensure that your CASH FLOW is available within that timeframe.
Want to learn how to Create your own individualized Schedule of Fees? Review this Notary Cafe thread.
Always remember to make an important distinction when asking about payment turnaround time during the negotiation interval:
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- “Is that 21 Calendar days? Or, 21 Business days?”
When doing the math, it reveals there is a much longer turnaround time for payment with the Business days counting ‘method’ . . .
- Trust (but verify).
Always vet a client PRIOR to the initial transaction. Ask “What is your payment interval?”
Be certain that you confirm the interval is in calendar days or business days as there’s a LARGE difference between the two . . .
Accept the SO if it meets your criteria and add the caveat that you’ll be researching their business regarding payment history & may need to return the SO to them if there are concerns about prompt remuneration of successfully provided Professional Signing Agent [PSA] services..
- Remember to always keep notes about the payment interval agreement.
- If you have a NEW client with one outstanding invoice, hesitate on accepting additional SOs until payment is made.
WHY? Often, business entities that have a “sketchy” history of paying PSAs, they’ll often schedule MULTIPLE SOs close together. Before you know it, you have a NEW client with 5 or 6 outstanding invoices! Non-payment could result in financial difficulties . . .
- Be Professional.
- Remain calm.
- Don’t respond to ad hominem attacks (nor reciprocate).
- Take legal action when all else fails . . .
The following are a few general insights regarding the management of your Accounts Receivable transactions. These are not necessarily in order of priority . . .
- ALWAYS submit an invoice directly to your client; that is, unless they’ve specifically identified that one isn’t necessary.
Of course, you’ll want to follow that account across the ‘maiden voyage’ to ensure that business entity DOES pay without receiving an invoice directly from you. After that confirmation of successful payment, continue to monitor receipt of payments.
- DO keep an abbreviated payment turnaround interval.
A reasonable payment timeframe with a Title/Escrow Company [T/EC], Attorney, etc. is 5 to 7 calendar days.
For Signing Services [SSs], 7 to 21 calendar days.
NOTE: Some SSs issue checks/Automated Clearing House [ACH] payments on the 1st & the 15th of each month. As such, their payment interval may be a bit longer than noted.
Michael,
These are exactly my feelings as well!!! I was just getting on here to post these thoughts.