Completed a closing for this company in March. They have a payment schedule of 60-90 days. I have been a notary since September 2000 & never had any company have that type of time period. Most companies have a period of 14-45 days. I can’t tell my utility company to wait 90 days to be paid. The attorney said they probably work on a shoestring budget & wait for their vendors to pay them. Please watch out for this company & realize it will take you a long time for funds.
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I do work for them fairly often. They pay when their schedule says they’re going to pay.
I don’t take a LOT of work from them because it can take 4-6 weeks. I stopped doing SILK Title signings because those are the ones that take up to 90 days.
But they do pay when their schedule says they will. You have to decide if you can carry a receivable that long. They aren’t a bad company.
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Correct. They do pay. It is the month following the month it closed, except for Silk Title. So it could be anywhere from around 30 to 60 days depending. I usually won’t take anything from them until the middle of the month so it doesn’t go past 45 days. I have noticed lately that their fees offered have went down here. They routinely send out refi’s starting at $60 here in my part of East Tennessee.
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That information does help. I’m amazed that this year the cost of toner, paper-especially legal & gasoline has gone up, but these companies are low balling the fees. The paper count on some of the refinances have go up. Had one with an appraisal of 72 pages on legal paper & they were offering a fee of $ 80 for paper count of 230 pages to be printed twice. Who can do that?
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But it’s relatively simple don’t work at fees that don’t make sense counteroffer everything.
If there were no notaries working for peanuts we would see different offers. This conversation never seems to go away.
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It will never go away either. Signing Agents just need to reconcile themselves to taking fewer jobs until enough of them are willing to stand up for their self-worth, and then fees will start to rise. The prevailing attitude of “If I don’t take those fees that are offered, I won’t work” will prove to be semi-true until enough of us stop allowing it by taking whatever low fee amount is blasted out there.
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I hate SilkTitle. Their title docs are so convoluted!
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Silk has always been difficult. Many title companies will not deal with them for that reason. Notaries complain about the reputative paperwork.
Extended payment cycles, such as the ones that Premium Closing Solutions uses, can create significant financial strain for signing agents. Personally, I greatly prefer working with companies that offer significantly shorter payment terms. Ideally, I would like to see payment terms of 7 to 14 days, but even better would be immediate or advance payment options, as these would greatly improve my cash flow and reduce financial risk. I firmly believe that signing agents should make it a standard practice to check a company’s credit rating or credit score before agreeing to work with them. This is crucial because, in effect, we are extending a line of credit to these companies when we complete signings, and the prompt payment of our fees is essential for our financial stability.
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I’m happy for anyone who can pay their bills and just not work by choice. I’m not that fortunate but I don’t do anything cheap. But I do end up logging a lot of miles.
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Yes, you log a lot of miles, but don’t really pay much attention to it until something breaks and you have to get your car repaired. The cost to get anything done on your car these days is staggering and it will hit you all at once. It’s then that you think of all of those notary-related miles that you put on that accelerated this major expense.
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LOL getting front brakes done tomorrow. About seven hundred bucks.
I have a great friend who has a shop and is retired as a mechanic but still does work. He saves me a ton of money but had shoulder surgery so wasn’t available for the brake job. I’ve learned to spend on maintenance when it’s needed and that saves big repairs.
Tires, too. But I have raised distance prices with no resistance. Because fair is fair.
I did laugh today about the job request for Oroville which is almost a five hour drive. Offering $175. Sorry can’t go for less than $700. Which is still kind of low. But I’m careful bidding those jobs because every once in a while they are awarded and those kinds of drives are so unhealthy.
Notaries are traveling less here. So I’m working more. April was the highest month so far this year. Which makes receivables great and allows me to pay for brake jobs.
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I do a lot of signings for Premium closing solutions very good company pay good and easy to work with.
When you are doing with a new company or one which is sporadic, I become concerned. One is not familiar with their pay system.
PCS includes a calendar and explanation of their pay system with every order confirmation.
Wish I could get my bills to extend to 60 days. That would be wonderful. I did a verification on an auto plan on February 10th at 2:30 pm. There was 4 pictures & 1 page for owner & notary to sign. Took me 12 minutes with agreed fee of $ 40.00. They quoted me 15 days for payment. Obviously That didn’t happen. How can any business operate without capitol? Have sent copies of all correspondence to Florida Commerce division. Probably won’t get paid, but this insurance company will have to explain why they didn’t pay a vendor. See what happens once they try to renew their license with county or state.
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My last job was with a multi national global company with a budget over $1 trillion and their standard operating procedure was to pay their bills on 90 days regardless of what the terms were other Bohemothcompanies to do that she include Kmart and Walmart and general motors. it’s nothing new and it’s not really indicative of what kind of operating capital companies have.
Just an indication of greed.
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I do a decent amount of signings with them. They pay. I do not mind the wait. I know going into it that i will see the payment eventually. If your doing 12-15 signings per week, plus surveys and such on the side, cash flow should be ok. Just keep on top of volume.
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I so agree with you. I have only done 3 Silk and it’s made me a hater of them for sure.
Perhaps PCS has sold you a lil prevarication regarding Silk Title??
I completed a Silk Title signing for Signature Closers on 10/11/2024 and received (direct deposit) payment on 11/5/2024 for $250.