Premium Closing Solutions, Inc

21

They send an email that says they pay Silk Title orders in 90 days. That was in 2026.

22

Just pointing out that Silk Title orders through at least one OTHER signing service is paid within 30 days. If Silk is on extended terms with PCS and PCS doesn’t pay UNTIL they receive payment, it sounds like PCS doesn’t have working capital. I have no experience working with PCS.

IMO, my agreement to perform services and receive payment for same is WITH the hiring party. THAT hiring party is responsible for paying my agreed-to fee on a timely basis regardless of principals to the transaction (lender/title/signers). IMO, “timely basis” means within 30 calendar days. My invoices always state due and payable within 30 calendar days and this is discussed with hiring party PRIOR to performing any work.

Note: Working with company who does not have working capital runs a great risk of not being paid. If you do so knowingly, assume the risk and don’t be surprised if you’re left “holding the bag.”
jmpo

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23

I was paid by Premium today. This has taught me a valuable lesson. I truly appreciate everyone making points about this situation. I’m trying to do an honest day’s work to pay for my bills. I would greatly appreciate being treated in a fair manner. I am currently working with my attorney & accountant to have a more successful year & the comments I receive have brought more light to light. I want to thank everyone for their honest opinion & valuable advice.

24

They always pay. I just don’t hang a lot out on delayed receivables.

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25

I know its sad that their nothing to talk about but fees. It hard for me to come in trying to help someone and that is all you hear.

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26

Completely agree with you. Makes me wonder why some stay in business.

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27

Silk ecrow portion of the documents roughly 60 pages requires at least 18 notarizations.

28

Sometimes they put duplicates in there. I asked them about it, and they said I only have to fill out one copy of each form (per signer).

29

PCS/Silk owes me a bundle from last December and I’m having difficulty collecting. I’m gonna call the managers of one or both before the week is out and get definitive explanations why payment is such a problem. I’ll report in on this forum what I learn. Interestingly, they paid just today on a job in did in early March that did not close. Print/trip fee at the amount I requested. Go figure.
Watch this space.

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30

Right!! I love their free form notary page on a doc that doesn’t actually need one and looks like it can be attached to anything I take it upon myself to add at the bottom what the notary page connects to after they got on to me for removing it. I told them I do that to all companies that make notary certificates like that as that is not supposed to be done that way.

31

If they don’t like the payment terms, then dont take the order.

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32

Thank you Steve. I noticed a lot of duplication sometimes because its on the Escrow side and then again on the Lender side. I have been tempted to only have one set signed. It would save so much time to be able to disregard duplicates. You will also see the Preliminary report twice and Privacy Policy sometimes three times. All the same information, nothing new. That being said, some loans do require two DOT or two Assignment of Rents.

33

Silk Title has too many notarizations to break even, much less not lose money. Some companies do not disclose it is a Silk Title until you have accepted the offer. If I take a reasonable fee and find out that there are conditions that were not apparent when I first accepted the offer, I will request a fee adjustment. This is for jumbo loans, more than two signers, or everything printed Legal.

34

I don’t figure profit based on number of notarizations.

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35

I don’t think any of us do, but if I could charge California’s rate of $15 per notarization, I’d take Silk Title signings all day long.

36

We are either quoting General Notary work or work as a loan Signing agent. They aren’t the same thing no matter how bad we want to get paid $600 a package.

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37

You are SO GOOD at pointing out the painful truth :slight_smile:

38

A dose of reality never killed anyone. Only their dreams.

39

That’s very poetic, but sometimes, reality kills. Not suddenly, but slowly over time.

40

Duplications in packages are there for a reason. Sometimes their are two companies making the loan, and they want a copy of some of the pages.

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