Has anyone out there noticed an uptick in signing companies not paying on time or not paying at all? In the past 2 months I’ve had to collect on a handful of signing companies not sending payment.
I have a system where I calendar if payment is not received by calendar day 30. I send original assignment page to accounting department for notary broker, etc. with simple language. “Signing completed such and such date. When may I expect payment. Thank you for your time.” 99% of time payment received same day or next day. Pain to have send reminders but this is business.
The slow pay/no pay has been on the rise for the last year. It’s an indicator that a SS is having cash flow problems.
This reminds me of days gone by, before the refi boom. It was standard practice to research the signing service before accepting the assignment. Now, with all the cattle call companies, and EVERYONE becoming a signing agent during the boom, if you take the time to research first, the assignment is already snatched up by one of the newbies! It’s back to a game of chance. So many disreputable scammers out there. It is sad that no one is holding them accountable. I wish title companies would just work directly with signing agents, cutting out the money-grabbing signing services. I’ve seen charges in the hundreds, or thousands even, while my payment is $75 to $100. Shameful!
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