Lets face it. We all want to be paid when when we render our service.
Just imagine, the title company telling the Realtor or Mortgage Rep, sorry we can’t pay you even though the loan has closed. Not good.
Yet, almost everyday, after the mobile settlement provider (notary) has performed their part of the closing act, they are either told they have to wait to be paid until title pays the signing service invoice, or they are not paid at all and the signing service pockets the money. If you don’t believe this to be true, simply read the notary forums regarding payment issues.
The Wicked Truth of the signing agency business is that it is very easy to get into – with little regulation or financial investment. And worse yet the Title and Mortgage industry has allowed it to happen. Until now. These factors attract money players and scam artists galore. Hordes of well-intentioned but deceived notary closing agents have quit the business as a result of blatant fraud having been perpetrated upon them.
The Scam Works like This:
The signing service (mobile settlement provider) offers extremely low fees to a Title or Mortgage, Company. In many cases there is an inside contact that the signing service knows to establish getting started. As business comes pouring in they seek out new notary agents who will work for a low fee structure or even offer to pay a fee that is more than they are collecting knowing that they will never pay the notary agent a dime! Yes it happens all the time. The documents are signed and returned for funding to the requesting agency. Transaction closes and the signing service gets paid. Unfortunately, they omit paying the Signing Agent who incurred expenses for providing the closing.
Escrow, Title, and Mortgage firms, like any business seek out the best service for the lowest cost factor. In the haste to save their clients’ money they may think that the grass is greener on the other side of the fence and opt for using a signing agency that has lower fees. The Signing Service industry if operated properly is an extremely stressful entity to be engaged in. Many have extremely poor pay histories. Notary closing agents who have been burned by these hucksters, will in many cases attempt to collect from the original requestor causing problems. And in many cases, double payouts are incurred by the title company. Closing agents have become very aggressive in their collection tactics. Currently DA offices in more than one city are working on cases of fraudulent issues regarding this type of conduct.
Excellence Counts
Since 1997 the Doc Signers has successfully worked in the Nationwide Mobile Notary industry. Our success is simply the result of a genuine concern for each and every transaction. We have never spent resources on advertising. There were no “inside connections” or “kickbacks”. Our growth over the years simply came from good old word of mouth referral.
We do not want to be the largest signing service in America. We just want to be considered as the best in our niche market that we serve. Our primary focus is to be the best closing provider available to the numerous Title and Lending institutions in the U.S. Signing agents make mistakes. We believe that a review of the testimonies of our clients and closing agents will provide all the proof that is needed to see why you simply cannot take a chance with low ball pricing and receiving defective documents that may very well cost your firm a large client. That is a sure way to lose your hard earned client when their transaction fails to timely close and you promised them your signing service would get it done – no problem.
Mike