Posted by Northern Cal on 2/12/05 11:40pm
Msg #20444

Signing Business Slowing

Business was slower in January compared to January in 2004. February seems to be off. I've read that loan applications are forecasted to decline. Anyone else seeing a trend?

Reply by fiKS on 2/13/05 12:00am
Msg #20445

One SS told me that refi is declining. It's too bad I got into this a little too late, but hope that there will still be enough business for a couple more years to justify all the time spent marketing. Less business with growing numbers of agents, not good.

Reply by Jan/Ca on 2/13/05 12:26am
Msg #20447

Where are you in NorCal? I am in Norcal and have been very busy Jan and Feb.

Reply by Northern Cal on 2/13/05 1:50am
Msg #20449

Sacramento

Reply by Oldbie CA on 2/13/05 11:19am
Msg #20466

Refinances are slowing down . . . as compared to when the peak of the re-fi boom was happening. If it weren't for HELOC's (which has kept me crazy busy) I would be starving! I have seen refi's pick up in February but by no means could one (in my area) make a living off of this job.

Yes (IMHO), an onslaught of signing agents into the field along with declining refinance applications is making this field one of hobby and not one for full financial support and independence. I have read other notaries statements that they have weathered other storms and this is just another slow time that too will pass, however I must respectfully disagree. Never before has the NNA and others marketed this business to this extent. That massive marketing venture has saturated and continues to saturate this business while at the same time refinances have slowed and we are looking at (more than likely in my opinion) eventual increases in interest rates. And the NNA is NOT slowing down it's marketing campaign while at the same time others jump on the bandwagon to make a buck off the gullible.

I am shocked at the increase alone on these types of board lists. About 2 years ago there were a few notaries in each listed now these same areas are inundated with notaries. Here, gomobilenotary and other listing sites have increased by unbelievable amounts. How can one think (after looking at the notaries listed in their respective areas) that they have a chance to make a living in this field? It is getting worse and worse and in my opinion this field is in jeopardy for those who want, plan or have been making a living at it. JMHO.

Reply by Northern Cal on 2/13/05 12:33pm
Msg #20481

I agree with your predictions. I would anticipate that over the next two years you will see consolidation and/or closure of many signing services due to the decline of refi's which has been the staple of many signing services business. I believe the same goes for notary listing services. Signing agents will be forced to evaluate where they spend their marketing dollars and listing themselves where they will get the most referrals. I am already in the process of shifting my marketing dollars to my new website and going directly to the larger signing services and negotiating discounted signing fees. This will only push the profitablility signings down and force many out of the business.
The bottom line is the signing agent market may be maturing. With that being the smart and business minded will be the ones to survive.

Reply by Melody on 2/13/05 8:46pm
Msg #20542

I agree n/m

Reply by Lisa on 2/14/05 6:41pm
Msg #20607

I have thought a lot about a slowing of business. I remember the NNA Signing Agent monthly news letter back in Dec or Jan of 2004 predicting a slowing down. Yet it was a very good year for me.

I believe its very important to always think ahead and be on top of a changing market. But I believe all the ARM loans we have all witnessed will be coming around for a fixed rate. Not sure what the rest of you have signed but I have done hundreds of ARM loans in the last 12 months alone.
Feb did start slow for me, but January was very good and at par with Jan of last year.

Reply by Marla_NorCal on 2/13/05 12:32pm
Msg #20480

Re: Jan, where in No. Cal are you?

I'm far North, Mendocino Co and it appears t/b very slow compared to summer............How many signings are you doing per week?Marla

Reply by Northern Cal on 2/13/05 12:37pm
Msg #20484

Re: Jan, where in No. Cal are you?

I am in the Sacramento area. I am signing an average of 20 per week. Down 10% from last year.

Reply by Fay, CA on 2/13/05 1:21pm
Msg #20491

Actually, 20 per week is fantastic! If you do 3 a day for 7 days, that is 21 signings. I am on 24/7 and actually get 2 to 3 for five days, and count on several days off.

Reply by ItsMe123 on 2/13/05 3:35pm
Msg #20520

If you want to survive, you have to market purchase signings

Enough said on that