Posted by rengel/CA on 1/23/09 7:35pm
Msg #275464

Phone is ringing more this week...

Let's hope it keeps up!

Reply by 1AZNotary on 1/23/09 9:34pm
Msg #275471

Having the same experience :O) n/m

Reply by hp/MD on 1/23/09 10:00pm
Msg #275473

I did good this month so far. I had 2 today and have 2 for tomorrow. It is my birthday. I am getting old.

Reply by Claudine Osborne on 1/23/09 10:06pm
Msg #275474

Happy Birthday!! My phone has been busy too..let's hope this is a good sign we sure could use it!!

Reply by Marian_in_CA on 1/23/09 10:09pm
Msg #275476

Happy BIrthday!!


It's good hear more people reporting that phones are ringing.

Reply by Joan Bergstrom on 1/23/09 10:49pm
Msg #275478

Signings are definitely picking up in the last 3 weeks. In the Inland Empire, CA this is a positive sign to say the least!

For me personally: many refiances, some loan modifications (borrower(s) hired me, purchases, (all foreclosures) & many loan applications for loan modifications.

I did a signing tonight where the borrower told me she was mailed a letter that she fit the criteria to be in the "Hope Program" by this company and they lowered her principal by $20,000 and her interest rate from 7.2% to 5%.

I know her interest rate was 5% the rest I don't know how she got this rate and reduction.

She said she wasn't behind in her mortgage. She is employed and makes over $ 8,000 per month.

Reply by doglover/CA on 1/24/09 2:38am
Msg #275483

Good to hear that you folks have been getting more calls and work these days.

For me, it has not just been the phone ringing more this week. It has been all throughout this month. I have had at least one call per week. This week I have had quite a few inquiries about my non-loan signing notarial services, presumably from people who have seen my profile here.

One person for whom I notarized a grant deed for told me that she had done an online search for notaries in my area and my name came up somewhere near the top of the list.

Joan's load modification signing reminds me of one I did a few weeks ago. The borrower mentioned that he was informed that he qualified for a loan modification to reduce his rate to 5% and he decided to take up on the lender's offer. He didn't seem to be in any hardship, as he was self-employed and working steadily.

Reply by Shoshana Roller on 1/25/09 2:47pm
Msg #275550

If a person has an ARM that is about to reset, one need not show hardship to get the loan modified by the lender.

Reply by Shoshana Roller on 1/25/09 2:45pm
Msg #275549

FYI: the HOPE program should be a last resort. One major problem is that the borrower has to give 50-100% of his equity to the government when he sells or refinances the home. Another problem is that the amount of PMI is higher because the risk is perceived to be higher.

Reply by Teddog/CO on 1/24/09 8:23am
Msg #275485

Rengel/CA Yikes "When it rains, it pours" It is just oustanding to be this busy again Yes! Sure hope it keeps up.

And it's off to work I go

Everyone stay safe out there and have a great weekend.

Reply by Marian_in_CA on 1/24/09 12:43pm
Msg #275498

Yep, definitely ringing!

It's 10:30am on Saturday and I've already had THREE calls. Clearly EOM rush on a month when more people are reporting getting calls in.

*crossing fingers* that everyone starts experiencing this soon.

Reply by Todd/OH on 1/24/09 1:25pm
Msg #275501

But I'm still getting call from companies that don't want to pay anything - or very slow pays.

Reply by A S Johnson on 1/24/09 2:09pm
Msg #275502

same for me. phone busy. we pay $85 to $100 for an e-doc signing thatis "close?" to you.
Sorry, my fee for that is $125. OK! I need to get it done.
Get back to office and look them up and see "low ball, slow pay comments". So, I'm glad I stuck to my guns.

Reply by ChristineHI on 1/25/09 11:39pm
Msg #275567

Well, with rates below 5% now, it is going to get busy. I see this lasting for awhile. Lenders are running really behind on underwriting because they are now understaffed and have an influx of business.
Expect the next month or so to get quite busy.
I process loans and the typical underwriting time is about 2 weeks right now!
These places are going to be very anxious to close the loans quickly as well before their locks expire. This can mean some stress to us in that lenders will be panicked and want us to rush, but we can charge for that as well.
I am happy, it feels good to be doing what I enjoy so much!

Reply by JanetK_CA on 1/26/09 3:25am
Msg #275572

Yep, it's pretty clear the dip in rates has had tons to do with it. I was talking with one borrower yesterday who said he managed to lock in just in time and referred several other people he knows to do the same thing. The impression he left was that rates came back up a bit right after that.

I doubt very seriously that we will see anything like what we saw a few years ago, though, since so many people have already refinanced (some multiple times) and rates can't really get much lower. In fact, two of the appointments I had this week were with people who I've done signings with before! That was kind of fun - and uplifting, since they were both glad that it was me who came back. It was nice to be able to see some familiar faces for a change!

Virtually every appointment I had this week was for borrowers with high credit scores taking advantage of the lower interest rates (with the exception of one RM signing). Most were no-fee refi's. Ironic, though. From my experience this week, at least, it seems like the only ones benefiting from what is going on in the lending industry are people who don't really need any help...

Reply by CF on 1/26/09 10:08am
Msg #275590

I am seeing a lot of...

Loan Discounts, Loan Origination Fees- to the tune of thousands of dollars people are slamming on their loan amounts and paying PMI Set Up fees in addition to high dollar PMI monthly amounts. Most loans that I am seeing under 5% have a big price tag- to the tune of $8K-12K in fees alone. People think that they are getting a good deal.....but I really do not see it that way.