They used to be good...a couple years ago. Paid by automatic deposit in 30 days. Then I left the business for a 15 months. I have not taken an assignment from them in awile. I have heard rumblings about them, so I don't have no big desire to reconnect.
I am re-evaluating every signing company for credit risk. It is just simple mathematics. We are all marketing geniuses when 30-year mortgage rates are 3.25%-3.5. There was plenty of business to go around. Now, I am convinced that many signing companies will go out of business. They have no assets. They are simply "brokers" for lack of a better word.
I don't have any data to back up my statement except the statistics published monthly by the MBA( Mortgage Bankers Association). Refi's are 50% below where they were last year at this time. I am convinced that the pool of notaries has and will continue to drop until we reach the point of equiibrium. It is a painful but healthy process. |
