Posted by jayflorida on 8/13/04 7:33am
Msg #6012

seasonal?

I was just curious, does the loan signing industry have a time of the year where it is busier than say another time of the year. I am cognizant of the fact, interest rates have a great effect on how much business is generated but what about the time of year?

Reply by sue on 8/13/04 8:02am
Msg #6013

some will tell you that July is slow. some will tell you that January is slow. some will tell you T-Giving until Christmas is slow, etc. If you have marketed yourself properly, there is no slow time. People borrow money all the time. go to your local recorder of deeds and look at the numbers of mortgages recorded - it's not slow at any time.

Reply by jayflorida on 8/13/04 10:13am
Msg #6016

I thank you very much for your response. When you say market yourself properly what are your referring to. I register with a couple of the companies given by NNA on this website, that is the extent of my marketing. I receive calls from 2 companies. I do an average of 4 a month. What suggestions do you have for me.

Reply by CA_Notary on 8/13/04 12:48pm
Msg #6025

I suggest that you register with way more than a couple of signing services. You should try to register with at least 100, preferably more. Search this board to find out what companies to avoid - Sign on the X and 24/7 are two unpopular ones that spring to mind.

Reply by DonR/NYC on 8/13/04 10:45am
Msg #6019

I disagree, at least for the NYC area. Slow from early Jan to late Feb, then the Xmas bills come in business picks up. Slows down in late June to mid July then picks up in August.

I have been doing this for several years and this has been the pattern.

Lener advertising also affects the business. (EG: Ameriquest does heavy advertising and loan signings increase). We have seen when advertising stops business goes down. No advertising for a few weeks by anyone, then another lender starts mass advertising and business improves.

Reply by Julie-MI on 8/15/04 10:14pm
Msg #6130

I think it's really hard to define "busy" as I approach my 4 years in this end of the business.

When I first started, my bread and butter, bells and whistles and extras were all through Statewide with the Ivy FHA loans. I have not had an FHA refi since before Christmas 2003.

When I compare my records from 2001, I was one of few that serviced my county. I averaged over $105 per signing, and very few were edocs. Most were second mortgages. I didn't close a refi until the latter part of 2001.

Then there were the golden years of 2002 and the first 3/4 of 2003 with the refis. I cannot read my planner from these two years as I was booked and cannot read my writing, averaging 6 appts Mon thru Fri. Some days exceeded 10 per day. As I look back, I wonder how I did it.

Oct. 2003 my business really slowed. By December, I could barely keep up with all of the Countrywide HELOCs. I was lucky to have 10 appts. per week. I gave myself a raise and lost business from the tried and true $50 companies. Gas prices were increasing, but the phone was not ringing. Now, out of the blue, many of my fomer companies are calling because of my experience and willing to pay for it.

It's very hard to predict the busy times. I have not seen a pattern per se. I agree with Don, that lender advertising may play a role in specific area. While I'm not closing FHA's anymore, I keep seeing more and more interest only loans, which are heavily marketed in my area.

It seems another trend is the new purchase loan. I truly feel this is a disservice to the borrower, but if this is the trend, I will happily step up to the plate and charge accordingly.