Posted by Anonymous on 8/23/05 10:45am
Msg #61034

EOM and very slow. Watchout many SS will go BK so if you...

never worked for a SS before probably they are working on their last month and will not pay
all the notaries. I keep looking that the SS that were very reliable on the payments are going a little late now.
So be careful on who you work with.

I think many SS will close their doors because of slow or minimum refi,heloc,etc.

Reply by Me on 8/23/05 10:51am
Msg #61037

Does this have any of you worried ?? Especially if its your only job??

Reply by Les/CO on 8/23/05 10:52am
Msg #61039

Lets hope all the bad ones go....Soon! n/m

Reply by SherryB on 8/23/05 11:19am
Msg #61046

I own a SS and I would have to disagree with you regarding the EOM being slow...We currently have 65 closings scheduled this week and it is only Tuesday....(now mind you 65 is a nice amount for us since we are a small company...these bigger services are probably laughing at me). In all, this has been a good month. Maybe it is just certain geographical areas where business is slow. I know that in the State of Florida...one week we'll have 40 signings in Jacksonville and none for the next 2 weeks...Those brokers hit certain areas hard and than they die off (not the brokers..the areas)....LOL

However, I am a little nervous about the rate hikes. I have only been in business for 2 1/2 years now and I haven't been in around long enough to see how this will effect things. We shall see though...

I am sure that there are people who have been in this business for awhile. What are your thoughts on the interest rate climbing? Do you think business will slow dramatically?

Reply by Margaret/Florida on 8/23/05 1:18pm
Msg #61071

It is very slow in Jacksonville, FL. So slow that I can no longer do this fulltime. Now all the calls I have been getting were for last minute(within 2 hours) and I already had other work scheduled. I am still doing inspections and it is the only thing right now bringing in any money.

Reply by BetsyMI on 8/23/05 3:26pm
Msg #61167

It's busy in Michigan, and has been my biggest month so far in 18 months. Hope it picks up for other areas.

Reply by CA_Jeanet on 8/23/05 4:51pm
Msg #61194

Re: To Sherry B

I lived through the "recession" of the 1970's when my husband and I were younger, and it was tight, but we were also transferred due to my husband's career at that time, and had to buy a new home fast.
I see some of the same indicators now, but because of our situation at that time I learned that people will always be buying, selling, and certainly refinancing. May slow a bit, but when the shock of higher interest rates subside, people will accept it and go about life as usual because they have to. That's the unique thing about the USA. I think that we would have to be experiencing major economic problems for the industry to slow dramatically, regardless of what others may think. JMO

Reply by Nancy in Florida on 8/24/05 12:40am
Msg #61311

Re: To Sherry B

Hi Sherry,

I don't think the interest rates climbing a bit will effect the business much at all. It seems most of the closings that I am doing are for debt consolidation and frankly many of these borrowers are paying a much higher rate then the national average. Unfortuately for some but fortunately for us home owners are now using their homes as an ATM and are refinancing every other year to get out of the debt they racked up the previous two years. Also many of the deals I am seeing are ARM's or Interest Only Loans were the rates will increase in 2 or 3 years so the borrower will have no choice at that time to refinance once again because they do not want to pay 13%.