Posted by Teasa Mahar on 7/24/05 9:23am
Msg #54228

The day before EOM seems to becoming EOM

Is it me or are others getting swamped with requests for last minute closings the day before EOM. I had closings scheduled for Friday 7/22 and received 4 calls to do last minute closings, which I could not accomodate. I believe the same thing has happend the past 2 months; more last minte calls the day before EOM than the EOM day itself. Do you think they are looking for an extra day for the opps factor. Just seems weird to me.

Reply by Bonnie/FL on 7/24/05 9:47am
Msg #54230

Everyone wants to close the end of the month, look at the HUD and see the interest the borrower pays (from the date of closing until the end of month). The borrower looks at it that they are saving money by paying only a couple days interest instead of closing at the beginning or middle of the month. It's been that way since the beginning of time, the last week of every month for realtors, closers, lenders, title companies, lawyers who do real estate, etc. are the busiest for them all including us, the notaries. Also, some loan officers are pushing for "quotas" (used to be in this businesss too) so the more you can close by the end of the month, the better you looked to your employer. It happens to all of us the end of the month. Part of the business.

Reply by BrendaTX on 7/24/05 10:26am
Msg #54233

For Bonnie--

That's one of the most comprehensive explanations I have ever heard about EOM.

Reply by LawrenceOK on 7/24/05 10:51am
Msg #54236

Re: For Bonnie--

And every word of it TRUE. tyvm.

Reply by Teasa/NY on 7/24/05 11:43am
Msg #54247

I guess my point was missed

I understand EOM reasoning. My point was, I am seeing more signings the DAY BEFORE EOM. Just wondered if anyone else was seeing this pattern.

Reply by LawrenceOK on 7/24/05 11:48am
Msg #54250

Re: I guess my point was missed

YES and I have turned down a few also.

Reply by BrendaTX on 7/24/05 12:44pm
Msg #54255

Teasa - Yes - seeing this pattern. n/m

Reply by BrendaTX on 7/24/05 12:44pm
Msg #54254

Re: The day before EOM-Teasa

Teasa - no, I did not miss your point. Just did not have a good answer for you, however, I did like Bonnie's response. It was helpful to me.

Reply by Teasa/NY on 7/24/05 12:54pm
Msg #54258

Re: The day before EOM-Teasa

Gotcha, and it was a very good explanation. Just seems very weird to me that for about 3 months requests for signings have been greater the day before EOM than EOM day itself. Just wondering if anyone knew the method to the madness. Any Ameriquest that I do are always the day before EOM, which just leads me to believe they want an extra day to correct errors if need be. Just a guess. Thanks for the feedback.

Reply by Kimberly-IN on 7/24/05 11:35pm
Msg #54414

Re: The day before EOM-Teasa

Friday for me was like last months last day to close. I got in at about 10:30-11:00.