Posted by peterole_MN on 3/17/05 9:01am
Msg #25966

Refi business drying up?

Is the refi business withering on the vine? Our metro newspapers on Sunday carried several reports on this issue. A local SS reports that some title companies are reducing staff and merging offices. Loan brokers in the area are reducing their staff populations. And, to make it gloomier yet, notaries are lowering fees, even down to $35 for up to a 40 mile trip. WOW. I think we would be going in the hole during the first 10 miles. Any other insights on this issue? This has been a negative report, now friends, let's have some positive direction.

Reply by Jon on 3/17/05 9:45am
Msg #25976

A local lender/escrow co I work for is doubling the number of escrow officers and loan agents in anticipation of growth.

Reply by Hampton/CA on 3/17/05 10:31am
Msg #25987

Still busy in N CA

I'm seeing more Helocs now. A long-term SS told me that this would happen. The refi craze is hot during low interest rates. Once they go up, you'll see more Helocs and 2nd's.

I'm as busy as I was a year ago. I'm in a rural mountain area and do about 25 signings per month.

Reply by mike/ca on 3/17/05 12:42pm
Msg #26014

Re: Still busy in N CA

i have seen more heloc's lately but am still doing around 25-30 refi's as normal.

Reply by TNNotary on 3/17/05 9:51am
Msg #25978

So far my business is still going strong here in TN.

Reply by Alabama on 3/17/05 10:40am
Msg #25992

I have been in the real estate, land title, mortgage business etc for over 20 years and what we experienced in the last few years is what I referred to as the "Disney World" Era. What we have experienced is not the norm it has been exceptional as far as rates go. As far as rates go the only way they can go is up. People tend to forget that a rate of 7.5 to 8.5 was considered a good rate to purchase or refinance a home. When people come back to the "Real World" everything will come back as it should. It may be a little slower lately but
we have been experiencing the Disney World effect and once reality hits that rates will increase people still have to purchase homes, peoples debt is not getting any less and refi's will pick up. We have not seen anything like it was in the late 70's eary 80's when the interest rates really went up, being in any business associated with real estate was tough.
With gas prices the way they are if notaries are accepting closings for nominal fees they might as well pay the title companies instead of the title company paying them.
Your best bet would be to hang in there, be conservative in spending associated with your business and keep your cost down so you can survive! It will unfortunate for those who have a large investment in there business that they have to spend money on monthly and have a hard time surviving! Our market is has an over load of mortgage brokers, real estate agents etc. and only the strong will survive.
The market has been great for notaries, it may have slowed down but it could be worse and hopefully it will get better! Good Luck and Hang In there!

Reply by HDWTN37311 on 3/17/05 12:11pm
Msg #26008

Hey TNNOTARY...what is zip code. I'm in 37311. Just curios

Reply by CaliNotary on 3/17/05 12:41pm
Msg #26013

I've already made several hundred dollars more this month than I made in the entire month of February, and there are still two weeks left to go. It's definitely not drying up for me.

Reply by Cheryl_NV on 3/17/05 12:42pm
Msg #26015

Same here

Reply by Patty-NV for Cheryl-NV on 3/17/05 1:06pm
Msg #26029

What part of the Silver State are you in Cheryl?

Reply by Cheryl_NV on 3/17/05 1:07pm
Msg #26032

Las Vegas

Reply by Cheryl_NV on 3/17/05 1:13pm
Msg #26035

Patty-NV where are you from?

Reply by Patty-NV on 3/17/05 2:00pm
Msg #26062

Douglas County/Carson City areas.

Reply by Nicole_NCali on 3/17/05 2:42pm
Msg #26073

Is NV still experiencing a housing boom. I know alot of people from the bay area who have or are about to relocate there. I was thinking of the east coast, but after freezing my tooshy off, I decided CA isn't so bad after all.

Reply by Mary Pierce on 3/17/05 1:56pm
Msg #26058

Up here in NE PA I've been quite busy...this week a little slow which I'm sort of glad because I did 12 signings the 2 previous weeks when I usually do 2-3 a week. Need time to regroup. Next week will probably be crazy.

Reply by Anonymous on 3/17/05 2:13pm
Msg #26068

I am new to the industry and trying to get my own business started doing mobile signings/notary. How do I get started? And can anyone tell me what it's like doing your "first" signing. How do I know what to say or expect? How do I submit payment. I feel so lost and yet I know there is so many of us out there doing it! Can someone give me direction?
Thanks Heather in Calif.

Reply by BrendaTX on 3/17/05 3:47pm
Msg #26091

Heather - I get this question a lot.

Because of it, I have written out a blog entry for this purpose. Look in my profile and find "New notaries How I got Started." There is a link you can cut and paste into the URL bar.

This was originally posted in another group for Texas Notaries. Remember that while you are reading it.

Brenda

Reply by Merry/CA on 3/17/05 6:15pm
Msg #26117

Brenda - What a nice reply to a "newbie"! You sound like a real pro!