Posted by Pierces Notary Services on 8/22/07 8:04am
Msg #206928

Beneficial

I just got a disturbing call this morning...the local Beneficial office near me that I do a lot of closings for is closing on 9/4. They are my #1 customer here. They do a lot of business - I wonder what the reasoning for this one is. Many locals have come to rely on them and they pay their bills right at the local office.

Reply by Loretta Reed on 8/22/07 8:13am
Msg #206930

Wow, I guess it can happen to anyone, huh? They are owned by HSBC so I don't see anything happening nationally to them, they may be just cutting costs.

Reply by BetsyMI on 8/22/07 8:43am
Msg #206939

That would be a disturbing call, to lose your best customer. I had something similar happen about five months ago and my business has not been the same.

Reply by Loretta Reed on 8/22/07 8:59am
Msg #206946

I know how you feel, the local Bene branch here gave me about 20 closings a month for the last 2 years . As of last month, I did 3. That is how bad business is.

Reply by Pierces Notary Services on 8/22/07 9:07am
Msg #206950

Funny thing is that business has been slow as far as closings with them lately...but the girl I talked to told me that they are making a great profit - who knows....I've been pretty steady otherwise w/o them closing for other companies...key is to market, market, market... that's what I've been doing, trying to sign up with new companies every day if possible. They are transferring their customers to another office which is further for me....I'll contact that office and tell them if they need me to do in home for them I will - I do a few for the HSBC office in Scranton where the client doesn't want to drive 2 hours to their office. Usually someone from that office will bring the package to me.

Reply by Loretta Reed on 8/22/07 11:16am
Msg #206976

Re: Beneficial....PM me which branch it is...

that is closing. My brother in law is a manager for Beneficial. He can tell me the real story.

Reply by Susan/CA on 8/22/07 10:35am
Msg #206967

Re: Beneficial--Just read in the elevator about HSBC

In big trouble . . and another lender quit accepting loans. It flashed off before I could finish reading . . a lot of bad news. This month has been awful .. never thought it would get this bad . .

Reply by Monica Valle-Cavero on 8/22/07 1:01pm
Msg #207003

Re: Beneficial--Just read in the elevator about HSBC

I have just read that it is Accredited Home Lenders Holding Co. that will no longer accept applications in the U. S. How long do we have to wait to get unemployment?

Reply by sue_pa on 8/22/07 2:04pm
Msg #207022

Re: Beneficial--Just read in the elevator about HSBC

...How long do we have to wait to get unemployment?...

I assume you were smiling as you typed that. BUT, it is one of those intangibles that I never see mentioned when people are figuring out their cost of business. Salaried/hourly employees in the lending business who are losing their jobs get severance (if they're lucky) packages. They also collect unemployment compensation.