Posted by mjs on 7/19/07 6:35am
Msg #200717

IS anyone working in Charlotte, NC...

I don't know what I am doing wrong, but I have been siging up with every title and siging company I can find and I have only gotten two calls for closings that I could not do becuase of scheduling conflicts. Please help. I'm not asking for much. maybe 2-3 closings per week. Any suggestions are greatly appreciated.

Thank you,

Reply by Ndwa on 7/19/07 6:44am
Msg #200718

If this is your part-time pocket change hobby, that's expected and prime time for this profession is just about over.

Good luck!

Reply by BrendaTx on 7/19/07 6:57am
Msg #200719

Not a good time to enter this business - Interest rates are

up!

In March, I predicted that all except the most established NSAs in key areas would slow down to a crawl after June. It wasn't a crystal ball I was looking in, it was only common sense.

The interest rate is up. There is no reason to refi. If you don't have a serious HELOC and RM business you have no loans happening in your area to sign. You'll have a good business if you understand this business and find a rising star in the real estate community to hitch your wagon to...except in Texas. Attorneys do most of the RE transactions in this state.

It escapes me why the majority of SAs do not understand this. The terms "business is slow" and "cyclical" were bandied around like it was good reason to mitigate the facts of lenders not making loans. In March, the bulk of refi loans being signed by SAs were sub-prime as a general rule. Now, those are in the toilet.

No matter how much you do the common marketing of lots of numbers, the results will be minimal...IMHO, only. I think it's time to think outside the box and look where the general notary business is needed in your community. Expand horizons and all that jazz.

I am getting emails and pms from folks asking for advice on how to get more business. I do the occasional signing these days when it presents itself but my posts are not unclear. I have a full time job which I secured last year in September when it was clear that refis were dead as interest rates climbed.

CJ made a post recently that said, "what are you guys going to do?" (Paraphrased) If you depend on signings for your total income, don't. Figure out additional ways to make money.

Reply by Loretta Reed on 7/19/07 7:57am
Msg #200732

Re: Not a good time to enter this business - And the ding

dong newbies thought we were trying to scare them out of the business so that they would not cut into ours. Partly true but let's face it people, the market is slow and there are too many of us out there and not enough people refinancing. I have gone from 3 a day to 3-5 a week. Newbies have taken the signings here for $75 e-docs.

Reply by Joan_OH on 7/19/07 7:47am
Msg #200728

My sis moved to Charlotte and can only get maybe a closing a month. A lot of the title companies she talks to say "We only use Attorneys". Apparently, there is grey area in NC law and a lot of companies play it safe.

Not from NC, but this is what I was told by a NC notary trying to re-establish herself when she moved from FL.

Joan

Reply by Kevin/Ct on 7/19/07 7:52am
Msg #200730

Isn't there some bill pending in the NC legislature or pending court action to make NC an attorney state?

Reply by NCLisa on 7/19/07 10:35am
Msg #200770

NC has only been a non-attorney closing state since 2003

and the large TC's only sell title insurance and do not do closings. Attorneys still do about 90% of the purchase business. The TC's don't have settlement companies attached to them, because they will lose what attorney business they have. Our DOI is also not setup to handle regulation of title companies that are also settlement/escrow companies.

There are a few privately owned TC's, and most of them are owned by attorneys. Remember, in NC, all title searches MUST be certified by a licensed NC attorney, or a title insurance commitment/policy can not be issued on the property. Local TC's aren't going to bite the hand that feeds them and directs business to them at this point.

The legislation to make NC an attorney only state again, had tons of opposition, and was delayed for at least a year. I personally don't think it will pass, and in the next year, the out of state TC's will push even harder.