Posted by twil4_WI on 3/17/07 7:28pm
Msg #180383

SLOW HERE, SLOW ANYWHERE ELSE?

I keep looking at the board for other comments on it being slow, and am beginning to wonder if its just here, or those accepting the $50 closings have taken over. I almost hate mentioning it as I know some agencies and title co.s read this board, so they will lower their fees even more thinking its slow and we are desperate. I discovered years ago lowering fees never works, those will turn out to be the late docs, fax backs, separation packs etc.. Sure, I get a ton of calls lately for $40 and $50, and some with edocs at that price, but I am sticking to my usual fees, which are $75 loan, $25edocs, more for distance, half for second, etc., certainly not accessive, but the callbacks are less. Maybe the tech has just had a class with an assemby line of notaries spewing forth to undermine our fees, I dont know. I have the end of month rush, but whoa, this is getting scary, and yes, I have checked my breath and deodorant..

Reply by Blueink_CA on 3/17/07 8:32pm
Msg #180407

Yes, it is slow. Loans are down and it's everywhere. You sound as if you're a seasoned signing agent. Don't give up. Stick to your fees.

Your fees are not accessive, and I really don't think the new SA's are impacting your biz. Hang in there. If you've created relationships with hiring entities, they willl call you.

Be the best SA that you can be, and you will succeed. GL 2 U!

Reply by Lee/AR on 3/17/07 9:01pm
Msg #180408

This is a cyclical business, now add the sub-prime time bomb

...and, yep, it's going to be slow for a spell. This just means that we have to work smarter, not dumber by accepting the lowball fees--or else. You get my drift?

Reply by KizzeTNCA on 3/17/07 9:12pm
Msg #180411

Re: This is a cyclical business, now add the sub-prime time bomb

Just because business is slow doesn't mean you have to except the low ball fees. Cause when business is up and running again they wont forget what you charged them before and they will continue to try and low ball us. Stick to your guns honey, business has been slow for me too but i'm doing more stomping the pavement, to reach more business.

Reply by Nicole Clement ClementClosingServices on 3/18/07 8:13am
Msg #180438

Re: This is a cyclical business, now add the sub-prime time bomb

Cheers to all who replied... in MD. it is slow too, but I refuse to lower my fee's as well. As another mentioned, if you have a long standing relationship with certain companies, even in the slow times, they will be calling you first. We need to stick together and keep our fee's where they should be. They are not excessive. I would like to see some of these individuals that want to pay $40 & $50 go out for one day and do what we do, to include printing a 100 page package twice, drive an hour to a closing (one way), and many times resale the loan at the table and see if they would do it for the fee they charge. Additionally, I am not sure of other state requirements, but in MD, you just can't do this with being a notary solely. We have to have a title producer's license, bond and if your smart carry E & O coverage which all of that is quite expensive. Stick with this, it's a cycle. Though SOME sub-prime lenders are closing shop, remember, people are always buying homes and refinancing.

Reply by Dennis_IN on 3/18/07 9:38am
Msg #180445

Re: This is a cyclical business, now add the sub-prime time bomb

Feb. was a little slow but EOM and March are very good. And I do not take the $50 closings.
I had 4 on Fri and have 5 already scheduled for Mon. I am fortunate that the market in SW Indiana is not saturated with full time signing agents. I am waiting on the warm weather so I can save on gas by riding my motorcycle to my closings.

Reply by Teddog/CO on 3/18/07 10:23am
Msg #180455

Re: This is a cyclical business, now add the sub-prime time bomb

With all the horrible PR regarding sub-prime lenders , no one should be surprised. The average person really doesn't know a lot about the loan business. So far I've seen specials on Nightline, 60 Minutes, Wall Street and several other top name shows. That just scares the life out of folks. It should be getting busy pretty soon. I started getting a lot of calls Friday (I was starting to think someone cut the phone line) lol How anyone can do this job for $40,$50 or $65 dollars really "floors" me. Gas here is working it's way back to $3.00/gal. it is just to expensive to do low-ball jobs. We all have to remember we are Professionals and stay the course. Once you take a step down, it's three times harder to take a step up.
This should just remind us all of the value of a Second job for the times when when it slows down. The mortgage business has always had this problem it ebbs and tides so it is really nothing new to those of us that have been the business for a long time.
Just hang in there, say NO to lowball jobs and get a little side-line to fill the void.

Reply by thnotary_NY on 3/18/07 1:43pm
Msg #180490

Re: This is a cyclical business, now add the sub-prime time bomb

Things are very slow here. I've turned down some low ballers, lowest being $40. You'd think form the slowdown that most closings have been sub-prime lenders.

Reply by bfd110_IN on 3/18/07 3:50pm
Msg #180506

Re: This is a cyclical business, now add the sub-prime time

Guess I have moved to 2nd or third on the call list here. You have to be snagging them all up cause this is the slowest I have been in SW IN.