Posted by Ndwa on 3/27/07 5:10pm
Msg #182251

Sub-prime effect....Thirty EO let go

I was speechless at the utterly words from the most enthusiastic scheduler of my favorite TC client. Almost all were EO I dealt with on a regular basis.

I would like to dedicate this post to say thank you and prayer to all and their love ones.

Reply by Merry_CA on 3/27/07 5:28pm
Msg #182253

Huh? Did I miss something?

Reply by TitleGalCA on 3/27/07 8:21pm
Msg #182294

without speaking for him, I think what Nd was saying was that there was a big layoff at a local title company. "Almost all were EO I dealt with on a regular basis. "

It's very sad, but this market spells big trouble for title companies, especially those that hired and promised big salaries to EO's during the boom times. Now, closings are down to the point that they have to cut staff, their biggest expenses (other than sales reps expense's and paper - being facetious here).

Many, many good people who are knowledgable and experienced are feeling the pinch by losing their jobs.

Every real estate market rebounds, but during the down times? Many good people in the industry take the hit. I have no little or no sympathy for the lenders who created this sub-prime monster; but for those hard working individuals who are affected by the fallout? It's just awful.

Thanks Andy, for posting this. Those people have their challenges and my prayers are added to yours for them. Very thoughtful of you.

Reply by BrendaTx on 3/27/07 9:27pm
Msg #182312

The title companies in my town never got into the rat race and traded primarily on local lender accounts. There are four hometown based title companies here.

These folks are extremely busy and constantly looking for more good people. It is not easy work, takes lots of dedication.

Reply by BrendaTx on 3/27/07 9:30pm
Msg #182313

Dang, I didn't finish my thought. I meant to add that they never got into the bubble of refi work and continued to trade on local lenders.

In Texas, the offices who do the kind of work which sends the NSA out is generally called a "fee office." They aren't full blown title company offices...more like extensions of offices which will, no doubt, start scaling back soon.

Reply by Ndwa on 3/28/07 2:28am
Msg #182324

Thx TG, you spoke my mind

As the saying goes " be grateful and remember the hands that fed you".

Reply by Julie/MI on 3/28/07 7:24am
Msg #182326

Re: Sub-prime effect....Thirty EO let go Correction

Many of these were new hires to meet the demand of the last 4 years. Now it's going back to the amount of employees before the interest rate drop. Subprime or not, it is like the stock market "correction."