Posted by Linda_H/FL on 9/18/07 1:18pm
Msg #211775

Whoa.....50% rate cut!! n/m

Reply by Linda_H/FL on 9/18/07 1:19pm
Msg #211776

Re: Came out wrong - supposed to read half a point..sorry.. n/m

Reply by Nancy M. Misenar on 9/18/07 1:33pm
Msg #211779

Re: Came out wrong - supposed to read half a point..sorry..

This is great, just see all our phones ringing and we are alll back in the saddle again....

Reply by cassiewi on 9/18/07 1:37pm
Msg #211780

Don't count your chickens before they hatch

I'm hoping you're right and there will be more work for us, however people still need to qualify for loans. I'm still researching other options at this point. I'm not giving up, but I need to diversify this business.

Reply by ME/NJ on 9/18/07 1:39pm
Msg #211781

We need a few more factors

1. this is short term interest, any long term loans will not see this discount for about 6-10 months from now.

2. Banks need to ease lending guidlines again. (won't happen for till everyone feels secure again)

3. Land values need to go up.

This will benifit people with alot of equity and good credit, Pretty much any HELOCs that had a prime rate of 8-8.25 or higher will re-do there loans if they are smart and I have already seen CITI eat the 36 month closing penalty when the BO signs for a better rate.

Reply by Todd/OH on 9/18/07 2:00pm
Msg #211787

We need many more factors

A simple rate cut won't do it. The consumer has to feel confident enough to actually complete an application for financing. Then the lender has to approve it. If the consumer doesn't feel good about job security (care to work for GM right now?) and he knows he "might" (or might not) get approved to buy another house, he will just sit and wait.

Reply by Susan Fischer on 9/18/07 10:22pm
Msg #211884

"Easing" lending guidelines is part of this problem. Land

values are dependent directly upon available buyers. If nobody's working anymore, for living wages and benefits that is, then who buys the houses?

"6-10 months?" Where are the jobs to pay for the houses, driving up the prices? Who's hiring? Denny's and Holiday Inn?

"This will benefit people with alot of equity and good credit..." and how many of those folks are left?

Reply by Susan Fischer on 9/18/07 3:33pm
Msg #211802

Thoughtful take on the Big Picture:

http://www.alternet.org/workplace/62787/

Point being, that there are many, many factors that figure into US economic stability, and the 'good old days' of the past few years, in our particular business, are gone.

Many here on these boards are well-heeled, having other streams of income, and so do not depend on any level of signing income for survival. The smart ones have little or no debt. Others need every dime, and are hard hit with the decline of signings coupled with the rising prices of groceries, gas, insurances, and medical care - not to mention the costs of doing business.

To think that a slight decrease in the overnight rate banks are charged is going to revive the absurdly lax lending practices of the insanely greedy - think again. The higher the decrease of that rate, the greater the fear of inflation/rescession.

Jmho.

Reply by Todd/OH on 9/18/07 4:22pm
Msg #211805

You couldn't be more correct. n/m

Reply by John_NorCal on 9/18/07 4:39pm
Msg #211810

Re: Thoughtful take on the Big Picture: To add to this

Here is a video interview about what the impact will be. Don't go out and spend your money yet. This is especially true of people living in high cost areas.

http://www.cnbc.com/id/15840232?video=519742487

Reply by BrendaTx on 9/18/07 6:00pm
Msg #211829

Newbies, please be aware that this business is flatter than

a flitter...whatever that means. It's really dead and a half point fluctuation is not going to change that.

I communicate with several long timers all over the country...people who made $100,000 + back in the day...people who know how to run a business, market...who know the ins and outs of mortgage and title....and I am hearing the same thing over and over again:

--be glad you got a job when you did.

--I'm looking for a part-time job.

--I've put my resume out there.

--can I put you down as a reference?

People who have convinced you to take a class or to invest in this business are not shooting straight with you. While it may not be *impossible* to make a business out of this IF and only IF you have experience and are a marketing guru with a sense of the industry, as a newbie you are entering this business in the worst of times.

See, the deal is that several years ago the interest rate was up...then it went down and people refi'ed, then it went down again and MANY people refi'ed. The last of the refis finished up about a year ago with a few dregs happening since January til around July.

The reason this business got started was because there were too few notaries to handle the HUGE amount of refis that happened when interest rates dropped.

Research this yourself. Don't just believe me, but I feel badly for you guys who have just spent around $300 getting started and are now pricing mobile offices, good laser printers and who are sitting ducks for sorry signing services and about to close up title companies who were like we were...only there while the hay was to be made in the sunshine.

It's a pretty dark and cloudy winter in our world and all the haymaking is done.

Negative Nancies tick me off...and now I sound like one, but I am telling you from my gut that all the positive happy marketing won't recreate the market that brought you here by the XYZ or other companies selling this idea to you so they could sell you classes or supplies or mentoring.

Be wise, learn your notary stuff, try to do some after hours mobile notary work but don't invest much more or you'll find yourself in the hole pretty quickly. This is really and truly what I believe...it's not just sour grapes.

Good luck and take care...

Reply by Sylvia_FL on 9/18/07 6:29pm
Msg #211832

Re: Brenda!

Brenda
I am shocked and surprised!!

"a flitter...whatever that means"

Flitter is a TX word for 'pancake"

Reply by BrendaTx on 9/18/07 7:56pm
Msg #211852

Sorry Sylvia...It's been a long time since I made a heap o'

flitters. Actually, I have never made any flitters...now fritters...that's another story.

Reply by Susan Fischer on 9/18/07 8:53pm
Msg #211861

Best damn post I've read in many moons. If XYZ had any

soul, they would publish this on their final 'newsletter' as they thankfully close their doors. (Thankful that their business plan worked, and thankful that they can get out more or less gracefully, that is, without being skinned alive.)

They have failed Notaries and the Notararial Profession by their lack of vision and focus on profit. They fall into the Insanely Greedy group along with the predatory lenders. So, it's the sad fact that If you're a recent 'graduate,' you've been had, and royally.

It would not be bad avice to say - if you can't support you and yours for a couple of years (gobs of savings and no debt), don't quit your day job. And if you think you can break in part-timing it, it's going to be a long, hard row to hoe.

We all need to take care, and with a littlle (or lottsa) luck, there won't be too much heavy rain.

Reply by PJM/MI on 9/18/07 9:22pm
Msg #211867

Federal Reserve Website..WEALTH of info

www.federalreserve.com

Reply by Susan Fischer on 9/18/07 9:49pm
Msg #211873

Did you hear Greenspan today on NPR's 'Fresh Air?' n/m

Reply by JanetK_CA on 9/18/07 9:46pm
Msg #211872

Re: Thoughtful take on the Big Picture:

Excellent article, Susan. Thanks! Sharing of information like this is what I think this board *should* be all about - and why I continue to come here!!

BTW, one little tidbit that was only slightly alluded to in the article is the fact that currently the country that loans the most money to the US is China. Yes, our mighty nation has become dependent on China because of our deficit spending! If I say anymore, I'll get into stuff that should be on the other board... But it does make you think, doesn't it?

Reply by Susan Fischer on 9/18/07 10:04pm
Msg #211880

Interrresting, yessss. Global (unregulated) Capitalism.

Actual currency. Worker exploitation.

Nine + TRILLION $ deficit (debt.)

The demise of our industry is just the tip of the iceberg.

As Brenda said, good luck to us all.