Posted by chucke/fl on 6/28/08 8:08pm
Msg #253560

Month of June

If things could not have gotten worse, I received only one offer for the entire month of June. When I gave them my rate for edocs, they had to get an approval and would call back. The rest I am quite sure you can guess. I am still trying to stick it out. I guess I will try to market in other areas :-(

Reply by SReis on 6/28/08 11:24pm
Msg #253576

My worst month EVER!!!

Not going to help w/mrtg rates on the continual incline.

Reply by Cari on 6/28/08 11:39pm
Msg #253578

interesting....

Jan/Feb were great! Had to turn some down and refer out to other fellow notaries because I couldn't fit in schedule...then the bottom hit - March/April/May between the three months maybe 10. But for June I had 15.

Has anyone been tracking closings throughout the US. I'd be interested in seeing how the trend of closings are going across the US.

Reply by nolanotary on 6/29/08 12:08am
Msg #253581

Re: interesting....

I had 14 for June. Turned a few down through out the monthe due to schedule conflicts and SS/TC not wanting to meet fee for excessive travel. June was not my worst month, but it surely was not the best.

Reply by ME/NJ on 6/29/08 8:55am
Msg #253594

Not a good month

total of 15 closings, I missed 3 for month and turned down a few lowballs.Nothing for this EOM day. May would of been a good month if I had worked the EOM. July and August are not the best months around here in the past, I hope things are different this year.lol

This up there as one of the worse months in business, August - September 2007 are months I would like to forget.

Reply by KKinNoCal on 6/29/08 9:55am
Msg #253600

I closed 37 loans this month.

Reply by Shelly/PA on 6/29/08 10:21am
Msg #253605

I closed 23 this month.

Reply by Les_CO on 6/29/08 10:38am
Msg #253611

If you think it's bad now, how busy will it be when the Fed raises interest rates?

By the way, this was my worst month ever. 3 timeshares/ 3 affidavits /1 heloc /1 purchase /1 refi. Turned down three (EOM) two from good companies, one from a SS that I never heard of. Only one 6 PM in a day.

Reply by LynnNC on 6/29/08 3:46pm
Msg #253631

I had my worst month in 2 1/2 years...only 23 closings...but, I am turning down business with low fees and my average fee per closing was $162.

Reply by ME/NJ on 6/29/08 4:02pm
Msg #253632

Good #s Lynn have not seen that avg in about 1.5 years

I avg in the mid 130's for the last year or so. Business started the down slide in 2/07 and just dropped off the earth starting 8/2007.

Funny thing people in the industry knew the slow down was happening, just no one predicted the major Sub-prime melt down.

Reply by LynnNC on 6/29/08 4:15pm
Msg #253634

Re: Good #s Lynn have not seen that avg in about 1.5 years

Over the 3 years I have been closing loans, I could probably count on two hands the number of sub-prime loans that I have closed. The problem loans that I have closed were mostly "Pick A Pay" loans promoted by Wachovia, who took over Golden West Financial, who developed the product a couple of years ago. I have been saying for some time that the loans were going to be a problem for the borrowers, and eventually the bank...there was a big article in today's newspaper that Wachovia is having major problems because of the loans and the acquisition of GW's portfolio. There was a big sign on the Wachovia Bank near my house just this past month...I wonder why they were so slow recognizing a problem that I predicted a year ago!

Other problem loans that I closed were three 1% loans that none of the borrowers undertood...each borrower had low interest fixed rate loans before refinancing and were greedy when they heard the rate...they will get killed with the reverse amortization and increase in rates.

Reply by LynnNC on 6/29/08 4:19pm
Msg #253636

Wachovia "Pick A Pay"

I meant to write that there was a big sign advertising the "Pick A Pay" loans as recently as this last month. The bank was so greedy that they couldn't see the eventuality of what a huge problem the loans were going to be with the negative amortization.

Reply by JanetK_CA on 6/29/08 5:40pm
Msg #253640

Re: Wachovia "Pick A Pay"

I used to see lots of those from World Savings - also acquired by Wachovia. (I don't know whether or not they were affiliated with GW.) They go back more than three years. In fact, I was offered one in early 2004 when I refinanced. Fortunately, I had an inkling of the potential problems and decided to lock in a fixed rate at that time. One of the better financial decisions I've ever made, I think.

Interesting that they are still trying to sell those. Off the top of my head, I think I've seen a couple of those since the first of the year, but by high income types who are probably sophisticated enough to know how to manage them properly. (At least I hope so!)

For those few individuals whose income can come in chunks, (e.g. commisions or big bonuses at the end of the year), I suppose those might still be good options. It's a shame that they were sold to people who were just trying to get by with lower payments for the short term. I doubt they were ever designed for the types of circumstances where I'd guess the majority were sold. And with the securitizing that went on, the loan originator wasn't held accountable for the results - and now everyone pays!! ('Course, we all know that now...)

Reply by LynnNC on 6/30/08 7:00am
Msg #253656

Janet - It was World Savings...

you are right...not Golden West...

Reply by MikeC/NY on 6/30/08 7:18pm
Msg #253704

Re: Wachovia "Pick A Pay"

Wachovia announced today that they're not doing this anymore:

http://tinyurl.com/52kp7y

Reply by Louisiana33 on 6/30/08 1:04pm
Msg #253668

Not my best month. I generally get on average 9 or 10 a month. I would like to do that many a week. I had about 7 this month.

Reply by Margaret O on 6/30/08 1:47pm
Msg #253671

I had 4 signings of EOM day stayed out till 11:30. I completed 26 for the month. Alot of lowballers called that I turned down. Including our favorite Closing Quest.

Reply by Superior Processing - Eliesha Schick on 7/1/08 2:02pm
Msg #253794

I have about 5 and they averaged $100.00. Everytime I ask for 110.00 like I used to be able to with no problems... they say "I have to get approval and I will call you back" YA RIGHT!

What companies are your best ones right now? If anyone cares to share please!

Reply by Babs/GA on 7/1/08 7:45pm
Msg #253840

Closing Quest hasn't contacted me of late, probably cuz they STILL owe me $$$ from March. good ole Rikki.....