Posted by 101livescan on 8/26/09 8:29am Msg #301707
Crazy End of Month
I'm still closing loans at 4.875, but borrowers having to pay 1.5 to 2pts for this great rate. Been in underwriting for months, extremely anxious to close. No one is canceling these days. It wasn't a great month, still a few days to go. I can hardly wait for this month to be over it was been a snail's crawl. I'm going to a CAMB presentation today by top market analysts from title companies in CA to tell us what statistics and forecasts are on go forward basis. Hope there's some hope out there for all of us. Meanwhile, foreclosures are ramping up, Governor Scwarzenegger's moratorium ends tomorrow.
Reply by Jim/AL on 8/26/09 8:36am Msg #301709
Re: Crazy End of Month "No one is canceling these days."
wish this were true here...I had two rescind this month and one in June all with the same TC, they are still balking on paying me anything and two of the three took over two hours each.
I just re-closed the last one again with a different lender for a different TC, for half the fee argh.
Reply by 101livescan on 8/26/09 8:42am Msg #301711
Re: Crazy End of Month "No one is canceling these days."
Darned! Well, I think things will pick up as mortgage applications are on the rise....
of course, not everyone will make it to the successful close as underwriters are under constant pressure to qualify, qualify, qualify...got to have excellent credit, no debt, solid and loan to value ratio. Remember when Citibank was lending 125% on home equity products? That's over!
One of the title companies I work with is laying off end of month...that's an indicator!
Reply by Shoshana/AZ on 8/26/09 9:04am Msg #301713
Re: Crazy End of Month "No one is canceling these days."
Rising apps doesn't necessarily mean more business for us unless it's a long distance close. The local market uses the local title companies who close in-house.
Reply by 101livescan on 8/26/09 9:22am Msg #301715
Re: Crazy End of Month "No one is canceling these days."
It may be area specific, but I do get a lot of borrowers who are buying properties in other areas, other states, but live here, and the closing is arranged by the TC in that county/state, and I'm contacted to be the remote closing notary. I'm seeing a lot of REO purchases for people planning to retire out of the state of CA. I agree, not everyone who applies gets approved.
Reply by BrendaTx on 8/26/09 9:57am Msg #301724
Shoshana is so right...
*Rising apps doesn't necessarily mean more business for us unless it's a long distance close. The local market uses the local title companies who close in-house.*
LOCAL title companies seldom need an NSA any more...and many never did.
Reply by ME/NJ on 8/26/09 9:55am Msg #301722
Dead here, my day is over with already
Made a couple hundred cash today and heading to the beach with the family. Doubt my phone will ring till 3pm or later with crazy last minute deals.
Have a friend who started refi process in March and Chase dropped the ball on it, he is closing tonight 4.25% Chase had to hold the lock because they messed up.
Reply by Shoshana/AZ on 8/26/09 10:04am Msg #301725
Re: Dead here, my day is over with already
I miss the beach! Born and raised in NY, we lived only 15 minutes from the beach. As teens, we lived there! Spent 23.5 years in CA, about 1 hour from the beach. Here in AZ, as you know, there is no ocean! Sigh!
Reply by Philip Johnson on 8/26/09 10:10am Msg #301727
Lighten up, one day when the big one strikes CA.
There will be plenty of ocean view property outside of Phoenix.
Reply by Shoshana/AZ on 8/26/09 10:16am Msg #301728
Sounds like the song title! LOL!
Then maybe the law will change and I can be a dual notary!
Reply by Linda Juenger on 8/26/09 10:30am Msg #301730
Here ya go
Reply by janCA on 8/26/09 10:59am Msg #301731
Wow! What a young-looking George Strait! n/m
Reply by Shoshana/AZ on 8/26/09 11:18am Msg #301735
That's true!
Should I jump in naked! NOT!!! We have Indian casinos here though. It's strange, With my compulsive personality, I thought I'd be there all the time. In 3.5 years I've been to the casino only 2 times.
Reply by Shoshana/AZ on 8/26/09 11:21am Msg #301737
Sorry, I meant to post the above below David K. n/m
Reply by davidK/CA on 8/26/09 11:07am Msg #301733
But you are now so much closer to the Bellagio fountains. n/m
Reply by Art_MD on 8/26/09 12:38pm Msg #301756
Re: Dead here, my day is over with already
What !!! no beach in AZ ??? You're kidding .. I'll show you the deed to the 2 acre beach front property I bought years ago from a guy I met at Jones beach. Even gave me a picture of the ocean from the property. I planned to retire there.....
