Posted by Donna LaBelle on 8/4/09 5:18pm
Msg #298682

phines aren't ringing

It has been really busy for the last several months and as soon as August got here-boom silent phones. I don't like it one bit!

Reply by Shoshana Roller on 8/4/09 5:48pm
Msg #298686

You're not alone.

There have been many times in the past 7 years that the phone did not ring in the first few days of the month. However, I usually ended up doing well the rest of the time.

Reply by 101livescan on 8/4/09 5:48pm
Msg #298687

Highly unusual for me, my phone isn't ringing either, except yesterday to do edocs for $75, NO THANKS...If I'm doing nothing, I'm still okay!

Ask me in a couple of weeks if I still feel that way! I'm always upset with myself if I accept a below market fee when I get calls for better assignments.

Off for a pedicure/manicure.

Reply by Yowheelz on 8/4/09 8:03pm
Msg #298696

50% of my month is always the last week

I've learned not to worry the first week, it is always slow. I thought last month was kinda slow and even the standard EOM wasn't much then Friday the 31st came and boom! I did 7. Month ended up not bad at all. I had 3 scheduled today. One cancelled, one postponed till tomorrow, one completed. Supposed to have 3 tomorrow but if tomorrow is like today.......

Reply by parkerc/ME on 8/5/09 7:27am
Msg #298727

Re: phines aren't ringing-same here

Except for our favorite low-baller (who requires the XYZ BGCK), who called me Mon for a Thurs signing, overnighted docs, for $50. . . 45 minutes away. After mentally LMAO, gave them my minimum w/o e-docs, they said they'd get back to me if approved, haven't heard anything, . . I'll toast my margarita to them as I soak up some sun rays tomorrow! The phone may not be ringing much, but the value of my time and services is no less than it was. Glad this is just pin money for me, but unfortunate for those counting on the income.

Reply by JanetK_CA on 8/4/09 8:35pm
Msg #298704

News today: # of loan apps down, interest rates to follow??

Heard this on news radio today in an interview with mortgage broker who is a frequent contributor. He said that the number of loan applications being made is down considerably. [No surprise there, with interest rates having gone back up since after the drop that began end of last year.] He was speculating as to whether that will be a cause for lenders to reduce rates again in the near future. He didn't predict that, but mentioned it as a possibility. We'd better hope...

Reply by Shoshana Roller on 8/4/09 9:36pm
Msg #298705

Probably because it's becoming increasingly more difficult

to qualify the borrowers. Interest rates are back down most of the way since that big hit we had a few months ago.

Reply by ME/NJ on 8/4/09 9:48pm
Msg #298706

First time buyers still moving in this area 2 purchases this

Month but refi's are tanking in this area.. Lock-ins for lower rates are going, land values down since June and interest rates now are not worth the jump if you have 5 3/4 or 6 % rate now. (plus you need 20-30% equity)

Doubt rates will go back down again unless things bet bad again.

Reply by Ilene C. Seidel on 8/5/09 6:18am
Msg #298722

Re: phones aren't ringing

August is usually slow, back to school and vacations.

Reply by jba/fl on 8/5/09 6:43am
Msg #298723

Bells aren't ringing either.. n/m

Reply by BobbiCT on 8/5/09 6:50am
Msg #298724

Traditionally the first two weeks of August ...

the world goes on vacation.

I do not know if this still holds true (no one in family left in business), but many New England manufacturing plants used to "close" these two weeks. In the moldly oldy days, the plant workers were "laid off" and a skeleton office staff stayed on.

Also, with the new regs effective July 30, lenders and title companies could be backlogged trying to revise existing loans in the pipe-line to comply ... and get software programs to work. Internal software auditors, programmers and compliance auditors will be Very Busy now. Real PIA manually calculating the numbers to verify the program calculates correctly according to what the Government wants.

Reply by MW/VA on 8/5/09 8:07am
Msg #298732

I'm not getting why everyone doesn't allow for the flux in this business. We're just into the first part of the month, and it was a frenzied EOM. TC's are busy finishing up files & disbursing those loans. I look forward to a little "recovery" time at the beginning of the month. July turned out to be a gangbuster. My records from last year show that August was one of the hottest months (a little humor here).
We're still seeing a lot of FHA or VA streamline refi's. Loans have slowed in the pipeline. I'm hearing frustrated borrowers say they have been in process since April. I've learned to take it as it comes, and so far my business remains pretty steady. It is all about what area you're in. Hope everyone has a good & prosperous August.

Reply by 101livescan on 8/5/09 9:50am
Msg #298736

August is the month when the world escapes the heat/smothering humidity for another climate. Also when the title companies are cleaning up after the elephant at the end of the circus. Getting files closed and archived so they can start in again for year end. I think we're going to see another spike between September and December, then who knows what.

Tayler Bean in Ocala FL won't be lending any more. Colonial Bancorp got shut down by HUD/FBI. I've done so many loans for them in the past three years. They are shut down for 18 months and paying big fines.

Reply by NCLisa on 8/5/09 11:13am
Msg #298757

It's the new requirements that are slowing things down

I had 14 closings scheduled so far for this week, 4 have cancelled. The ones I closed, I did ask out of curiosity if they received the TIL in advance, they said no, only a call a few hours before closing telling them they needed to bring funds to close.

Reply by Shoshana Roller on 8/5/09 11:37am
Msg #298764

If they had already been in the pipeline before 7/30,

the new regs don't apply.