Posted by BP/WV on 1/22/09 10:25am
Msg #275288
IREP Poll
In the past I was an exclusive agent for an attorney closing IREP loans. I loved this work. It was great income for me and my family. All of the sudden those calls stopped dead. It has been almost a year since I have closed a Beneficial loan for IREP. I called IREP today and was told it is like that nationwide and that so far, being EOM, have only received 2 orders nationwide. I know that times are rough right now and closings are down….but come on….its been almost an entire year. Could it be true that the branch has not closed a single refinance loan in 11 months?
So, I turn to my fellow NOT ROTS! POLL QUESTION: When was the last IREP loan you closed?
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Reply by SReis on 1/22/09 10:39am
Msg #275291
Most of the Beneficial Branches in my area are CLOSED...
Given that, I think its been well over a year since I have closed an IREP loan.
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Reply by Pierces Notary Services on 1/22/09 10:59am
Msg #275293
The office I closed for closed in 9/07 - I only did one closing for IREP last year and it was in the borrowers home.
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Reply by Margie Pratl on 1/22/09 12:46pm
Msg #275309
I understand what you are saying. I have not had any beneficial closings either in over a year. I was doing about 3 a month.
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Reply by PA_Notary_II on 1/22/09 7:18pm
Msg #275354
I went from 18-20 per month to 8-10 per month to 2-3 per month. Did 3 last month and only 1 so far this month. After finishing the last one, the manager told me that future closings would be few and far between because the new guidelines for approval require a minimum appraisal of $142,000. for this area. I can only guess that there are similar guidelines throughout the country. Basically, HSBC wants little or no mortgage business in today's market. They took a huge write off in the last quarter due to bad home loans. Guess I'll be looking for another income stream to replace IREP.
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Reply by Michelle/AL on 1/23/09 8:03am
Msg #275369
Two Answers from Alabama:
1) Late 2008 was my last closing. I'm too lazy to look for the exact date.
2) I received my first call in '09 yesterday to do a closing on Saturday.
There are/were two offices in my neighborhood. I've never been their 1st go-to person. I get calls for appointments when someone else can't make it. I too have noticed a significant decrease in their calls.
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