Posted by Mdene_AZ on 11/11/09 9:12am
Msg #310651

Slow this month

I have only had one signing so far with one more scheduled. I have never had it this slow! Is something going on (or not going on) in the mortgage industry?

Reply by Cari on 11/11/09 9:51am
Msg #310657

yes here tooo...booo hoooo... n/m

Reply by ME/NJ on 11/11/09 10:02am
Msg #310660

kinda sad..

2000 I started
2001 full time business
2002-2007 made very good money doing this
2008 I shut the corp down as of 12/2008 and do it part time
2009- its just fun money business is so bad..

I went from 150 loans a month to about 10 a month now..No future here anymore.

Reply by MW/VA on 11/11/09 10:03am
Msg #310662

It's been slow so far this mo. here in VA also, but I'm guessing that next week will be slammed.
I've heard that there are so many loans in the pipeline but the process has slowed. It should be slammed the next two months.

Reply by Cari on 11/11/09 10:04am
Msg #310663

yes, now its taking up to 90 days for loan approvals..wow! n/m

Reply by pan/nd on 11/11/09 10:22am
Msg #310666

Re: yes, now its taking up to 90 days for loan approvals..wow!

Not true here.....but I imagine it is in some places and at some lenders.

Wells Fargo here is cranking out FHA's in 30days..with regularity.

Reply by Pierces Notary Services on 11/11/09 10:23am
Msg #310667

Re: yes, now its taking up to 90 days for loan approvals..wow!

I did a BOA last night and the borrower said took 6 months to close.

Reply by ME/NJ on 11/11/09 10:44am
Msg #310670

Re: yes, now its taking up to 90 days for loan approvals..wow!

FHA loans if perfect 4-5 weeks, Bank loans 3-5 months lock rates are still in the low 4s because of the time its taking.

Reply by Mdene_AZ on 11/11/09 12:04pm
Msg #310678

Re: yes, now its taking up to 90 days for loan approvals..wow!

Thanks for all the feedback. Actually this is the slowest I have ever been since starting 5 years ago.

Reply by Yowheelz on 11/11/09 12:21pm
Msg #310680

Last month was dismal, so far great start to Nov. n/m

Reply by Ilene C. Seidel on 11/11/09 12:36pm
Msg #310682

Re: Last month was dismal, so far great start to Nov.

It's been steady in Baltimore but not setting the world on fire

Reply by Lynne/OR on 11/11/09 6:53pm
Msg #310726

Re: yes, now its taking up to 90 days for loan approvals..wow!

Same thing here! Slowest month in 5 years!

Reply by Bob_Chicago on 11/11/09 2:21pm
Msg #310699

Holding up reasonably well for BOM. Chicago area has

not been hit a hard as some other areas by huge downturn in values. Mostly,
because they didn't go up a dramatically durring the boom.
Seems to be taking forever for loans to go through with some lenders.
I have had a number of people tell me that it is taking five of more months to re-fi
with current lender, just to get a rate reduction (no cash out) on a mortgage
which has been paid on time since inception.
Had one recently , where "A Paper" bwrs with low LTV took nearly a year.
Think that part of the problem might be inexperienced loan processors.
Two years ago, they were requiring a pulse to obtain a loan. Now they seem to want
to be sure that they will be paid back. What's up with that???
People have reported faxing in the same dox numerous times. and getting a different
processor everytime the called.
The vast majority of my signings are for the same or maybe next day. Once they get
their ducks in a row, they want to get it closed before something else goes wrong.
Not trying to open a can of worms again, but can see why people can get a bit cranky,
when a notray walks into their house, and says "Whoops, your ID doesn't quite match up.
See ya later"

Reply by Jim/AL on 11/11/09 2:40pm
Msg #310702

Very similar in N. AL as Bob in Chicago, long process. n/m

Reply by Linda_H/FL on 11/11/09 3:20pm
Msg #310709

Every signing I've had recently I've heard the same

thing from the borrowers - "we've been trying to close this for months!"

Reply by Deb_AL on 11/11/09 8:26pm
Msg #310745

Very business here in Huntsville (North) Alabama

I have had to turn several down for scheduling conflicts and one for low pay but this has been my best month so far. Maybe it will change soon for those of you that are slow.

Reply by Claudine Osborne on 11/11/09 9:26pm
Msg #310753

Re: Very business here in Huntsville (North) Alabama

I have been busier this month. Oct and Sept. were dismal here too. Last Nov and Dec were my best months ever..Lets hope this is the same again this year!

Reply by Claudine Osborne on 11/11/09 9:45pm
Msg #310757

Re: Busier here in Ohio

I have a son waiting to close on his first home purchase..it has been scheduled for the 25th..Of course it has..He was hoping the beginning of Nov..Nope advised him to count on the EOM..Mother know best in this case!

Reply by Laura_V on 11/12/09 10:44am
Msg #310783

I'm doing lots of real estate work

Canadians are buying lots of US property. Only a few appts involve loans. Most are vacation homes - everything from timeshares to mansions in Hawaii.

Some of my clients are buying rental houses and small apartment buildings and paying all cash.
I think quite a number of renters in the states owe some gratitude to Canadian landlords who kept the bulldozers away.

Good on you.

Every single appt has come to me from my website and posts on CraigsList, etc. I am paid by the signer at the table in cash.

Yes, I know this is a rare situation. That's why I spent $1,000 on moving day alone to move here.