Posted by Jones - Chelley on 1/27/10 11:40am
Msg #319767

Slower times

The new GFE regulations have made January a slower than usual month for us...anyone else feeling the impact? On a postive note...I have mastered the game of "flood it".

Reply by JanelWI on 1/27/10 11:48am
Msg #319772

Yes, I will get the response that the docs are in, but they are waiting and waiting.........and waiting on HUD approval. Unfortunately, I have not mastered any games:-) working on tax info, and past due invoices......."flood it" sounds more fun.....indeed. LOL!

Reply by Kay/IL on 1/27/10 11:51am
Msg #319774

I'm used to things being slower in January. However, as long as things are picking up, I'm OK.

Reply by Frances Kany on 1/27/10 12:20pm
Msg #319780

A bit slow here but taking it in stride. My goal this year is to NOT sweat the circumstances I cannot change but to work on making positive chan
ges to the ones I can.

Reply by Jones - Chelley on 1/27/10 12:29pm
Msg #319782

I have noticed

We usually have a lot of last minuted closing requests...I am thinking the new gfe laws are going to pretty much wipe out the last minute closings. This could be a good thing...it means fewer cancellations because of better preparation on the lender side. Might be wrong...just my thinking.

Reply by SheilaSJCA on 1/27/10 12:56pm
Msg #319784

Re: I have noticed

slower here than previous January(s) for me. I think you are right, the new requirements are slowing down the process, but hopefully, it will smooth out and the pipeline will start moving.

Reply by SharonMN on 1/27/10 1:34pm
Msg #319789

Interestingly, January's been my best month since mid-2007 - and it isn't even over yet. Furthermore, every single signing has been easy, with docs provided well ahead of time. I couldn't get a signing from anyone that had their act together to save my life last October and November.

Reply by Jones - Chelley on 1/27/10 1:48pm
Msg #319791

That is exactly my point

I think we are looking at our borrower's being better prepared for their closings...no surprises at closing...less cancellations. I think this may very well end up being a blessing for the agents and the title company preparing the docs. I do think the mtg. companies have been flying by the seat of the pants for so long...that it is going to take a while before the transition is smooth.

Reply by garland/CA on 1/27/10 2:08pm
Msg #319798

Definitely slower for me than any month last year. Also using it to catch up on paper work, past due invoices, marketing... and reconsidering this business in general.

Reply by Lynne/OR on 1/27/10 3:49pm
Msg #319820

I hear ya. Although there are several reasons why I love this business...mostly the freedom and ability to set my own hours....there are so many ups and downs, and sometimes the inconsistency is hard to take. When it's busy, it's GREAT, and when it's slow, it is TOUGH. This month has been the slowest I've had in over a year. It's times like these that make me reconsider this business as well!!

Reply by Les_CO on 1/27/10 4:11pm
Msg #319824

I personally think the new regs have had substantial effect. I know people working at several larger Title Companies that say their January business is off 30% or more.

Reply by Jones - Chelley on 1/27/10 4:35pm
Msg #319829

30%

I would say that is a fair estimate. You know...when you look at the economy as a whole, I don't think it is this business alone. I know many factories and stores in my area have cut back all overtime...laid people off...fired people. I think honestly, we are being touched by the economy slightly but the real culprit is the new regulations. At least we know that will get better with familiarity of the regulation! I believe there is always going to be a demand for signing agents...I wouldn't leave the field...but the nice thing is, you can have another job and work around it's schedule until this picks up again.

Reply by MW/VA on 1/27/10 4:36pm
Msg #319831

Yes, I had a no. of signings that were "postponed" due to last minute changes in figures.
This is the first EOM where I really felt the impact of the new regs.

Reply by Dennis_IN on 1/27/10 8:39pm
Msg #319883

Re: Slower times???

I'm not seeing a slow down. I am getting lots of calls. Unfortunately last year I took a job with the Census Bureau( I am the Asst Mgr of Field Operations in Southern IN) and am only available after 5:30 PM. and weekends. I had 6 closings last week and had to pass on several that wanted to close during the day. I told my office Mgr that my opportunity costs were getting close to my Census pay (but not quite). He hopes I stay through Sept. We are starting to get busy.
PLEASE mail your Census Questionnaire back so I don't have to send someone to your house later.

Reply by Jones - Chelley on 1/28/10 9:09am
Msg #319922

times have changed

I think generally speaking..one should always have a back-up plan for income. It never hurts to put eggs in several baskets...especially when the job you really enjoy doesn't cover your bills. I really see the changes being a positive move eventually for those of us in the mortgage industry.