Posted by ME/NJ on 12/14/11 3:52pm
Msg #406625

Just got some bad news

One of my biggest clients will no longer be servicing my area at this time. This is going to put a big hurt on me as they gave me an avg of 6/loans per week since May. This was my nice and easy TD bank loans at a great fee and paid on funding.

Had not had any appointments in a week, thought is was strange rep would not answer emails or take calls. I emailed today and got a reply from the owner saying they will no longer cover my area. Thanks for the heads up or letting me in on it.

Like I said this will hurt a lot, unless the new TC covering TD bank for this area calls me..lol

Reply by GOLDGIRL/CA on 12/14/11 4:06pm
Msg #406626

So sorry!

This is the nature of our business. I, too, have been working steadily for a great TC for a looooong time, but I often wonder when the ride will be over. My hubby says to stop thinking about the negative, but I know it will end some day, just like it did for you. This business is just too susceptible to changes - that often happen without a moment's notice.

I'm sure you'll rebound and that something else will come your way to fill the void. Call TD bank and see what you can find out. Maybe you can get in with their new servicer or pitch yourself to their new TC. Meanwhile, just let it go and move on (I know, easier said than done!).

Reply by Stephanie Santiago on 12/14/11 4:10pm
Msg #406627

Michael - I hope that another company comes you way to fill

in the gap; then take all you can for as long as you can.
Hang in there.

Reply by CopperheadVA on 12/14/11 4:14pm
Msg #406628

That happened to me in 2008 with a client who did only Countrywide and they paid $200 per closing. I was not getting 6 a week like you were with TD, but they were good for several per month. Then Countrywide decided to pull their business from all the smaller TC's and go with a few select nationwide TC's. It devastated that office - all their eggs were in one basket.

Reply by Notarysigner on 12/14/11 4:34pm
Msg #406629

I would say in this business, it's like everything else in life...when it's good, pretend it is bad and salt away as much as you can....so when it goes bad, you can pretend it's still good.

Don't be a snail in a slingshot! You'll survive.

Reply by TacomaBoy on 12/14/11 4:52pm
Msg #406632

Just got some bad news

Bummmmer! Over the years I identified about 300 companies that regularly used my services. It was a great ride for several years. I share your pain, as several of my $15,000 - $20,000 clients simply went away overnight. It's like getting kicked in the stomach when it happens! Now business is very uneven with little concentration. We're all scrapping for what little business exists!

Reply by Linda_H/FL on 12/14/11 5:10pm
Msg #406633

So sorry for you Mike...

But I must say I find it odd that TD bank isn't going to be lending in a certain area. Didn't that strike you as a bit off too? Plus he doesn't answer your e-mails or take your calls? Sounds like he was ducking you and they got someone else...cheaper?? I'd contact the title company.

I'd check it out Mike - it's worth a try.

Reply by CommLoanPA on 12/14/11 7:42pm
Msg #406658

What or who is "TD Bank"? n/m

Reply by Eve/VA on 12/15/11 9:03am
Msg #406688

HASP

Suppose the HASP legislation will increase the need for SA's next year with more people being able to refi? Haven't read it in detail.

Reply by MW/VA on 12/14/11 8:04pm
Msg #406663

Bummer. :-( I've also lost some great clients along the

way. It seems the winds of this biz shift frequently. I've learned to go with the flow.

Reply by CommLoanPA on 12/14/11 8:38pm
Msg #406665

Re: Bummer. :-( I've also lost some great clients along the

Please, please I must know...its driving me crazy...what is "TD Bank"?

Reply by Cam/CA on 12/14/11 9:19pm
Msg #406666

Re: TD Bank is the name of the bank, google it,

I did. Don't think we have TD Bank in CA.

Reply by Yoli/CA on 12/14/11 9:33pm
Msg #406668

Re: TD Bank is the name of the bank, google it,

East Coast only.

Reply by NJDiva on 12/14/11 10:34pm
Msg #406670

TD is a GREAT BANK! It's my bank obviously...lol

Mike, I'm so sorry to hear. Sendin thoughts for prosperity your way!!!

Reply by Don Courtney on 12/15/11 12:29am
Msg #406675

Toronto Dominion Bank

Big place. Also owns TD Ameritrade.

http://en.wikipedia.org/wiki/Toronto-Dominion_Bank

Reply by Linda_H/FL on 12/15/11 7:26am
Msg #406680

Mine too - they bought out Mercantile Bank down here

They're "okay"...but have imposed fees that I'm not all that crazy about...they're not as bad as BofA but when you go from free checking to monthly service fees for checking, it's aggravating.

Reply by jba/fl on 12/15/11 8:19am
Msg #406684

Re: Mine too - they bought out Mercantile Bank down here

Time to change banks, get a senior account or something. I just changed mine over debit card fees.....do not need their fees as much as I need my money.

Do you know what the girl at the bank said to me? she said that "that's the way the bank makes money otherwise you get it for free." Like I'm am idiot? Like I don't understand finance? Nah - I don't feel sorry for them.

Reply by TishNotary on 12/15/11 7:35am
Msg #406681

So very (very) sorry Mike. This is terrible news. You've been in the game for a while so I'm sure you know that nothing is ever promised in this business. The other posts said it well. In summary, "Chin Up and Keep it Movin'!" The tides will turn your way soon enough if you hang in there! The unknown surprised you in a bad way and you had no control over that. You however, can control your reaction and subsequently your feelings. Don't let it get you down. Buy a great book self-help business book that'll lift the spirits. That can help twofold -- keep you occupied & help to regroup and establish a good game plan to go forward. The market will pick up within the next few months so things *will* get better. Promise.

Best of luck in all endeavors.

Reply by JulieD/KS on 12/15/11 7:58am
Msg #406683

When I lost my main client back in 2007 (through no fault of my own) I thought it would really put the squeeze on me. But, I adapted, found new income streams...and life goes on.

Reply by Julie/MI on 12/15/11 8:49am
Msg #406686

Re: Just got some bad news BTDT

Nothing like a sucker punch.

I've been down that path in 2007 when my BEST title company they lost Heartland. Oh the easy money I made and so much of it and for so many years. That really hurt, but just like USA Title, TransAmerica closings still go on, just have to go scrounging for different companies.

I remember I had 4 piggy backs for the same borrower at $225 a pop and he was a quick signer!

I'd be going to the best bakery in town and deliver the new TC a cookie tray, in person and introduce yourself . You have nothing to lose and everything to gain.

Reply by ME/NJ on 12/15/11 9:54am
Msg #406692

Thanks, for the kind words

I do know the VP at the main hub and will see her when I get back. She mentioned that TD rotates TC's (They don't put all eggs in one basket) hopefully I can hook up with one of them. Been through this before it just sucks and need to move on, will take a couple of months to build the monthly income I just lost. Funny thing is my income level will be around the same area the first three months I came back last year.

You think the rep could of let me know something was up, oh well. Normally when this happens I have 30 days of AR as a cushion but half of my AR will be gone by next week. (only down side of being paid quick)

As many of the seasoned vets know when you have one or two good clients give you work the other calls slide by because you're busy working for the bread n butter work. Now it's time to stoke those fires again.

My 2012 outlook was for 6 figure income again, guess I need to re-think that now.