Posted by terrie/IN on 6/13/11 5:50pm
Msg #386106

Will there ever be light at the end of the tunnel?

I was curious for those of you that have been doing closings for along time. Have you ever seen it these slow? My phone here in Indiana has not been ringing hardly at all. Maybe a few lowball offers which I do not take. I was just wondering how everyone else felt will there be light at the end of the tunnel? I have not been in the business that long but I have been busy in the past.

Reply by jba/fl on 6/13/11 6:17pm
Msg #386111

Sure - I hear when one dies they see light at end.... n/m

Reply by Sal Servin on 6/13/11 6:24pm
Msg #386112

You certainly have to see the light. The party lights, then you'll know

Reply by Linda_H/FL on 6/13/11 6:27pm
Msg #386113

Party lights - they're red and blue and green, right??..:) n/m

Reply by jba/fl on 6/13/11 6:29pm
Msg #386115

Yejp - just look for Casey A! n/m

Reply by kcg on 6/13/11 7:26pm
Msg #386119

Terrie: No one really knows but all indications point to the answer being that things will continue to be slow. Good for you refusing the low-ballers, I do also and as a result get very few calls from them. I am working, albeit infrequently, for my regular clients and at least I am doing 3-5 a week. This is not the time for anyone to invest in equipment and start out but we still continue to see newbies coming on here pretty regularly...and that is just those who find this forum, there are many out there who don't. Sorry I don't have a rosier answer!

Reply by MikeC/NY on 6/13/11 9:34pm
Msg #386134

Sometimes the light at the end of the tunnel...

.. is a guy waving a lantern and screaming "Go back! Go BACK!"

Reply by JanetK_CA on 6/14/11 1:29am
Msg #386135

Re: Sometimes the light at the end of the tunnel...

LOL!!! Well said, MikeC! Hopefully that one is a little more accurate than the one that says it could be an oncoming train...

To the OP, people are having a very hard time qualifying for loans, a very significant percentage of homeowners are underwater in their mortgages and the foreclosure rate is still very high. It looks like Fannie Mae and Freddie Mac are being dismantled (the primary purchasers of loans in the past), refinance fees and down payment requirements are going up and as the economy improves, interest rates are likely to increase, as well. A very high percentage (I have no idea what the real numbers are) of homeowners have refinanced at least once in the past five or so years and most will have little incentive to refi again - especially if they plan to stay in their home.

There will always be *some* level of activity in the loan business, but most of us will probably not see anything close to what it was like in the boom years in our lifetimes again. So for me personally, my business plan does not include waiting for a "light at the end of the tunnel". I suggest tracking loan origination numbers (published by various organizations) as an indicator of what to expect in terms of future business volume, although there will undoubtedly be lots of regional variation. Then I suggest coming up with a plan B or part time (at least) job, if you're depending on this to support yourself.

Some may accuse me of being negative, but I prefer to think of it as realistic. As I've said before, hope is not a strategy - and if you plan for the worst, then expect the best, your probability of survival is bound to improve. That's how I see it, at least.

Reply by terrie/IN on 6/14/11 7:51am
Msg #386143

Re: Sometimes the light at the end of the tunnel...

Wasn't trying to make a joke of this, but thank you everyone that gave me their outlook on the situation why it is slow. I do not do this job full-time it is just a part-time job for me. But it would be nice to get atleast 2 or 3 a month.

Reply by SharonMN on 6/14/11 12:23pm
Msg #386171

Re: Sometimes the light at the end of the tunnel...

If you're born during a nuclear explosion, don't spend the rest of your life wondering why it's so dark.

The past boom in business was very unusual, driven by many factors that almost caused the worldwide economy to completely implode. Although notary signing agents have existed for a while, the huge crush of business (driven by lower interest rates, skyrocketing home values and lending to anyone with a pulse) left the lenders and title companies unable to handle it all and created opportunities for notary signing agents. I don't believe that level of activity is "normal" and don't expect it to return.

However, with good marketing you should certainly be able to get 2-3 signings a month. Don't just sit back and expect them to come to you - send out your information to any leads you come up with, call companies you've worked for in the past, etc.

Reply by Les_CO on 6/14/11 2:06pm
Msg #386183

NO! This was once or could have been a full time business for some. It is no longer. Now its strictly part time, something to do to make a few extra bucks a month at. Far too many Notaries and too little business. Not just for us NSA’s, but in Attorney States where there were networks of attorneys doing closings, and some with multiple offices are likewise seen their ‘closing’ business dissipate to a fraction of its past volume. Until, and only if the economy improves greatly will things get better, and the NSA business will never be as it once was.
JMO