Posted by loancloser46 on 5/18/11 12:39pm
Msg #383538

no business

Is everyone else completely dead????
Business has come to a screeching halt here. I seen many slowdowns over the 7 years of closing loans but never a complete work stoppage like this. I was closing 8-10 a week and this week I have one. I realize that many folks no longer qualify and a record number of properties are underwater but it seems strange that all at once it comes to a complete halt.
I have a feeling that there are going to be many more title companies closing up.

Reply by BossLadyMD on 5/18/11 12:49pm
Msg #383542

same here, nothing but low-ballers call me :( n/m

Reply by MobileZ71 on 5/18/11 1:14pm
Msg #383546

Since January 1 of this year it has sucked, but Since April "Dodd Frank" went into play...it's been worse like fall of 2008 when Fannie & Freddie failed. I've had a 1 title company close up and most of the others have down sized down to 1 or 2 employees and now keep most of the closings in-house. As for TIPIC's (title insurance producer independent contractors) we are slowly fading away as this industry consolidates. Five years ago this country believed in real estate and many people made lots of money base on leverage. Now we live in a country that is broke as individuals and as a whole. On television, it used to be "how to be a millionaire in Real Estate" now we watch shows like: Operation Repo, Pawn Stars, Storage Wars, and we read about all the foreclosures and bankruptcies. Our county is going through a period of lower standards of living standars and until the politicians in DC can encourage job grown from job creators, this country will continue down this spiral path.

Reply by Glenn Strickler on 5/18/11 1:24pm
Msg #383550

Work your general notary business. There is plenty of it out there and plenty of information on this site how to market yourself if you use the orange search button. It may seem like small stuff, but it adds up.

Reply by Linda L Wheeler on 5/18/11 1:48pm
Msg #383557

I would work my notary only but it only pays $1.00 per signing here in IL. Not worth my time.
Linda

Reply by dickb/wi on 5/18/11 3:16pm
Msg #383574

only .50 cents in wi....not worth the time-effort n/m

Reply by Glenn Strickler on 5/18/11 6:20pm
Msg #383606

What about travel fees? n/m

Reply by Notarysigner on 5/18/11 2:45pm
Msg #383561

one signing last six weeks

General work since Sat net $400.00 I take that anytime.

Reply by Shoshana/AZ on 5/18/11 2:51pm
Msg #383564

Re: one signing last six weeks

That's good. CA is very liberal. I heard yesterday that when the revised laws take effect in July, we might get a raise. I hope so.

Reply by Stephanie_CA on 5/18/11 5:51pm
Msg #383602

I have also been doing General Notary work and

like James, it has been quite lucrative.

Reply by parkerc/ME on 5/19/11 8:41am
Msg #383651

Re: one signing last six weeks - Same here n/m

Reply by Linda L Wheeler on 5/18/11 1:47pm
Msg #383556

Same here in IL and WI.
Linda, IL

Reply by MobileZ71 on 5/18/11 1:52pm
Msg #383559

In Maryland $2 for the first page $1 for each additional. WOW if I do 2 pages, I can buy one McDouble, small fries and a soda and I'd be still short because of the 6% sales tax.

Reply by aanotary on 5/18/11 1:52pm
Msg #383558

a slight uptick in my business in Nor Cal this week- article in Reuters said mortgage applications were up 8% the first week of May.

Reply by JanetK_CA on 5/18/11 2:43pm
Msg #383560

Watch mortgage interest rates...

Interest rates are probably the best predictor of business volume for us, although as mentioned in other posts above, many other factors are now coming into play. Rates have dipped a little again recently, so we may see another little burst of activity shortly, but I don't recommend anyone get their hopes up for any "return" to the good old days any time soon. Those boom years may have been an aberration.

BTW, I'm hearing great buzz on the HBO movie "Too Big To Fail" which is supposed to be on some time Monday evening. I hope it's on at a time that I can watch because I don't know if my recorder is working right now... I heard that it's not only a great tell-all, but a good action-packed movie. (We'll see...) The stuff that's going on in our banking community, etc. is going to shock the general public. Should be interesting to see the reactions, if lots of people watch. Anyone else have any info about it?

Reply by BakersfCA on 5/18/11 4:06pm
Msg #383578

Business came to halt for me as well at the beginning of this month. I had been doing quite well until then. I do have 5 scheduled for next week and had 2 today. So maybe there's hope that work will pick up.