Posted by PegiT_MN on 8/22/13 10:54am
Msg #481535

Yikes......Business Just Came To A Screaching Halt...

.....it didn't even slow down.....it just stopped completely. Nothing for EOM day. This is very scary.

Reply by CJ on 8/22/13 2:18pm
Msg #481559

Yes.

Interest rates went up. No incentive for people to refinance. Why refinance if they will get negligible savings or a higher rate? As another thread said, write to your congress-people to pass Harp 3, which will help people in trouble to refinance.

For me, my sister is down on her luck and moved in (which is fine), but she wants to be a notary too. I love her, but I can't afford to split my paycheck with her, and now that jobs have dropped to nothing, YIKES!

P.S. Can anyone tell me WHERE we can see on the internet, where these up-and-down rates are?

Reply by loancloser46 on 8/22/13 2:32pm
Msg #481561

I used to close 10-16 a week ,only 2 last week & 2 this week

Really bad slow down. I have been told to expect it to get worse.

Reply by 101livescan on 8/22/13 3:55pm
Msg #481573

Bankrate.com n/m

Reply by Malbrough_LA on 8/22/13 3:02pm
Msg #481565

I've been seeing a steady upswing in the amount of income

verification forms some of the local apartment complexes use for applicants coming into my office. More folks are renting around my area than are buying.

Those that are purchasing property are going the good old fashion route and utilizing my services to draft their sales with mortgages, promissory notes, etc. I have absolutely no problem with this as it puts all the money in my pocket without a cut to anyone else.

Earlier this week I did an Act of Donation where a gentleman was donating his share of a hunting property (There are 3 owners of this land) to another gentleman without having the second gentleman's wife receive any of the donation. By the time everything was said and done I had a 4 page drafted document signed, sealed, and delivered to the parish recorder. My time taken (drafting and signing) was approximately one hour. A comparable SS or TC job wouldn't have come close to what I was paid which is why I've been turning more and more down. No headaches, no lengthy documents, no when will I be paid. Makes me smile

As far as refis go, those have almost stopped completely which makes perfect sense from a financial perspective.

Reply by Blueink_TN on 8/22/13 6:40pm
Msg #481592

Hang in there, purchases are happening and this will keep the NSA business going for the next few years - but then, as always, only the best will survive. The refi business has dried up with the exception of those few who are just now qualifying (credit scores up, no mortgage lates, etc.

Reply by Teri_PA on 8/22/13 8:27pm
Msg #481603

Unless you're in a state like NJ that for purchases one needs to be a lawyer or "supervised" by a Title Co....Sometimes I'm glad I cover two states...I can at least get the purchase work in PA...
I hear CT is still good...