Posted by NotaryMI on 12/3/13 9:12am
Msg #494791

Closings

Just like to hear from everyone if there getting closings so far in December? Do you think it will pick up?

Reply by Anita Edwards on 12/3/13 9:16am
Msg #494792

No

Reply by ME/NJ on 12/3/13 9:29am
Msg #494794

Depends on some things, if it has been slow for the last couple of months the trend will continue. At best for most of the people doing this now is on a PT thing. As for past history, December signings will run till mid month and holiday time kicks in Parties, Shopping getting ready so work will come to a stop. You may may see a burst at EOM with EOY to pump up the numbers.

I have already handed schedule dept my time I won't be around this month and with the major layoffs turn around time for 2 out of the 3 big clients has slowed down. If GNW is good work on expanding that. This Thanksgiving was a bust for me compared to prior years but that is ok with me, slow and steady.

Catch up with family, plan a new course of income if you need too and keep the phone close by.

Reply by C. Rivera Chicago Notary Services on 12/3/13 9:41am
Msg #494799

slow but should pick up after the new mortgage

rules kick in. Everybody is sort of cleaning up their houses so to speak.

Which sort of explains why we are all getting bombarded with those FNF info disclosures and uptine bgc cert requests.

It will be interesting to see how the mortgage industry will make changes to their own staff, if any. So much focus as of late has been on us, but bet that ss, tc's and lenders are also cleaning up their own house.

We just have to wait and see.

Reply by Kevin/Ct on 12/3/13 10:19am
Msg #494803

Re: slow but should pick up after the new mortgage

The news recently reported that credit is going to tighten sharply after the first of the year. It went on to say that 48% of those who qualified in 2013 would not qualify in 2014. Sounds like a major downturn in business is in the future

Reply by Shoshana/AZ on 12/3/13 1:52pm
Msg #494833

Yep! The bubble is about to burst in Phoenix, once again.

Give it 3-6 months into the New Year.

Reply by NC_Closer on 12/3/13 9:42am
Msg #494800

The after effects of the government shut down have now passed and closings should be picking up for December. A brokerage group I work with advised in November that they had many in the pipeline for December.

About half of the appointments I had for November cancelled before they reached the closing table and most of the loans I did close had high APRs. Only the desperate are refinancing. Purchases will be strong for 2014 in many areas but it's expected that refis will be at a 15 year low. Good news is HARP has been extended for 2 more years but if the last 4 months are any indication that won't matter much for our business.

Reply by Judy/TX on 12/3/13 9:51am
Msg #494801

Nothing scheduled for December. The end of November (last week) was busy, but nothing since.

Reply by PJM/MI on 12/3/13 10:27am
Msg #494804

Banks, Title Co's laying off like crazy n/m

Reply by Brenda/FL on 12/3/13 2:21pm
Msg #494836

I had 3 yesterday and 2 scheduled for next week, a mixture of HELOC, Purchase and Refi. I was at BOA today and spoke to a Customer Service Representative who said he feels the end of December will be very busy, hope he's right!

Reply by JanetK_CA on 12/3/13 5:50pm
Msg #494860

That may be true, but don't spend it yet. I agree with Kevin/ct that things will be slow when new regulations for lenders kick in Jan 1. I'm betting that will have a significant dampening affect on what goes into the pipeline for some time after that. And if interest rates start rising again, that will probably slow things down even more. (I've been warning about this for years. Best to not have all your eggs in one basket!)

Reply by BobbiCT on 12/4/13 6:30am
Msg #494924

New tighter underwriting regulations ...

I, too, agree with Kevin and Connecticut's real estate attorneys and paralegals. The tighter underwriting regulations will make a BIG difference in qualifying for a loan and, because most of us non-attorneys deal with residential refinances, it will effect us.

How often can you flip a mortgage for a no-out-of-pocket costs and lower rate? Has your income and home value gone up in the past six months? Have mortgage interest rates dropped below what you have if you refinanced within the past two years?

Lenders may be pushing out December closings for borrowers that they don't believe will qualify for a loan after January 1, 2014.