Posted by grapebed on 12/24/13 11:27am
Msg #497030

FORUM SURVEY: Volume and Price predictions for 2014

Thanks for taking s moment to answer two quick questions

1) On average, what do you predict the percentage increase/decrease in loan signings for 2014? and

2) On average, what do you predict the percentage increase/decrease in your fees for 2014?

Me?
1) -35% in volume
2) -15% in average fees

Reply by RonA/CA on 12/24/13 11:39am
Msg #497032

Are your predictions (answers) an increase or decrease?

Reply by Linda_H/FL on 12/24/13 12:13pm
Msg #497037

Ron, I think the OP's predictions were a decrease - I read "-35%" and "-15%" - MINUS 35% and MINUS 15%

I could be wrong but that's how I read it.

Reply by grapebed on 12/24/13 6:02pm
Msg #497051

Re: FORUM SURVEY: MINUS 35% and MINUS 15%

Yes I meant MINUS 35% and MINUS 15% ( minus 10-15%)

Reply by PA_Notary_II on 12/24/13 11:48am
Msg #497033

I would agree with your estimation of reduction of volume, but I strongly disagree with the decrease in fees. I, for one will not accept a decrease in fees in the face of ever rising costs of doing business. I would rather have lower volume with static pricing realizing that my bottom line profit percentage will be the same by way of decreased overall costs. EX: I took a deed signing 3 blocks from my home for $75.00. 6 pages, one notarization. I just turned down a $100.00 offer, 20 miles one way with e-doc printing. Which one do you suppose would produce the most % of profit? We need to work smart...not necessarily hard. By watching costs and pricing I can make out as well as, or better than the person taking all offers at all prices.

Reply by JanetK_CA on 12/24/13 12:10pm
Msg #497036

I think you make good points. However, I also think the OP was referring to "average fees", and I do think it may be realistic to expect that "average" fees could go down a little for a variety of reasons. One could be the nature of the types of appointments, e.g. if you do GNW, or if a higher percentage of calls are for a stray doc or much smaller seller's pkg. Another possibility would be if clients start over-nighting docs again, which wouldn't surprise me.

I'm not going to make any predictions about what I expect for the industry as a whole, as I think it will vary greatly from region to region - and my predictions for what my business will do next year are just that: my business...

Reply by Reggie007 on 12/25/13 4:15pm
Msg #497072

If you roll over and allow this new text and email assignments to dictate your fees then you are the loser.. YOU don't have to settle for the assigned amount....condition it back. Learn to speak up. Some companies feel this is a great way to cut fees...remember they don't love you..

Reply by JanetK_CA on 12/26/13 2:28am
Msg #497078

Not sure if that post was meant for me, but if I gave the impression that I was caving on my fees, I'm glad you said something, 'cause that's not happening! My bottom line is not going to change. What I was trying to convey is that I think the scope of some of the work available is morphing. I'm doing more and more GNW, for example. The average take may be lower than a loan signing, but the overall time commitment is significantly less, in most cases.

As for assignments coming via text or email, unless it's from an established good client, they don't get a response from me. Most of them don't provide sufficient info to be able to make a determination, and I don't spend my time staring at my phone. If they're willing to hire anyone who will work for whatever fee they offer, who happens to respond first, then they're probably looking for someone other than me. If they want to be sure their signing gets handled by an experienced professional they can count on, I'm happy to talk to them.

I agree that we don't have to settle for the cattle-call approach to signing appointments. Frankly, with very few exceptions, I think a company going that route could be a red-flag for financial challenges.

Reply by Reggie007 on 12/25/13 4:19pm
Msg #497073

True.....I been graphing the date of call and the closing dates for over one year now and I have learned when business will come. Its funny how the more things change the more they stay the same.. Don't settle for trash if you know work is on the way later on that day or month.

Reply by Darlin_AL on 12/27/13 10:09am
Msg #497109

PA -I see it this way also, tough it out for now n/m

Reply by JinCA on 12/24/13 12:44pm
Msg #497038

Calls for loan signings will probably go way down for me, as I refused to sign that evil FNF form. I will not be dropping my fees.

Reply by snowflake/PA on 12/24/13 12:47pm
Msg #497039

My volume should remain the same, if not a bit of an increase. Just moved to the "metropolis" if you will, and I have been busy. Many more title cos and lenders near me for marketing purposes. It's awesome.

I will not decrease my fees.

Reply by aanotary on 12/24/13 1:42pm
Msg #497041

is this the psychic forum?

I talked to an LO yesterday- he says Harp 3 is right around the corner. That should be a driver of business.

Reply by tony1994CT on 12/26/13 10:29pm
Msg #497100

How many loan signings is anyone hoping to do in 2014? 100, 300, 500, 700
Appreciate any reply
Thanks

Reply by Reggie007 on 12/25/13 4:12pm
Msg #497071

I feel we have not scratched the surface on HARP and feel that the next few years 2014 - 2016 are great cash out refi times to repair from the mid to late 90's building surge...ie roofs, siding, carpet etc....fees are in our court. Stick to your guns or look elsewhere for work. WHAT'S YOUR HOURLY INCOME?????