Posted by PJM/MI on 9/4/13 5:00am
Msg #483107

Our Industry..Slow Down in Work

There are several posts on NotRot from people wondering WHY their phone isn't ringing, WHY the slow down in work. Yes, summer is usually slower, but the reason for the slowdown in closings is because of the interest rates. It has been all over the news for quite sometime.
Having been in this industry for several years, I find it behooves me to keep up with this industry and there are several good websites I read daily. My personal feelings are if I am going to work in this industry, I'd better know what is going on in it.
My sister closed on a re-fi, and the notary who closed it had 6 yrs. experience. She told my sister that she couldn't figure out why her business had slowed down so much. 6 yrs and she didn't know why. (Where upon my sister told her about interest rates).
Wells-Fargo laid of a large number of loan officers, BofA sold tons of loans. Harp3 is still in the pipeline.
This is the information age, and the box (computer) in front of us is an excellent tool to keep up with industry news.

Reply by Luckydog on 9/4/13 5:43am
Msg #483108

This is no news. IF you have been reading this forum, as you state you are informing yourself everyday at the computer, this is a repeat post almost everyday.

Reply by Luckydog on 9/4/13 6:24am
Msg #483109

Ah, sorry, it's the your sister's notary who doesn't have a clue...maybe she should write into the forum herself. This is like the story about my uncle's, friend's, mother-in-law, cousin's post...

Reply by rolomia on 9/4/13 7:15am
Msg #483114

B of A is really hurting. They sold several branches to...

...competing banks in the South & Midwest due to their poor performance. That's why I'm closing all my accounts with them. The few signing orders I completed for them consisted of frustrated BO's, huge packages, confusing paperwork, rude LO's and low wages. That's why I declined further orders from them. Their telephone customer service was farmed out to foreign (off-shore) call centers, years ago. I suspect that their obvious trend of downward performance will continue unabated since our federal government will waste more of our (tax-payers) money to bail them (B of A) out, when the time comes. Sadly, American consumers will allow this b/c they feel helpless to stop it. We get what we will tolerate. I fear the worst is yet to come. JMHO

Reply by MW/VA on 9/4/13 8:49am
Msg #483121

Yes, I've done a few refi's lately for people whose BofA

loans were sold to GreenTree. IMO BofA should never have got into the mortgage biz. They haven't done a good job with it, and seemed to carry the CountryWide debauchle forward.

Reply by Darlin_AL on 9/4/13 3:03pm
Msg #483193

Re: B of A-I signed 1 yesterday,small pkg from USA service n/m

Reply by notary4az2 on 9/4/13 10:14am
Msg #483127

Along with interest rates rising we also have to consider that the Frank Dodd Act has been activated and is affecting underwriting. I have had several loans as of late that the borrowers are complaining about the things underwriting asked for while processing their loans.