I agree with you, Renee. I think it is harder and harder for these companies to survive in a limited space. I know that one title company I work with has been told by management NOT to use SSs. The trend is to cinch the belt wherever possible. The title/escrow closing fees paid to notaries are dwindling, that is for sure. It is a very competitive arena. Not for the faint of heart. More and more responsibilities on the notary/loan signing agent to get the deal closed. Yesterday I signed a subordination agreement with a very unhappy borrower who was told she would lose her loan if she didn't sign it yesterday and I had to fax it to Westlake TX so the loan. I got $100 for it because they wanted it faxed and dropped after signing in one hour during peak travel. These are rare and not the norm. The majority of notaries in my area have full time jobs, they cannot respond to these kinds of requests at the drop of a hat. I think that a lot of SSs are barely holding onto their garters and will fall by the wayside one by one. Interest rates will start going up. Fewer buyers and borrowers refinancing. Go for the gold while you can, because this biz won't last forever. Right now we have a refinance frenzy going on. I think 2011 will be a slower year. No more tax credit incentive to first time buyers. And don't forget that all the people who have been getting those loan modifications are going to be back in foreclosure because after all the loan balance is the same, no modifications here and the gradually increasing interest rate over five years is going up. Values are not going up, staying about the same if not lower. Experts say we're very near a recession before we're out of the current one with the state of the housing market.
Hang on to your straps. And yes, HOLD ONTO YOUR VALUE! Get the appropriate fee for the scope of work! |
