With the disappearance of refi signings now. Would it be wise for a notary to specialize in HELOC loans? A brief google search shows that Bank of America is the largest bank distributing HELOCs right now.
What middleman companies are scheduling BofA HELOC signings?
Can’t help you with the companies…but…
Why specialize? If you can do a regular refi, you can do a HELOC - there’s just a few docs that are different - and when I did them the packages were smaller. Keep your field of services open to everything you’re versed in - you “specialize” they may feel you’re “limiting” your services to that product.
Right now the refis are scarce. What types of loans are abundant right now?
The signing notifications seem to be showing HELOCS and reverse mortgages.
You just keep yourself out there for ANY loan work - don’t limit yourself - chase them all.
Just my .02 FWIW
I recommend tracking/being fluent with the mortgage industry and the economy, as it effects what we do and don’t do (work wise). The prices of everything are historically high all around, reducing the value of cash (paychecks). People will start supplementing their income by pinching money off of their assets to make ends meet. We will see a significant increase in the below transactions, because if you think its bad now, the storm has not hit yet! To add to this, The FED already announced several more rate hikes between now into next year. And if your not RON certified, you may want to get in on that (if your state allows it) to take more advantage!
Cash-Out REFI’s (desperate people will take a higher rate/longer term just to get the cash)
Paycheck Loans (in the states that allow them)
Hope this helps!
Signings for HELOC’S come from the same companies that send out signings for REFI’s. I see them and complete them for different Companies for BOA. I don’t think we have to specialize in them in order to get them. Good Luck on your signings!
Exactly, it’s time to partner with the companies that recognize this and will be successful during the economic storm. According to google Chase, Wells Fargo and Citibank have suspended HELOC loans. Bank of America, Flagstar and US Bank are still making HELOC loans. It’d be nice to know to how to capture some of this business. Will be looking for a Loan Mod source later on when they are more common…
When the big banks start closing their vaults, we should all be worried. Credit card companies have already begun halting credit limit increases and reducing existing credit limits.
Why should ordinary people worry about the usurers?
Moneylenders have always been the most morally bankrupt and evil ones because they enforce repayment of their debts with violence.
I don’t know about the “violence” part, but I can say this: If someone signed a contract with me and didn’t commit to it, I gotta do what I gotta do to survive (big or small business). Otherwise, why am I in business in the first place? You don’t like my contract? Don’t sign. Didn’t read it and still signed? Not my problem! To clarify, their should be no “violence” in a “repayment” of a debt. It’s when you don’t pay is when the your “violence” concept kicks in. We are no different from them when a client doesn’t pay us. When money lenders start to pinch money/credit from us, it’s not just economy/market trends that dictate their decisions, but the lack of “repayment” trends (as a result of the economy/market trends) dictating their decisions as well.
Well, this week thus far I gave back for the month of June closing: 2 traditional heloc, 4 hybrid refi, 4 RON, 3 traditional all paper refi, 2 sellers and 2 purchases from my normal faves.
Wow ! You gave back more than most NSA’s get in a month. God is Good.
What do you mean by you gave back? Do you mean that is what you completed?
I would imagine it was do to too much work to fit in her schedule, or the fee’s were too low. I got nothing outside of that based on the post.
I gave back lots of all kind of signings because I am booked til the end of times, I feel fantastic!
(chuckle) Who cares?
Dear moderator, “This person” express his personal opinions on the topics posted here, my last post was about how well things are going for me without naming “persons” specifically, if the glove fits to someone that is their problem, but I just said that I’m booked til I do not keep track of the time. I feel great? yes! Fantastic? yes! but I do not think other Notaries really care about “MY” posts, a lot of Notaries have and can express their own wants and needs on this profession in the fashion they consider thuthful and necessary!
VIP I think you are overreacting just a bit.
Mods are probably enjoying this holiday weekend just like we all should be.
Maybe you both need to hit “delete”, then “off” , then step away for a bit.
P.S. edit per VIP’s request
Great advice. Thank you Linda! Plus we are packing. We are moving to Ogden Utah to be an independent Peoplesolft Consultant. Wish me luck.
Ok, California here we come probably you won’t hear about me until fall, planning to spend summer with family and friends all the way from San Diego to Santa Barbara, business is down, have some savings to spend, the floor, I mean the blog is yours, enjoy yur summer, Au Revoir!
TOPIC CLOSED. Discussion here has turned into a complaint form about non-notary issues. PLEASE KEEP THE CONVERSTAION ON TOPIC.