As my NSA business is slowing down. I am searching in Google about the Mortgage Industry news.
I found a title " A long List of Mortgage Layoffs, Mergers, and Closures".
Basically it is a very long list of the layoffs happening as I write this in 2022.
Banks such as Mr. Cooper, Wells Fargo, Rocket Mortgage, USAA Bank and many more banks are laying off employees on their mortgage department.
If the banks are not handling as many mortgages, therefore there are less requests for closing services ( that we NSA provide).
At least temporarily, there are going to be less closings available to work on. But this could also mean that could be a shifting on the kind of request we will see. Are we going to see more REO, HELOC, Reverse Mortgages closings? Or what is next for us NSA?
I have been providing Notary services since 2009. Fortunately, this is not my only source of household income. I think I can weather the storm, sort of speak. But I get a bit impatient with the slow down.
I like to be out there working and visiting the clients.
Hope you are doing well and you have figure things out.
That is why having multiple sources of income is important. Those who are sitting back and waiting for the phone to ring or the app to ding will leave themselves open to disappointment.
The last 2 years were hyper-busy because of interest rates. We are now back to NORMAL. I have been in the mortgage industry since 1992, and there is always cyclicality. If LSAs got into this business expecting refis to continue forever, they are probably the same people who get the phone calls to send thousands of dollars across the world to bail out their imaginary grandchild who is sitting in prison.
In this industry we have to stay ahead of market trends and adjust to economic changes. Yes, title and mortgage companies are currently laying off their employees to compensate for the reductions in loans. With the declining signing fee rates and increasing operating costs, this is going cause a shake-up in mobile loan signing agents numbers. I suspect people will start getting out of the loan signing business too.
As it was all said 20 years ago in “rich dad. poor dad” you need multiple sources of, preferable passive, income. Nothing is timeless and durable. However, everything is cyclic, as richlandmobilenotary said above. You need to be a step ahead of the market and you need to understand how it works. Or else you will be left behind in bankruptcy with nothing in your accounts. You should always study, you should always be in a community, you should always understand what is going on, whether that will be done single handedly by you, or with somebody’s help.
