Interesting to find that not quite a two years later a similar dilemma is being experienced. Business had slowed in spring of 2006. Seems that it is cyclical and will occur even without the recent mortgage and foreclosure issues we are facing. Those who have seen slower times will most certainly have prepared for more slow times by diversifying their services. Many NSAs have fallen out of the industry. I do not totally attribute this to a lack of diversification or lack of putting away for a rainy day. The current industry situations are hitting hard at all levels, as you can see. Big lenders are hurting and failing as well as great title companies we have worked for. It is times like these that we must play close to our belts as the others in the industry. This does not mean we must accept greatly reduced fees. We must evaluate our business expenses and needs and work accordingly. Remember that reevaluating our expenses and possibly lessening our fees to get the jobs will not insure better days where our fees can once again return to a normal, more respectable living. Once you reduce those fees it is hard to bring them back up. Companies will likely look elsewhere when you raise those fees back up, looking to keep that money in-house. I took note on a loan the other day that there were two line items: Closing Coordination for $200 and Notary Fees for $195. I received a fee from the company of $135. It would appear to me that for the coordination, in other words, finding me they received $200 and on top of that they padded the notary fee by $60. With this in mind, DO NOT LOWER YOUR FEES. THEY AREN'T! It is just a matter of finding the gullible NSA who they can talk into a lower fee with the notion that they have to cut back. They are not cutting back. They are only using this as an excuse to put more in their pocket!
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Interesting to find that not quite a two years later a similar dilemma is being experienced. Business had slowed in spring of 2006. Seems that it is cyclical and will occur even without the recent mortgage and foreclosure issues we are facing. Those who have seen slower times will most certainly have prepared for more slow times by diversifying their services. Many NSAs have fallen out of the industry. I do not totally attribute this to a lack of diversification or lack of putting away for a rainy day. The current industry situations are hitting hard at all levels, as you can see. Big lenders are hurting and failing as well as great title companies we have worked for. It is times like these that we must play close to our belts as the others in the industry. This does not mean we must accept greatly reduced fees. We must evaluate our business expenses and needs and work accordingly. Remember that reevaluating our expenses and possibly lessening our fees to get the jobs will not insure better days where our fees can once again return to a normal, more respectable living. Once you reduce those fees it is hard to bring them back up. Companies will likely look elsewhere when you raise those fees back up, looking to keep that money in-house. I took note on a loan the other day that there were two line items: Closing Coordination for $200 and Notary Fees for $195. I received a fee from the company of $135. It would appear to me that for the coordination, in other words, finding me they received $200 and on top of that they padded the notary fee by $60. With this in mind, DO NOT LOWER YOUR FEES. THEY AREN'T! It is just a matter of finding the gullible NSA who they can talk into a lower fee with the notion that they have to cut back. They are not cutting back. They are only using this as an excuse to put more in their pocket!
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