9/26/2024
By Mark Wills - Course Instructor of Loan Signing System, NNA Influencer of the Year, Forbes Real Estate Council Member, and Best Selling Author
By Mark Wills - Course Instructor of Loan Signing System, NNA Influencer of the Year, Forbes Real Estate Council Member, and Best Selling Author
6 Million Recent Home Buyers Are Being Urged to Refinance Thanks to Slashing Rate Cuts.. this Means Massive Business for Notaries!
When mortgage rates drop, homeowners refinance their homes, which means more loan signings jobs for notary signing agents.
As the Yahoo Finance article recently reported, the 30- Year rates finally dropped to 6.09%. & 15-Year rates dropped to 5.15% thanks to the first Federal Rate cut since 2020!!
Since this time last year, we've now seen the 30-year rate drop a whopping 1.1% and the 15-year rate an incredible 1.39%!
Over the last year and a half, nearly 6 million homes were purchased. And as rates drop, millions of recent home buyers are expected to refinance.
Matt Ishbia, the CEO of United Wholesale Mortgage, one of the biggest lenders in the country said just this week that "The refinance boom is here, it's already happening as we speak. Everyone who has bought a home in 2022, 2023 and 2024 should absolutely refinance."
Now is the time to market to lenders, real estate agents, title & escrow clients, so you can stay top of mind and capture the potential flood of loan signings.
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Why Does a Bad Economy Creates a Golden Opportunity for Signing Agents?
To put it simply... in a bad economy, interest rates are a key factor to recovery… lower interest rates equal more home refinancings… and more home refinancings means more loan signing appointments.
Lowering interest rates is the government’s primary way to ensure the economy continues and strengthens through any downturn or recession.
The lending industry is one of the unique industries that the government prioritizes and is first to be strengthened as the economy takes a turn and starts to contract.
Why?
Because the cheaper money is to borrow, the more people spend thus driving the economy back upward.
Lowering interest rates is the government’s primary way to ensure the economy continues and strengthens through any downturn or recession.
The lending industry is one of the unique industries that the government prioritizes and is first to be strengthened as the economy takes a turn and starts to contract.
Why?
Because the cheaper money is to borrow, the more people spend thus driving the economy back upward.
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There is Not a Better Time to Be a Notary Signing Agent than Now
With mortgage rates declining and buyer demand increasing, 2024 is shaping up to be a prime year for signing agents to earn more money with loan signings.
Realtor.com reported on September 18th that refinance applications have already jumped a whopping 127% since the rate cuts!
There will be no shortage of purchase loans and refinances needing to be signed.
Signing agents who focus on networking with lenders, real estate agents, title & escrow agents now will be in position to receive numerous signing appointments throughout the busy spring and summer homebuying seasons.
If you are already a notary loan signing agent… be prepared! This year, millions of loan documents will need to be signed.
And if you are NOT yet a signing agent… now is the time to get started… even if it’s just a back up career or a way to earn money part-time.
Signing agents are needed now more than ever!
Despite the chaos in the markets, this is the time to gain your foothold in the notary loan signing agent industry. And I am here to help you be prepared.
Use this time to educate yourself, gain new skills, and have a competitive advantage as the economy goes through this cycle.
The next few months promise to be lucrative for those ready to tap into the surge of signing requests.
How Can You Capitalize?
With signing volume expected to increase, agents who prepare now will be best positioned to capitalize on the busy market.
Focus on expanding your lender network by regularly checking in with contacts and asking for referrals to other loan officers.
Stay visible by attending local real estate association events.
And most importantly, gain and solidify relationships with escrow and title officers.
With preparation and focus, this active market can greatly benefit your signing business.
Sources: Yahoo! Finance , Realtor.com, CNBC, New York Times
Focus on expanding your lender network by regularly checking in with contacts and asking for referrals to other loan officers.
Stay visible by attending local real estate association events.
And most importantly, gain and solidify relationships with escrow and title officers.
With preparation and focus, this active market can greatly benefit your signing business.
Sources: Yahoo! Finance , Realtor.com, CNBC, New York Times
