chatsimple
(727) 817-0000
Email Instantly
Open 24/7 - Offices Mon-Fri 9-5

Mortgage Rates Rise as Lenders Attempt to Limit New Applications

Mortgage rates are starting to rise as lenders try to stem new applications.

Lenders have been swamped with new applications as low interest rates have led to rising home prices and, more importantly, applications.

Why Slow Apps?

While low interest rates have kept the real estate engine moving during the COVID era, some lenders were already finding the low interest rates untenable.

A couple of large lenders had already capped applications based on loan size, while instead focusing on things like fulfilling PPP (Payroll Protection Program) loans. One large lender we know of stopped fulfilling home loans under two million dollars.

Other lenders stepped forward to fill the gap, but growing numbers of lenders are growing wary of the large number of loans at such low rates.

Lenders Raise Interest Rates

The Bustling Housing Market

As millions have lost work and thousands of businesses have failed, the housing market has helped to buoy the economy.

The massive drop in rates has led to large gains in home prices in most markets, while refinancing has opened the door for lower payments during a time when many need them.

But, long term forecasts are more uncertain. The last thing the industry wants to see is a market with declining prices as we move forward. And let’s face it, neither do buyers, especially after so many were left under water for so long after the real estate crash of 2007.

How Far Will Rates Rise?

Right now we are seeing rates rise between a quarter and a half a point. But, some analysts see this continuing as lenders try to make loans more profitable, hedging their bets from the low interest rates.

Refinance rates are a little more stable, but higher rates appear to be on the horizon. Business outlets like Fox Business are starting to advise those looking to refinance to do so sooner than later.

Has This Affected Notaries?

In some cases, yes. Between the busy market and some notaries sitting out signings due to the pestilence, there has been a notary squeeze for some.

Online signings have (very) slowly started to creep in, but quickly changing rules, no national standard, and work from home have all complicated the situation.

While work from home has been a blessing for many, large institutions are running into issues with training. In an industry where a single typo on a 40 page doc can wreck a transaction, training employees to exacting standards in all 50 states is onerous.

Especially when you are training tens of thousands of them.

If we’ve learned anything in the last year it is to expect the unexpected. Notary demand will remain strong, though.

Sunshine Signing Service

Your Nationwide Notary Signing Service

Increase your efficiency and bottom line with Sunshine’s Mobile Notary Services and Online Notary Services. Sunshine is always there when you need us.

GET STARTED

Or Call us at (727) 817-0000

In the News, Notary News and Advice

Get in a Word

Thank You for Commenting

More Reading

Louisiana Notary Exam Goes Digital

2025 will see notary accreditation head online. In spring, it will have sprung on all aspiring notaries.

The test may only be done at one location. It will be held at the Louisiana State University campus in Baton Rouge. It will be held multiple times each month and will replace the paper exam.

Notaries will be given additional time for each exam question. The exams will also be available more times each month than they are currently.

“We are very excited by this development. The new format will provide more opportunities to pass the examination, significantly shorten the wait-time for re-taking it, and allow for scores to be released faster. It is our hope that eventually we can make the examination available at other testing sites around the state,” Secretary Landry said.

Louisiana Notary Exam Goes Digital

Other testing sites would be a welcome addition for notaries. We’d imagine it is difficult for some to make the trip to Baton Rouge.

The final paper exam will be towards the end of January 2025. The 2025 edition of the notary study guide will be available in January on the Secretary of State’s website.

To find more information about the change please visit this page.

In the News – November 2024

Recording a Notary Commission Just Got Simpler in Philadelphia

We all love when things get easier.

For Notaries in Philadelphia, an important step was removed from the notary commission process. Previously, the commission had to be double recorded, first with the Philadelphia Department of Records, then again with the Office of Judicial Records.

The recording with the Office of Judicial Records has been removed. Notaries only need to file with the Department of Records now.

It is streamlined, more efficient and time saving. And who doesn’t like that.

Notary Called to the Stand During Medical Cannabis Trial

So, they are trying to get medical cannabis on the ballot in Nebraska. A Hall County man was charged with submitting fraudulent signatures.

Besides the circulator himself, as well as a forensic examiner, the notary had to testify at the trial.

It didn’t look good for the notary.

During examination, the notary was “advised to invoke his fifth amendment, against self-incrimination” on nearly all questions asked by the plaintiff attorney Justin Hall, requiring Judge Susan Strong to weigh in on each instance of pleading the fifth.

While there were a few questions where the fifth amendment was not invoked, overall it did not look good for the notary.

Questions included the notary’s involvement with the ballot initiative, as well as text interactions with organizers of the petition.

A simple reminder we do not post notary names and always give them the benefit of the doubt.

Building the Ultimate Mobile Office for Notary Public Loan Signing Agents

Are you a notary public loan signing agent looking to maximize your efficiency and profitability? A mobile office could be the game-changer you need. In this guide, we’ll walk you through building a mobile office, including vehicle selection, essential equipment, customization tips, and hacks to ensure your business runs smoothly on the go.

Why a Mobile Office?

A mobile office allows you to take your notary services directly to clients, saving time and increasing the number of appointments you can handle daily. Imagine printing documents right in the client’s driveway or having a dedicated workspace wherever you go. It’s all about efficiency and providing top-notch service.

Step-by-Step Guide to Building Your Mobile Office

Building the Ultimate Mobile Office for Notary Public Loan Signing Agents

1. Vehicle Selection:

  • Type: Choose a spacious and reliable van, such as a Ford Transit or Mercedes Sprinter.
  • Used vs. New: Opt for a used van to save on initial costs. Ensure it’s in good condition and suitable for customization.

2. Finding a Customization Shop:

  • Search for: Van conversion companies that specialize in creating mobile offices or motor homes.
  • Keywords to Google: “Custom van conversion,” “van life cabinets,” “mobile office van customization.”

3. Essential Office Equipment:

  • Scanner: Secure a sturdy scanner on top of your setup to prevent movement during transit. Epson Scanner makes a really good one!
  • Printer: Install a dual tray laser printer. Brands like Brother or HP are reliable and efficient for document-heavy tasks.
  • Mounting Supplies: Use heavy duty Velcro strips to secure your equipment. These are great and super strong and easy to use!

4. Storage Solutions:

  • Custom Cabinets: Install custom cabinets for storing essential office supplies such as binder clips, pens, paper clips, rubber bands, a stapler and extra paper.
  • Drawer for Extra Supplies: Keep extra paper, toner, and printer drums in dedicated drawers to ensure you’re always prepared.

5. Power Setup:

  • Battery and Inverter: Install a battery and inverter hardwired into the vehicle’s electrical system to power all office equipment efficiently. https://amzn.to/3APP3MI
  • Rechargeable External Battery: Optional for added power security like a portable power station.

6. Comfort and Efficiency Enhancements:

  • Swivel Seats: Ensure the driver and passenger seats can swivel to face the back, creating a comfortable workspace.
  • LED Lights: Install LED lights for visibility during early morning or late-night signings.

7. Additional Features:

8. Efficiency Hacks:

  • Preparation: Regularly restock supplies and check for shortages to ensure you’re always ready.
  • Use of Time: Utilize the van as a true mobile office, performing tasks like printing, checking documents, and scheduling while on the go.
  • Hiring Assistance: Consider hiring a driver, such as a responsible family member, to maximize your working time between signings.

Conclusion

Building a mobile office tailored to your notary public loan signing business can significantly boost your efficiency and profitability. By following these steps and incorporating the right equipment and hacks, you’ll be well on your way to providing top-tier service while maximizing your earnings.

Ready to take your notary business to the next level? Start building your mobile office today and experience the difference it can make!