What Does the Stimulus Package Mean for the Loan Business?

[Joan Bergstrom]

It will be interesting in the next few months to see how the housing part of the stimulus package impacts us?

Concerning the housing problems, the stimulus plan will increase the limits on home loans that can be purchased by Fannie Mae and Freddie Mac, the government-sponsored finance companies, and on loans that can be insured by the Federal Housing administration.

The one-year increases will make it easier to refinance loans or obtain new mortgages in expensive markets. The new limits will vary based on local conditions. We in Southern Calif. (if I read the info correctly) will have the maximum available amount; $729,000

Democrats said they would move ahead with a separate bill to provide assistance related to the decline in the housing market, including bonds that would let states help homeowners at risk of foreclosure.

This should free up money for refinancing. Time will tell!

http://www.joanbergstromnotarypublic.com

[mobileaustinnotary]

My favorite California notary trainor : D

I really don't know how much the stimulus package is really going to help increase loan signings nationwide to be completely honest.

There is an estimated 8 MILLION foreclosures coming in 2009. That's like THREE TIMES more then 2008 I believe. Good news is real estate the last 40 years or so goes in mini cycles every 7 years and then a huge one (like this) every 15-20 years.

What goes down must come back up. Good news is for the top notary and signing companies our business is booming, because so many notaries don't know how to market, sell or run a real full time business.

When the gettin was good in 2007 and in the 2000's, signing agents phones rung off the hook and companies would pay anything to get you to a loan signing. I think that hurt this industry more then helped it really, it made most notaries very lazy and didn't teach them the hard way how to start and run a successful business.

Shocker you have to actually spend money to advertise and market to get clients, what a concept right. II'm not talking about spending a couple hundred dollars a year in fees to be listed in 123notary.com, notaryrotary.com or on this directory. I mean REAL advertising, SEO and marketing.

This is the BEST time to start to be a notary or any business in my opinion, because when the market corrects be it 2010 or 2011 you will have the huge wave of business that you'll be ahead of to ride when so few notaries will make it that long. I heard somewhere that California alone is going to lose like 10,000 notaries, have you heard that too Joan?

Hope all is well with you, I've actually been thinking about you last yearJoan because I'm hoping to start a small 6 person only loan signing/notary mastermind group that talks at least 2-4 a month by phone for 1-2 hours.

Requirements would be everyone would be in different state and not be competing against each other at all. Only elite people/companies would join with experience, big success and track record from around the country. Me and you, plus four others that bring different things to the table to help one another grow each others notary companies.

Just a thought I had.

Take care darling,