Refinances are hitting the wall!
Bank of America is set to close 16 mortgage offices and slash 2,100 jobs as refinancing hits a wall. In late August, Bank of America shuttered another office and cut 1K jobs thanks not just to slowing refinances, but improving credit trends meaning less manpower needed to service delinquent loans. Servicing costs are falling off a cliff.
Most of the notary signing agents I have talked to are not reacting well to the big slow-down. Most have not formulated a new game plan. Only a few are ready to look at the opportunities in the field services industry. Most are just doing nothing.
It’s going to get worst when Ben Bernanke stops printing money in the next few months and quantitative easing ends.
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