The Los Angeles Times is reporting that 2014 will be a slow year for notary signing agents. Many of the notary signing agents cannot see the change coming and they are doing nothing. They need to find some new cheese (field inspections), but many are doing nothing and are just hoping that refinancings will keep coming.
The Mortgage Bankers Association (MBA) said Tuesday that it expects to see $1.19 trillion in new mortgages written during 2014, down 32% from $1.75 trillion this year.
Refinancings could tumble by 57%, the trade group projects.
Mortgage rates to rise above 5% in 2014 and to increase further to 5.3% by the end of 2015.
The Federal Reserve is expected to taper quantitative easing in early 2014 and that will increase interest rates.
More notaries will be chasing fewer orders, so prices will decrease as the work slows.
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