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Irene
Washington
8 Posts |
 Posted - 03/19/2012 : 10:13:11 PM
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It usually has to do with the way interest is calculated. Most lenders like to close on the 15th of last day of month. Therefore, the week before the 15th and the week before end of month are the busiest.quote:
Originally posted by gmp123
I read that most loan signings happen the last week/days of the month. What is your experience in terms of what part of the month you receive your loan signings assignments?
Thank you!
Gloria Paul
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19608
Pennsylvania
4 Posts |
Posted - 03/10/2012 : 8:48:28 PM
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It has always been like a *tradition* to be packed on the last week of the month however lately I have noticed and increase in the first week of the month than a slight slowdown till around the 21st and than back to packing as much as I can in the day!
quote:
Originally posted by gmp123
I read that most loan signings happen the last week/days of the month. What is your experience in terms of what part of the month you receive your loan signings assignments?
Thank you!
Gloria Paul
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Renee
Michigan
549 Posts |
Posted - 02/20/2012 : 2:02:12 PM
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It's not just a theory - it's all about the monthly numbers, counted by how many X at the end of the month (loans sold, cars sold, McBurgers sold, whatever).
Specific to the world of lending (which does not have an exclusive on the monthly quota stress-inducer), there are quotas that are compiled per month. Don't make the quota for X number of months, and you'll be finding a new job. Surpass the target quota, you might earn a nice bonus.
These numbers are also tracked within the industry and different lenders are compared, for ranking (most sold, least sold, #1 in the nation, blah blah blah)
Even title agencies where I've worked or now have access to have a white-board (in a secluded, employee-only area) showing the target, the pipe-line, and how close they are so far.
Adding to that - from my experience, most loan originators are paid commissions once or twice a month. This makes for a 'mini' EOM near the 15th, and the major tsunami at the literal EOM. If your next commission check holds whatever closed & funded by the last EOM - you'll push whatever you can push through that funnel.
It's the American way. |
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edelske
New York
815 Posts |
Posted - 02/20/2012 : 04:00:46 AM
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End of the month is nicknamed "hell week" as the various Loan Officers seek to pack closings into the ending month. One theory, never proven, is that they wish to add to the current month commission check.
Whatever the reason, there is generally more activity the last week of the month (for signings) compared to other weeks. The very low paying offers will often come a week or two prior to (but scheduling for) the last week of the month.
Experienced notaries will tend to avoid booking a low paying signing or even a standard notary appointment during the last week of the month. Better to be available for when the scheduled notary "fails" and, on short time, they are willing to pay a fair rate for those available.
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
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gmp123
North Carolina
4 Posts |
Posted - 01/30/2012 : 05:10:19 AM
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I read that most loan signings happen the last week/days of the month. What is your experience in terms of what part of the month you receive your loan signings assignments?
Thank you!
Gloria Paul |
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Timing of assignments?
