Hello Friends & Notaries:

Interest rates have held steady near record lows hovering  at or just above an all important psychological level of 5.0%. This sounds like great news for notaries, but are borrowers qualifying for the loans that are available? Lenders have been hoarding their cash and only giving out small numbers of loans.  Lenders are still not sure how the governement is going to make them account for their subprime loans and toxic assets.  This has created a difficult environment for borrowers.

In order for borrowers to qualify, lenders have only been accepting the very best applicants. Only people with credit scores above 700, and no more than 36% of their income going toward their mortgage are considered.(Qualifying for a Mortgage, Home Loan Learning Center) These types of borrowers are what the lenders are looking for. CNNMoney.com loan rate story. Read it here. In addition to the lowest rates in decades, housing sales jumped last month as more and more foreclosed properties are coming on the market. Foreclosures and SEO(Bank Owned) properties have been moving in west coast states like California and Arizona as investors, feeling more comfortable with current values, try to search out bargains.

The year of 2009 is coming to a close and the number of loan signings has remained consistent. However, not all notaries are sharing the good fortunes of us few that have stayed busy. Many notaries who have not strengthen their marketing and shored up their networks haven't survived the hard times of the past year. Calls from customers have indicated that their first calls have gone unanswered and in a few instances the people who did answer say they are no longer in the business.

Keep pushing forward one step at a time...

Matthew D. Valera
www.bayareanotary.com