Laura Marshall explains how interest rate cuts affect notary signing agents' business. Lower rates trigger refinance booms that create more signing work, but agents need strategies to capitalize on the surge before the market shifts again.
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Interest rates are falling. Give me like a one. Let's go, let's go on this news. In the first half of this year, 1.9 or let's say 2 million people bought homes. So why is this interesting to you? Because in the past two years almost every single homeowner has bought above 6%. And this is from one of our students inside the Six Figure Facebook group. There is already 5.5% interest rates out there as we speak. You guys have been living under a rock, which I hope you have not been because you guys are all educated notary public loan signing agents and you know that the Fed interest rate fund rate has dropped.05 for the first time in four years. So quickly let me give you some education. If you haven't been to my previous trainings. The Fed fund rate is not mortgage rates. The Fed fund rate is short term interest rate. So make sure you take some notes so you have educated conversations out there with your realtors and friends. So they cut the Fed fund rate. What's that mean for notaries? It means that short term interest rates are immediately lowering. What are short term interest rates? Home equity line of credits and adjustable rate mortgages. Those are immediate drops because the Fed fund rates covers short term interest rates. The Fed fund rate does not cover long term interest rates. But the Fed fund rate determines the health of the economy. So if the Fed fund rate has lowered by half a point, that means our economy is not doing so well. Has anyone heard that unemployment is up? So unemployment is up. So what they're doing is they're combating the health of the economy by lowering interest rates. Long term mortgage rates are tied to the 10 year treasury note yield. The treasury note yield goes as the economy goes. So the Fed run fund rate is showing the economy is not doing good. They're lowering that. The treasury yield will go down. Then long term interest rates go down. It is like a domino effect is all my educated notary public loan signing agents now understand that. So because mortgage rates have been being cut, we are at a two year low. This is as of September 19th. We've hit it. Mortgage interest rates are racing towards 6%. So as you can see right now as of yesterday mortgage interest rates were 6.15%. Why is this also important to understand? Because refinance applications are up 127% as we speak. I mean come on, am I not speaking your love language as notary public loan signing agent? So this is all data from as soon as yesterday. Now refinances hit a now 30 rates has fall, the lowest in 2022. People are racing to refinance. This is data backed by the biggest finance companies out there sharing this information. This is coming from the largest CEO, well, actually second to quicken lender in America. He went on the news on and he said the refinance boom was already happening. Are we kind of excited for my veteran signing agents who've experienced the ups and downs like it is going on. But you were educated notary public loan signing agents. So make sure you understand this because I want you to be able to communicate this to your clients. So you sound educated. You ready? So the question to you guys is why is there a refinance boom starting right now? So here is the reason why. In the past two years, as you can see right here, home sales In 2022, 4.5 million people bought homes. In 2023, 4.3 million people bought homes. And the first half of this year, 1.9, or let's say 2 million people bought homes. Does everyone understand this graph crystal clear? 10 million Americans have bought home in the past two years. So why is this interesting to you? Because in the past two years, almost every single homeowner has bought above 6%. Is everybody picking up what I'm putting down right now? In the past two years, almost everybody except for this tiny little piece of beginning bought over 6%. So why is there an uptick in refinances as we speak? Because you see this square right here. My guess is about 2 million homeowners out of the 10 who have interest rates above 7%. So now that interest rates are at low sixes, they are refinancing. So does everybody understand who's currently refinancing? It is the couple million of homeowners who are above 7. However. Okay, this is where the boom happens. All the people, the 8 million homeowners in America who have interest rates between 6 and 7%. The current blip in refinance is the 7 to 8% homeowners. The next mega wave is going to be the 6 to 7% homeowners. And it is common, baby. How do I know it is coming? Because the Fed has already said they, they are forecasting another half points more than where they are today. And this is from one of our students inside this six figure Facebook group. There is already 5.5% interest rates out there as we speak. So now you understand through data what's going to be happening over the next three, six to nine months. Okay? And if you guys pay attention to world News. If you're a loan signing system student, you know I harp on you to pay attention to world news. We may or may not be dipping into World War Three. So if we can't get stabilization in the Middle east, crazy. We may dip into the 4%. If we don't go into the Middle east and we get stability, which hopefully we do, my prediction is we will go low fives. But all those 6.86 to 8 million people will be refinancing because majority of people that bought the past two years have interest rates between 6 and 7. My job is to keep you educated. Your job is to understand the data and do something about is time to go all in. It is right now. Hear me carefully. LSS Nation unsuccessful people market when it's busy, Successful notary public loan signing agents anticipate the market and get to work. Now I want you guys to understand if 6 to 8 million people race to refinance, there will be a massive shortage of notary public loan signing agents. Everybody see that? Crystal clear in the data. So strategy number one that you're going to use is you're going to go in market yourself to local title companies and all you say is this. I see the forecast of interest rates getting below 6 when the time comes that your current notary can't handle the volume. I am Laura Marshall and I would love the opportunity to serve you. Did everybody hear what I just said? It is literally that simple. Hi, my name is Joy Taylor. I'm a local notary public loan signing agent. I know rates are trending down to the low fives. When that happens, the notary you're currently using will be so overwhelmed, I'm sure you need to need a backup. So when that time comes, here's my card. I am Joy. I'll see see you next week. Just to remind you who I am. Does everybody hear the script I just taught you and you just do that all over the place. You are simply saying I know the forecast of the market. I know you're going to be in a bind. Their current notary's gone already slammed. So many loan signing agents have left the industry because they were never true business owners. There will be a shortage of signing agents right now when the boom happens. The biggest lender in America said the refinance boom is already here. If you're not busy, that is because you're not putting in the work. So let's get this started here. D.
