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The Philadelphia Inquirer has a sad story (also see The Philadelphia Business Journal). Regina M. Lowrie, the cofounder and president of Gateway Mortgage–one of the larger lenders in the Philadelphia area, is leaving the business. “I’m not starting another mortgage company, given the conditions,” Lowrie said.
Layoffs and hiatuses seem to be a little more trendy now that the loan industry has hit a brick wall with interest rates. Even those sticking with the mortgage industry are not as bright about the near future. “We’re getting ready for the tough market that’s coming up in the next 18 months,” said Bruno Pasceri, Gateway’s CEO and new president.
I know a lot of notaries have lost a large percentage of their business. Some have decided to find work elsewhere while others are trying to expand their services to gain additional work.
How has your work been impacted recently? What have you done to make up for the losses? What is your outlook on the future of the industry?