Exec Advises Laid-Off Loan Officers to Look to Specialty Servicing

Image

This seems to be very good advice for any loan officers who have lost their jobs. Please read the article below and let me know what you think.

The FHA Condos Approval Company, Inc.

Please +1 Us on Google, Follow Us on Twitter or Like Us on facebook

As mortgage rates climb and the refinance boom comes to a close, the origination sector is in flux.

Last week, mortgage applications declined 8 percent, according to the Mortgage Bankers Association’s Weekly Mortgage Application Survey, while the average interest rate for a fixed-rate, 30-year mortgage rose from 4.56 percent to 4.68 percent.

Also evidence of declining refinance volumes, Ellie Mae reported last month that purchase originations outpaced refinances for the first time since Ellie Mae began recording origination data about two years ago.

With declining volumes, the industry cannot support the number of loan officers it has had on staff of late, and many originations shops are shedding employees. Wells Fargo, for example, is reportedly cutting 2,300 production jobs.

However, this glum news may have a silver lining, according to at least one industry executive.

“There’s a huge opportunity for former loan originators taking their existing skill set and industry knowledge and applying them in specialty servicing,” Patrick Norton, SVP of Fay Servicing, based in Chicago, told DS News.

“There’s enormous opportunity, and I don’t think it’s going to fade away in the near future,” Norton said.

To see the complete article – please use the link below.

Laid-Off Loan Officers

Explore posts in the same categories: Real Estate Market Trends

Tags: , ,

You can comment below, or link to this permanent URL from your own site.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: