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


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.

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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

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