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Will AI replace the loan officer?

Housing Wire

The industry fears AI will ultimately replace everyone, from operations to loan officers. As a loan officer , I am not losing any sleep, and here is why you should not, either. thought, wow, this will be amazing, and maybe I will implement it in my business to improve customer service. tale as old as time.

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Loan officers, focus on quality not quantity

Housing Wire

What’s the deal with all the discussion across the lending community about the fluctuation of the loan officer population recently? There have been social media posts and editorials debating the current total number of loan officers, whether the population has decreased, and if so, by how much.

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Loan officers are seeing an uptick in FHA, VA demand

Housing Wire

The move in government refinances was driven by a 75% increase in VA loans, which have been prone to large changes in recent months. On-the-ground observations Loan officers say they’re seeing an increase in government loan demand. “But you still have a buyer’s market.

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Ally Financial closes mortgage origination business

Housing Wire

Ally Financial announced Wednesday that it would exit the mortgage origination business as part of a broader strategy to pursue higher returns on investments. The company also plans to explore strategic alternatives for its credit card business in the first quarter of 2025. It had no sponsored loan officers.

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The playbook for a rookie loan officer: What I’m telling my son before his first year

Housing Wire

Entering the mortgage industry as a loan officer can be both exciting and overwhelming. Ive spent years in the industry , and as my son prepares to take his NMLS exam, these are the key expectations I will share with him to navigate his first year in the business. Business casual is the bare minimum work attire.

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Loan officers are dramatically cutting their pay to win clients. It’s often illegal. 

Housing Wire

Mortgage rates had climbed close to the 7% range and he was determined to remain competitive on pricing with rival loan officers in North Carolina. After Mike paid his loan officer assistant, he was clearing just 40 bps. The lower comp rate stung. Still, it was better than nothing.

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AI Demo Day: Polly/™ AI: AI-powered copilot for loan officers

Housing Wire

Polly/ AI: AI-powered copilot for loan officers Fueled by Polly’s proprietary technology and data, Polly/ AI leverages powerful, state-of-the-art AI/ML and natural language processing (NLP) to transform the way loan officers conduct business and provide consumers with superior mortgage products and prices.