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and home prices still near record highs, homebuyers are demanding that their loanofficers provide options to lower monthly mortgage payments as much as possible. Barnes, a branch manager at Mann Mortgage , recently had a client who planned to live in a new home for five years before selling it. With rates around 6.9%
Austin, Texas might be the hottest housingmarket in the country. Garrett said aside from cash buyers, he also has clients who have money to offset any appraisal gap. It is just a super tight housingmarket. Even clients with homes priced over $1 million have seen up to five offers this year, she said.
“ Recovery year ” was the theme heading into 2024 as mortgage professionals hoped for some reprieve in a frozen housingmarket characterized by high interest rates, low inventory levels and sluggish sales. What I tell all loanofficers, no matter who I talk to, is that there’s no foreclosure crisis coming on the horizon,” Saghafi said.
I’m going to start by making Rate the absolutely best place for every single loanofficer to work at figuring out ways in which we can develop them, give them all the skills, the coaching , the mentoring and the tools, so they can have an amazing business, but also better serve all their clients and all their partners.
26 in Dallas, provided valuable insights into the forces shaping the mortgage and housingmarkets in 2025. Dark Matter Technologies makes it a priority to stay ahead of these trends, ensuring our clients have the right tools to scale efficiently when market conditions change. The HousingWire Economic Summit, held Feb.
Marty Green thinks of the housingmarket in 2022 as two very different movies. ” Houses were selling at a fever pitch in a matter of days, with multiple offers, waived contingencies and buyers paying $100,000(!) But the housingmarket in the second half of 2022? over asking price. High octane stuff.
The combination of an economic uncertainty, high mortgage rates and persisting affordability challenges will further reduce purchase demand, which keeps Monson and thousands of loanofficers up at night. Wax said about 50 to 60% of his clients are first-time homebuyers. A lot of them were lower price homes or hard deals.
Like many loanofficers, Dicker was working nights and weekends, banging out refinancings and purchase mortgages at record-low rates for clients. One of Dicker’s clients this past weekend backed out of a $295,000 houmese purchase in Michigan this past weekend. The last two years have been good to Christian Dicker.
Adrian Gastelum, a vice president and branch manager at Nova Home Loans, recently had a prospective borrower apply for a Federal Housing Administration (FHA) mortgage. The client had just started a new job, and that can be tricky. Loanofficers said that the FHA’s waiver will give borrowers a fairer shot at obtaining financing.
neighborhood, housingmarket, Fall, homes, new house sales, forbearance. The Federal Reserve ’s 75 basis point interest rate hike – its largest since 1994 – proves the central bank is laser-focused on slowing inflation, but loanofficers and housing economists don’t expect mortgage rates to come down until consumer prices fall.
Local markets spotlights 5 different areas across the country, showcasing what is uniquely happening in those housingmarkets. Local real estate agents, loanofficers and appraisers share what characteristics are currently defining their housingmarkets. Louisville, Kentucky. It blows my mind.”
The stagnant housingmarket has brokerages across the country on their knees, but The Real Brokerage isnt waiting for market conditions to improve to grow its business. It started 2024 with 18 loanofficers and finished the year with about 90. Instead, its continuing to add agents at an explosive rate.
“A small offset or decline in home values, which we are starting to see, (…) can help that consumer who’s in the market for the first time,” Brown said. Brown anticipates more consolidation in the industry on the mortgage production side, as “there’s less than one loan being done by a loanofficer per month on average,” he said.
Williams IV, founder and CEO of Percy.ai, about what housing professionals can do to improve their deal flow despite the turbulence of the current housingmarket, and how investing in valuable data insights could be the key to success. . clients closed more than $130 Billion in sales through Buyside, averaging over a 400% ROI.
Local markets spotlights 5 different areas across the country, showcasing what is uniquely happening in those housingmarkets. Local real estate agents, loanofficers and appraisers share what characteristics are currently defining their housingmarkets. The market is just insane,” she said. “I
The Federal Reserve ‘s effort to temper inflation has cooled the housingmarket that remains subdued with mortgage rates north of 7%. However, a silver lining in the subdued housingmarket is the strength in new-home sales. It’s a bifurcated market in that sense. So that has picked up.
After completing countless Veterans Administration (VA) mortgage loan transactions over the years, Chris Pascoe, a Marine veteran turned RE/MAX agent, has developed something of a system. First, he has his clients lender call the listing agent. More education is really the only way to improve this situation.”.
Local markets spotlights 5 different areas across the country, showcasing what is uniquely happening in those housingmarkets. Local real estate agents, loanofficers and appraisers share what characteristics are currently defining their housingmarkets. Conway, Arkansas. Rochester, New York.
Our local market feature spotlights five different areas across the country for each HousingWire Magazine. Local real estate agents, loanofficers and appraisers from each city share what characteristics are currently defining their housingmarkets. Rapid City, South Dakota. Rapid City, South Dakota. Bend, Oregon.
In an environment where 30-year fixed mortgage rates are racing towards 8%, loanofficer pipelines are thinning dramatically. Originators who primarily served move-up buyers with high credit scores and strong down payments are struggling to find clients. They are staying busy relative to the market,” Ullmann said.
The bridge loan estimate is being integrated into the lender’s workflow through an Encompass plugin. NFM loanofficers will be automatically notified when a homeowner can tap into the equity of their current home to buy a new one before selling.
Roberts and thousands of other loanofficers across the country continue to be hampered by a serious inventory shortage , which results in heavy competition for fewer deals. There’s just more buyers than there are sellers,” added Steven Grossman, chief strategic officer at NJ Lenders.
When clients find their dream house and are ready to make an offer, Todd Armstrong’s next call isn’t necessarily to the seller’s agent or the buyer’s loanofficer. “We A lot of my clients will get insurance quotes three months into the project and then about a year later they are getting their final quote.
The seller, who struggled to find a buyer in a cooled down housingmarket, agreed to deposit a lump sum payment into an escrow account at closing – ultimately saving Davis $6,900 in monthly payments in the first two years. ” Trudy Kelly, senior loanofficer at Churchill Mortgage. in the second year.
This fish phenomenon reminds me of the housingmarket today. As soon as homes hit the market, they often sell in days, with numerous offers that usually bid the list price up. However, they are stuck in the middle, trying to please their clients, and at the same time navigate multiple bids and everything that goes with that.
As Gen-Z enters the housingmarket , many say they’ve given up on buying a home. Some blame millennials and some blame boomers, while others say that, in fact, boomers are the ones who faced the toughest headwinds when entering the housingmarket. There’s a lot of finger-pointing and very few solutions.
Mortgage rates in the 6% range have frozen the housingmarket, forcing loanofficers to find business outside their wheelhouses. Business is at a “dead stop,” said a retail loanofficer in Michigan. But for loan professionals, relief doesn’t pay the bills. million to 1.93
The savvy real estate agents and loanofficers see this not a crisis but a golden opportunity. This is a call to arms for real estate agents and loanofficers ready to seize the day. Your clients need a guide, and you are poised to be that guiding light. You need to own the narrative with your clients.
Mortgage rates have surged firmly above the 7% mark, making alternatives such as temporary rate buydowns and down payment assistance programs more popular, according to loanofficers. Boise-based loanofficer Blake Bianchi, founder and CEO at Future Mortgage , said he noticed an increase in clients choosing 2-1 temporary rate buydown.
A differentiating factor of our tech is that lots of point of sale systems are built to faciitate loanofficers with the business they already have. While we do that, we’re also focused on driving new business — from new clients but also from the relationships they already have. It’s almost farm-to-table programming.
While many proptech companies have struggled to adapt to the slower housingmarket conditions and challenging venture capital environment, Flyhomes is viewing this as a time to grow. As of mid-March, Richards said the company had signed up more than 20 clients with an aggregate total of more than 5,000 mortgage originations.
Today, a mortgage lender must have scalability in its operation, an ability to pivot quickly to meet changing market conditions and client needs, a well-designed technology stack and, above all, a keen sense of what its customers and the marketplace truly want from them.
The lender has about 80 loanofficers and aims to hire up to 100 in states. The market is retracting but it’s the best time to build,” Watanasuparp said. Cliffco’s proprietary CRM platform enables loanofficers to break away from being heavily dependent on real estate agents for referrals.
Maxwell acquired LenderSelect Mortgage Group from Blue Ridge Bank in May to expand its secondary market trading platform, bringing hundreds of new clients to the company’s other solutions. Maxwell claims the average loanofficer on Maxwell’s platform consistently closes 20% more loans each month than the national average.
PrimeLending , a Texas-based retail mortgage bank, aims to expand its market share by growing within its existing footprint in a margin-thinning environment. The lender brought on 100 loanofficers in June, bringing the total number of LOs to about 800. Companies may be struggling in one way or another. Nearly 92% of U.S.
Agents and LOs are grappling with heavily damaged housingmarkets in the Southeast. Housingmarkets in the Southeast are reeling from a one-two punch of devastating hurricanes that are believed to have caused at least $100 billion in damage. “And we just lost an enormous amount of our most affordable housing.”
1 With over 12,000 Americans turning 65 every day in 2024, this burgeoning market will undoubtedly continue to bring more buyers and sellers to the table over the next decade. In fact, a veritable upheaval is headed for the housingmarket already. They have been able to reach sales goals with relative ease for over a decade.
If there’s a bet to be made on the future of the non-agency lending space, it’s that the adjustable-rate mortgage (ARM) will become far more popular this year as purchase mortgages increasingly dominate a housingmarket pivoting to an up-rate environment. He described today’s non-QM market as a “very large bucket.”.
Lenders need to be mindful that clients don’t purchase homes often and using acronyms to describe the program, terms or process can create confusion. As the loanofficer, the more information I can share with my borrower and referral partners the more valuable I become to the transaction and future referrals.
After nearly two years of trudging through a frozen housingmarket , the consensus among mortgage professionals is that the worst of it is over. Strategies for 2024 I’m heavily focused on recruiting , improving technology and marketing, empowering the loanofficers — by giving them the same technology and marketing support.
Mortgage rates, now around 6.5%, are cooling down the housingmarket and triggering mass layoffs in the mortgage and real estate industries. Loanofficers get an up-close look at how much shoppers and capital-strapped buyers are getting priced out in the rate-rising environment.
For the past two years, the refinance business has been booming, but a purchase market signals a shift not only for loanofficers but also real estate agents. Housingmarket super session. What will the future of the housingmarket look like? What conditions will your clients be buying and selling in?
Austin is still the nation’s hottest housingmarket, as tech workers continue to flock to the Lone Star State’s capital. In 2021 alone, 1,440 Austin homes have sold for between $100,000 and $299,999 above asking price, and 72 have already sold for $300,000 or more above asking price, per a recent study from Redfin.
Successful agents, brokerages and loanofficers of the future are going to rely significantly on technology to find, nurture and engage with buyers and sellers while also playing an expanding role as personal advisors. . “I had one client in St. .” Real estate agents and LOs: the great collaboration.
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