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“ Recovery year ” was the theme heading into 2024 as mortgage professionals hoped for some reprieve in a frozen housing market 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.
Finding an agent Like 43% of homebuyers , I began my search online, as I worked to get a sense for what the inventory in my preferred areas and in my price range looked like. I wanted to make sure I was comfortable with what the inventory in my price range might look like before I began taking up an agent’s valuable time.
Lack of inventory is an issue builders and mortgage loan originators alike are dealing with across the nation. The inventory put a cap on how much business Marquis’ team can do, which is one of the reasons why Marquis is now licensed in 22 states. In our market here in Boston, we have incredibly low inventory.
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. Strategies to differentiate themselves include buying leads, providing niche loans and getting on builders’ preferred lender list.
I think we’ve already done more purchases this year than we did last year, so it’s definitely becoming a big part of the business,” she said. The inventory is so low, so people are wanting to figure out how they can move into a home.” The awareness we’re driving around H4P has just made people more curious.
In his 20 years in mortgage banking, no year has compared to 2023 in terms of difficulty, said Ben Cohen, Guaranteed Rate ’s managing director and a top-producing loanofficer. It was another brutal year, pushing loan originators to work longer hours, close loans faster while diversifying their mortgage product offerings.
“At the end of the day if mortgage rates come down, I don’t just think that’s gonna solve the inventory problem right away,” said Ben Cohen, managing director at Guaranteed Rate. But a combination of factors – high home prices , lack of inventory , elevated rates — temper expectations for even a moderately strong year.
My perspective is, you need to have companies that are willing to open up that credit risk profile in order to help your loanofficers bring in volume. In a market where every loan counts, that’s a great resource for loanofficers to have those outlets. So it’s currently just two.
The declaration comes 48 hours after Compass and Guaranteed Rate told of a definitive agreement to begin their own mortgage joint venture, OriginPoint. By both companies’ admission, a major key to Success’s success will be hiring loanofficers.
Local real estate agents, loanofficers and appraisers share what characteristics are currently defining their housing markets. The heightened demand has put a strain on Annapolis’ already tight housing inventory, causing properties that would have previously held narrow appeal to go faster than expected. “I Annapolis, Maryland.
Applications have definitely slowed down in the last few weeks. I feel like we have some people sitting on the fence again,” said one loanofficer in the Portland, Oregon market. “I There are two reasons for this price stability—record low inventory and record high equity.
We are definitely seeing an uptick in demand. Loan originators are hopeful that mortgage rates will continue to decline as the spread between the 30-year fixed mortgage rates and the 10-year Treasury yield narrows. I don’t think things will pick up dramatically because there is still no inventory.
Builders feel more confident in the market, housing inventory data is positive and buyer demand for mortgages has increased — but don’t be fooled. 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.
Combine that with the lack of inventory in New Jersey and bidding wars are back, Kechian said in an interview with HousingWire. The suburbs had a significant lack of inventory, and even the urban areas, there just wasn’t a lot of deals going on. Kechian : Individual loanofficers mostly, [and] no other teams besides mine.
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 Tight inventory and soaring home prices have pushed more homebuyers to more affordable areas in California. The result? If homeowners can get them at all. “It
Nearly every loan originator is fixated on going after the purchase mortgage market in 2023 following a brutal 2022 — a year in which even some of the top producers saw their origination volume drop to 20%. That is also the case for Chris Gallo, senior loanofficer at NJ Lenders Corp. After dropping from $1.2
Like many loanofficers, Dicker was working nights and weekends, banging out refinancings and purchase mortgages at record-low rates for clients. Even if mortgage rates are hovering in the 6% range, homes are still going to sell, loanofficers said. The last two years have been good to Christian Dicker.
Loanofficers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down. These housing professionals have been gaming out the potential impact on buyers’ agents – a significant source of referrals.
Local real estate agents, loanofficers and appraisers from each city share what characteristics are currently defining their housing markets. Our local market feature spotlights five different areas across the country for each HousingWire Magazine. Rapid City, South Dakota. Rapid City, South Dakota. Coming in at Realtor.com’s No.
“Rates are materially, definitely increasing faster than we were anticipating,” Saket Nigam, senior vice president of capital markets at Spring EQ , a home equity lender, said. ” At Spring EQ, demand for home equity loans continues to grow as home prices still increase, and borrowers struggle financially due to inflation.
We also sought input from industry experts, lenders and loanofficers. In a rising rate environment, ARM products are definitely more popular for clients than fixed-rate products because they’re going to take the lowest rate they can, typically an ARM.
In addition, HousingWire spoke to industry experts, lenders, and loanofficers to share their insights on the jumbo market. The California housing market in particular has been extremely slow, with inventory at all-time lows and few home sales. Florida followed as a distant second with $32.3 from June 2022.
Appraisers are being told by their AMC clients and loanofficers to appraise these as residential properties. To read more, click here My comments: If you want to know more, before (or after) accepting an Airbnb appraisal, definitely read this article. Taking his classes is definitely worth the time.
Until we get past this period over the next few months it may be hard to say definitively what is exactly happening. Inventory levels. An informal definition of Tail Coverage: Tail coverage protects a business when a claim is made after a policy has expired or is canceled. So, what metrics are worth watching?
The mortgage loanofficer handling the loan? On a side note, I’m definitely noticing some familiar agents listing bank-owned homes right now (mostly people who were big REO agents back in the day). OK, so who exactly decided the value should be HIGHER than what the appraiser reported, before an appraisal was ordered?
My comments: Definitely a Luxury Home! ==. The fires have definitely been getting worse. Inventory levels have an impact on property valuation, at least in the short term. I can see why loanofficers, real estate agents, or buyers might push back on appraisers’ conclusions. How to Become a Luxury Home Appraiser.
The residential lending appraisal business depends on low-interest rates, the same as for loanofficers. They are definitely dedicated. Appraisals are ordered after the loan application. Lower rates from week to week have helped buyers in the market, but limited for-sale inventory remains a challenge for many homebuyers.
It definitely can be very useful, as Dustin explains. The purchase index fell for the fourth consecutive week, as homebuyers continue to struggle with low for-sale inventory and elevated mortgage rates.” I have not had time to use it, but have been reading and watching demos about how it can be used for appraisers for awhile.
Asset purchases may seem simpler in theory because they do not involve a change in control, and the buyer avoids liability for past loans, which remains with the acquired company. Buyers will be willing to pay more to secure the same loanofficers and compete for the market share those distributed retail franchises represent.
.” Kickbacks in a shrinking market A shrinking market, defined by high mortgage rates and low inventory levels , appears to have exacerbated the existing mortgage kickbacks problem, industry pros told HousingWire. That’s because real estate agents and loanofficers are in survival mode and desperate to close new business.
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