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“Do you know that humans eat more bananas than monkeys? Think about it, when was the last time you ate a monkey?” Words and terms are important. At this point, any company not having layoffs, reductions in force, or “right-sizing” (such a PC term) makes news, not the organizations actually making cuts and changes. (In K-pop news, even BTS announced a “hiatus” to focus on solo careers after nearly 10 years together.) And lenders aren’t the only ones cutting back. Real estate firms Compass and Redfin (owner of Bay Equity Home Loans) are laying 6-10 percent of their staff off. Meanwhile, originators are working with potential borrowers still on the fence about buying a home grappling with affordability issues. The current STRATMOR blog is titled, “Owning a Home: The Dream is Alive and Well.” Speaking of owning a home, did you know that New York homeowners are required to comply with a “Ghostbusters Ruling” when l
Plenty of folks in our biz can be accused of having aprosexia. (No, I didn’t join some “Word of the Day” club.) But lenders and originators have to be pay attention long enough to figure out how to adapt to changes and trends. For example, while building affordable housing is a hot topic, new buildings only account for about a quarter of the affordable housing market. The rest is comprised of Naturally Occurring Affordable Housing, or NOAH, which falls between subsidized housing and high-rent buildings and it often makes sense to preserve it rather than build it. I spent some time in Chicago this week where unfortunately 10% of NOAH housing was lost from 2012-2019. Need leads, not stale ones (always be closing!)? Josh Friend with Insellerate, known for its CRM and lead management, recommends, “Don’t forget the most important thing when buying leads is having real time lead distribution and automated calling, texting, and emailing.” Dealing with
The last pay phone was removed from New York City yesterday. (Heck, growing up I financed my baseball card purchases by looking for loose change in those and newspaper vending machines.) Communication is certainly always changing, and successful loan officers and managers are adept at knowing the best way to communicate with others. Communication aside, loan officers have a lot on their plates. On a micro level, every loan is a hard deal, and LOs are focused on providing the best program for their client at a competitive rate. (Today MortgagePros411’s Audrey B. and Kevin C. – both LOs - and I have, for lack of a better term, a freewheeling conversation today at 2PM ET about what is happening in the mortgage biz and what loan officers are seeing.) Senior management is working on making sure their origination staff has software to help LOs do their job, or products that LOs were too busy in the last couple years to attend training on and are now saying, “Huh? We have
Besides a reminder that it is Teacher Appreciation Week, how about some loan officer humor to lead off Monday? “We’re closing on our house next week. Sorry we didn’t use you.” “Oh, that’s okay. You should really go buy a new car this week to celebrate.” LOs have a lot going on, including dusting off their adjustable rate mortgage playbooks: ARMs are making a comeback. Rate talk dominates. Unfortunately, the pricing isn’t quite there yet to their complete liking. And despite the uptick we’ve seen in ARM locks (around 8 percent industry-wide), the yield curve is extremely flat, so there is limited incentive to move into a 15-year loan or an ARM at this point. And regarding the yield curve, the two-day Federal Reserve meeting will conclude with a rate announcement this week on May 4. The market has fully priced in a 50 basis points hike for May and at least another five to six 25-point hikes are expected before the end of year