“I'm a multitasker. I can listen, ignore, and forget all at the same time!” We won’t, however, soon forget this part of the business cycle. “Rob, thank you for all your help placing ads for Ops staff for us. With the ‘Work from Home’ movement, and cutbacks, we don’t need all of this office furniture. Would you run an ad to sell it?” First off, I told the person that no, I wouldn’t. But more importantly, this well-known lender is experiencing what many lenders are, which is that cutting back can be just as difficult, if not harder, than expanding. We all knew that “refi burnout” would happen, but the speed at which mortgage rates have moved higher cutting refis, and purchase business not filling the void, surprised many. Originators have changed their tactics; Todd Duncan, renowned mortgage sales and training expert, will be discussing how LOs can adapt to this environment on The Rundown with Rich &
AnnieMac Home Mortgage is acquiring Virginia-based mortgage provider OVM Financial, with the goal of expanding its presence in the mid-Atlantic U.S. "OVM is an incredibly talented team, and we are thrilled to be adding them to the AnnieMac platform," said President Ryan Kube. "In a rising rate environment, growth, scale, and culture are more important than ever. OVM brings that to AnnieMac in spades.”
Rising mortgage rates are prompting some lenders to downsize to adapt to changing market conditions. But the market shift is also expected to drive mergers and acquisitions.