article thumbnail

Mortgage rates are the highest they’ve been this year. Did loan officers expect this?

Housing Wire

Many investors had expected the Fed to cut benchmark rates as early as March, and loan officers had hoped to see a decline in mortgage rates that tend to move in tandem with long-term yields. What I tell all loan officers, no matter who I talk to, is that there’s no foreclosure crisis coming on the horizon,” Saghafi said.

article thumbnail

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.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Knock reverses course on loan officer pay cut

Housing Wire

It is an eventful week within the Slack channels of Knock , and an anxiety-filled one for the company’s about 50 loan officers. Knock loan officers draw a median salary of about $75,000 a year, according to these company sources. But on Thursday morning, Knock reversed course. It began 2021 in 14 markets and is now in 70.

article thumbnail

Opinion: Sitzer/Burnett decision presents an uncertain future for buyer agents

Housing Wire

Real estate agents are facing a contracting issue that could seriously upend the traditional housing landscape. Under current guidelines, sellers pay a 5-6% commission on a sale which is split between the buyer and listing agents. But what happens if consumers pivot away from buyer agents altogether? Enter the savvy seller.

article thumbnail

Agents and loan officers need to end the animosity, panel says

Inman

"There needs to be a little more respect" between real estate agents and loan officers, panelists Padi Goodspeed, Kathy Helbig-Strick and Katie Sweeney discussed at Inman Connect Las Vegas.

article thumbnail

Agents and LOs, here are 6 strategies for navigating a down real estate market

Housing Wire

Facing a challenging housing market can be daunting for agents and loan officers alike. I’ve seen every market shift imaginable as an agent, team leader and executive in the brokerage , mortgage and proptech space. These are the mindset and actions that set successful agents and loan officers apart in a down market.

article thumbnail

The job description of a loan officer has changed

Inman

According to mortgage industry expert Matt Muscat, changes in the mortgage industry and in the financial landscape have made the job of loan officer more important and challenging than ever.