5 “back to basics” business actions loan officers should take today

Housing Wire

It’s a tough time to be a loan officer. Amid all the chaos, loan officers may be pressed to get creative when it comes to generating new business. Some have taken to TikTok to make funny videos about why they are the best loan officer in the land.

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.

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Loan officers made insane money in Q4 2020

Housing Wire

Over $4 trillion in originations made its way through the housing market last year, and new data from mortgage software firm LBA Ware revealed that by the end of 2020, loan officers played every last card in their deck to get those deals closed by New Years.

Opinion: Do loan officers need more tech than they have now?

Housing Wire

Do loan officers need more technology than they currently have? Most loan officers do not believe they need more tech than they have now. Function keys in a DOS-based green world was how all loans were done in 2010. Being a loan office hasn’t changed.

Loan officer wallets flatten as refis dry up

Housing Wire

To the surprise of virtually no one, loan officer commissions started to head south in the third quarter, dropping 17% year-over-year, according to SimpleNexus ’ third quarter mortgage loan compensation report. loans per month in Q3 2021, versus an average of 9.0

Latest Senior Loan Officer Opinion Survey Indicates Easing Credit Standards

Eyes on Housing

The latest results from the Federal Reserve Board’s Senior Loan Officer Opinion Survey (SLOOS) present standards on bank lending practices as they occurred in the first quarter of 2021.

Loan officer answers first-time home buyer questions (Podcast)

The Mortgage Report

Get answers to your biggest first-time home buyer questions directly from a loan officer in this episode of The Mortgage Reports Podcast. First-Time Home Buyers

Q2 2020 Senior Loan Officer Opinion Survey

Eye on Housing

The Federal Reserve’s latest release of the Senior Loan Officer Opinion Survey shows banks’ lending practices and households and businesses’ demand for various classes of loans as of the second quarter of 2020.

Senior Loan Officer Opinion Survey Q4 2020

Eye on Housing

The most recent edition of the Federal Reserve Board’s Senior Loan Officer Opinion Survey Practices addresses changes in the standards and terms on, and demand for, bank loans to businesses and households in the last quarter of 2020. Survey respondents (banks) reported a tightening of standards of both Commercial and Industrial (C&I) loans and Commercial Real Estate (CRE) loans to.

Anxiety grips LOs as layoffs sweep the industry

Housing Wire

If you take the temperature of how loan officers are feeling ahead of the holiday season, the scale would likely read “uneasy.” According to Fahad Janvekar, a loan officer at Fairway Independent Mortgage , “there is definitely some concern” about layoffs in the industry.

How a noncompete ban would impact the mortgage industry

Housing Wire

Should the Biden administration make good on its threat, some loan officers, account executives and marketing personnel bound by such agreements would be able to switch jobs without fear of potential litigation from their employer. HousingWire Magazine delivered to your home or office.

As the market shifts to purchase, LOs get creative

Housing Wire

Apart from selling produce that is popular in former Soviet countries, these stores represent a marketing opportunity for Alex Naumovych, a loan officer at Draper and Kramer Mortgage Corporation.

How LOs can capitalize on social media channels while remaining compliant

Housing Wire

Exponentially increase your loan officers’ origination potential without incurring additional expense? Examiners such as the CFPB and FDIC provide stringent oversight of digital activity, and mistakes can cost you and your loan officers dearly.

Why 28% of mortgage applicants never close the loan

Housing Wire

I have a refinance client in California and they own a geodesic dome home,” said Glessner, a senior loan officer at Draper & Kramer Mortgage in Englewood, Colorado. Lonnie Glessner isn’t normally one to turn down business. But with origination volume expected to exceed $3.4

How to get a mortgage: Explained by a loan officer (Podcast)

The Mortgage Report

Learn how to get a mortgage, choose a lender, and find the best deal on your home loan in this episode of The Mortgage Reports Podcast. About Mortgages Buying a home

LoanSnap unveils new cloud-based portal

Housing Wire

LoanSnap has unveiled a cloud-based portal called LoanFLow that will allow licensed brokers and loan officers in the U.S. The company says its new LoanFlow portal will allow originators to close loans in as little as 24 hours and in 15 days on average, the company said.

Redfin acquires Bay Equity, pink slips 121 staff

Housing Wire

The real estate company entered into an agreement to acquire mortgage lender Bay Equity Home Loans for $135 million, two-thirds in cash and one-third in stocks, Redfin said in a press release and public filing. Origination Acquisition mortgage loan officers Redfin

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Interfirst to lay off 140 employees

Housing Wire

issued pink slips to over 350 non-commissioned loan officers, a workforce reduction that former workers claimed to represent more than half of Interfirst’s entire staff. The workforce reduction is also focused on mortgage loan production.

Banks Report Weaker Demand for Home Loans

Eyes on Housing

In the first quarter of 2022, the Federal Reserve Board’s Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices showed a significant net share of banks reporting more relaxed lending standards and weaker demand for most categories of residential real estate (RRE) loans.

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The LO edge in 2022? Realtors, Realtors, Realtors

Housing Wire

According to three loan originators speaking at a policy summit hosted by the National Association of Hispanic Real Estate Professionals in Washington D.C. “I’m really good at conventional loans, I’m just OK with jumbo products.

In wake of scandal, LOs say continuing education programs get failing grade?

Housing Wire

If you’re a mortgage loan officer with a decade of experience in the industry, you have likely spent over 80 hours taking continuing education courses. Tricky situations can arise in mortgage lending, especially when navigating less-common products or originating non-agency loans.

Union Home Mortgage the latest to trim workforce

Housing Wire

The residential housing market has turned quickly due to historically low inventory of homes for sale and a rapid rise in interest rates due to inflation,” Cindy Flynn, chief marketing and communications officer, said in a statement. “We,

DataTrace launches market insight platform for title companies

Housing Wire

Other reports offered include trend, loan officer, and title/lender intersection reports that DataTrace said can be used to identify and compare relationships between title companies and lenders.

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UWM sues broker shop for sending loans to Rocket, Fairway

Housing Wire

” In March 2021, UWM CEO Mat Ishbia announced on Facebook Live that mortgage brokers who did business with Rocket Mortgage or Fairway Independent Mortgage could not also send loans to UWM as of March 15. “This company had hundreds of loans.

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Who’s the customer in UWM’s wholesaler war?

Housing Wire

I’ve spent years asking top mortgage lending execs this question: who’s your primary customer, loan officers or consumers? market share of loans originated by brokers, per IMF), gave America’s brokers an ultimatum to dump two other wholesalers (with 17.8%

HW+ Member Spotlight: Mark Jones

Housing Wire

As such, we were one of the few lenders in the country that refused to offer subprime loans. At the time, that decision cost us loan officers left and right as they departed for firms that would let them originate anything they wanted.

This techie mortgage broker has cleared $1 billion in originations this year. And now Thuan Nguyen is scaling up

Housing Wire

In 2013, Thuan Nguyen was working out of his chaotic office in the heart of Silicon Valley. At that point, Loan Factory had about 200 loans and just 13 employees. The office was like a market,” Nguyen recalled. “It Quicken Loans , see how big they are?

Q4 2021: Multifamily Lending Standards Slightly Ease

Eyes on Housing

In Q4 2021, multifamily loans’ demand, on net, was 37.7 Read More › Economics c&i loans commercial real estate loans FHA loan limits FHFA residential real estate Senior Loan Officer Opinion Survey single-family mortgages sloos

Digital lender Beeline goes on a hiring spree

Housing Wire

According to Beeline, the company plans to unveil a new office in Charlotte in the fall of 2020 – followed by a new branch on the West Coast towards the end of the year. The company has developed an alternative to what is traditionally know as a loan officer role.

Residential Real Estate Credit Standards Ease Slightly in Third Quarter

Eyes on Housing

The latest results of the Federal Reserve’s Board’s Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS), lending standards and demand for residential real estate (RRE) loans both eased slightly in the third quarter of 2021.

In a purchase market, rookie LOs may struggle

Housing Wire

Rookies that pursued a career as mortgage loan originators in 2020 air dropped into a scintillating real estate market. HousingWire Magazine delivered to your home or office.

Veterans United Home Loans to host virtual career showcase Sept. 2

Housing Wire

Mortgage Research Center , which does business as Veterans United Home Loans , is holding a virtual career showcase Wednesday, September 2, for all interested job applicants. Louis, and its branch offices in about 25 states.

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LOs are only human — Tech is necessary to keep up with max loan volumes

Housing Wire

One of the drivers for a pivot to profit is that loans are expensive. According to the Mortgage Bankers Association, it costs an average of $7,535 to produce a loan. It also helps position LOs to better educate and advise customers on the right loan products for their needs.

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Easing Credit Conditions in the Second Quarter

Eyes on Housing

The latest results of the Federal Reserve’s Board’s Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS), showed that the market for commercial real estate financing (CRE loans) and residential real estate (RRE) financing eased compared to the first quarter.

Compass partners with Guaranteed Rate to launch OriginPoint mortgage services

Realty Biz

The brokerage believes its new company, called OriginPoint , will provide faster, more seamless and transparent home buying experiences for buyers, sellers, agents and loan officers. Guaranteed Rate has closed more than $60 billion in loan volume since the beginning of 2021.