The worst kept secret in the mortgage industry right now: That originators aren’t cutting rates even more and instead are milking the profit machine. Quite frankly, who can blame the industry? If an applicant can find a better rate across the street, they should take it…
As most any mortgage pro knows, there have been plenty of instances in the past when lenders cut rates more than they wanted to and got kicked in the teeth…
One financial presentation we saw this week stated bluntly to market participants: “Don’t let rates be dictated by your LOs…”
Meanwhile, the coronavirus-related mortgage servicer forbearance machine is starting to shift into high gear, with announcements to lenders from the FHA and Federal Housing Finance Agency. The rationale works like this: Certain borrowers (consumers) will either lose their jobs or see their income reduced because of a decline in the economy. (The oil sector and travel/hospitality industry come to mind.) In turn, these workers will have trouble making their mortgage payments.
MORTGAGE PEOPLE: Ed Wallace, executive director of the Community Mortgage Lenders Association, has parted ways with the trade group. At press time, no update was available. Nations Lending, Independence, OH, has opened a new branch in Enterprise, AL. Bill Frazier and Kim McIntyre were named co-branch managers.
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