Remove 2008 Remove Clients Remove Loan Officers Remove Marketing
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.

article thumbnail

Top LO Shant Banosian on how to prepare for 2023

Housing Wire

Everyone knows that the current market is a challenging environment for housing professionals, as high rates mean fewer originations and even less refi business. But according to Shant Banosian, Guaranteed Rate’s top-ranked loan officer, now is the time for LOs to show up and work hard. “In

Insiders

Sign Up for our Newsletter

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

article thumbnail

DataDigest: What happens when insurance carriers abandon America’s biggest housing markets

Housing Wire

When clients find their dream house and are ready to make an offer, Todd Armstrong’s next call isn’t necessarily to the seller’s agent or the buyer’s loan officer. “We over the past 15 years from 5.5%, but building in Moderate FHSZ has nearly doubled since 2008. That number will undoubtedly climb in the coming years.

Insurance 370
article thumbnail

How the Fed’s rate hike will affect the housing market

Housing Wire

neighborhood, housing market, Fall, homes, new house sales, forbearance. The Federal Reserve ’s 75 basis point interest rate hike – its largest since 1994 – proves the central bank is laser-focused on slowing inflation, but loan officers and housing economists don’t expect mortgage rates to come down until consumer prices fall.

article thumbnail

With 20% market share, independent mortgage brokers are competing directly with retail lenders

Housing Wire

In today’s low-rate environment, wholesale mortgage lending continues to grow, making up more than 20% market share. Because as loan officers, they believe that there’s nothing better than a broker channel, and to them this is most important for their consumers,” said Kortas. “We

Retail 370
article thumbnail

What mortgage lenders need to know about wholesale

Housing Wire

Mortgage brokers emerged as key players in the industry in the 1980s because they offered access to multiple lenders and loan products. Up until the financial crisis in 2008, mortgage brokers held nearly 50% market share. Now, they are sitting at 22% and climbing, because they offer the most loan options to borrowers.

Mortgage 370
article thumbnail

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? Most answer LOs because most industry market share is still LO-driven. But let’s go deeper to see if this answer holds up for execs and LOs over full market cycles. million units this year (per MBA ).