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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.

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New American Funding onboards top Chicago loan officer 

Housing Wire

New American Funding (NAF) has snagged top Chicago loan officer Larry Steinway as it looks to grow its presence in the Chicagoland area. billion of loan volume in his nearly 30-year career, started at NAF on April 1 as its vice president producing area sales manager tasked with expanding the lender’s footprint in the Chicagoland area.

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Take more time, ask better questions: How loan officers are getting clients in homes as rates soar

Housing Wire

and home prices still near record highs, homebuyers are demanding that their loan officers provide options to lower monthly mortgage payments as much as possible. Barnes, a branch manager at Mann Mortgage , recently had a client who planned to live in a new home for five years before selling it. With rates around 6.9%

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

Housing Wire

“ Recovery year ” was the theme heading into 2024 as mortgage professionals hoped for some reprieve in a frozen housing market characterized by high interest rates, low inventory levels and sluggish sales. 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.

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Revolution Mortgage snags top loanDepot loan officers

Housing Wire

Direct retail lender Revolution Mortgage has scooped up two of loanDepot ‘s top LOs, accelerating its plans to expand market share despite a tough origination environment. Revolution, on the other hand, has been expanding its footprint by scooping up top loan officers in local markets.

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FHA does a solid for mortgage credit rejects. Will it move the needle for loan officers?

Housing Wire

Adrian Gastelum, a vice president and branch manager at Nova Home Loans, recently had a prospective borrower apply for a Federal Housing Administration (FHA) mortgage. The client had just started a new job, and that can be tricky. Loan officers said that the FHA’s waiver will give borrowers a fairer shot at obtaining financing.

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CrossCountry snatches top loan officer Chris Keelin

Housing Wire

Top-producing loan officer Christopher Keelin has taken his 80+person team over to CrossCountry Mortgage to “take advantage” of the lender’s technology while scaling his business. Being a consultant has helped Keelin retain and grow his client base, especially in his main markets of New Jersey and Florida.