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LendingPulse Q2 2023 survey: Mortgage pros share their biggest concerns, market outlook

Housing Wire

None of the surveyed mortgage professionals said staff cuts caused decreased ability to close loans and lack of training were the challenges they faced. Many are curious about buydowns but we are currently operating in what is still a seller’s market so not seeing many seller-funded buydowns,” a loan officer in Boston noted.

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Wells Fargo pays $96M to settle LO comp lawsuit

Housing Wire

The lawsuit, which combined two legal actions that were designated a class action, was filed on behalf of 5,377 loan officers and other mortgage staffers employed by the bank in California from 2013 and 2019. The deal will provide $62.8 million to the class members, with the remainder going to plaintiffs attorneys.

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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. A sales manager, who requested anonymity, said that he helps newbie LOs by reviewing their strategies to pull in business at open houses.

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The ‘double-edged sword’ of dual licensing

Housing Wire

The company recently launched a mortgage brokerage firm that offers a plug-and-play program for real estate agents to become mortgage loan officers, a practice called dual licensing. of the loan amount, with a $5,000 cap, which adds to the typical buyer-side agent commission of up to 3%. For example, Realfinity pays LOs 1.4%

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How LOs, mortgage execs are preparing for 2024

Housing Wire

HousingWire interviewed a dozen loan officers and mortgage executives about their strategies for 2024, which mortgage products they expect to be in demand, and the magic rate needed to get sellers and buyers back in the market. A successful loan officer in this market needs a very capable qualified assistant.

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30 real estate social media post ideas (+ popular agents to follow)

Housing Wire

Advertise open houses Post about open houses to both your grid and stories multiple times leading up to the event, as this ensures that it will reach the most people. It’s also important to include the details of the open house in the photo in addition to your caption.