“I’m a multitasker. I can listen, ignore, and forget all at the same time!” We won’t, however, soon forget this part of the business cycle. “Rob, thank you for all your help placing ads for Ops staff for us. With the ‘Work from Home’ movement, and cutbacks, we don’t need all of this office furniture. Would you run an ad to sell it?” First off, I told the person that no, I wouldn’t. But more importantly, this well-known lender is experiencing what many lenders are, which is that cutting back can be just as difficult, if not harder, than expanding. We all knew that “refi burnout” would happen, but the speed at which mortgage rates have moved higher cutting refis, and purchase business not filling the void, surprised many. Originators have changed their tactics; Todd Duncan, renowned mortgage sales and training expert, will be discussing how LOs can adapt to this environment on The Rundown with Rich & Rob Friday at 3PM ET (anyone can register for this free event). Speaking of rates, traders will pore over the minutes from the last FOMC meeting as they assess the trajectory of interest rate increases. The Fed doesn’t set mortgage rates, but the same factors that influence the Fed move other rates as well, and most expect the Fed to deliver another 75-point rate hike at the July meeting, followed by a 50-point increase in September. Following that, forecasts are for more traditional 25-point increments. (Today’s podcast is available here and this week’s is sponsored by Real Estate Connection (REC), a boutique real estate brokerage that acts as a centralized and organized, fully-managed real estate fulfillment service, connecting buyers with local qualified Real Estate Agents and walking them through the entire home purchase and selling process with the lender partner.)
Source: Mortgage News Daily