Posted To: Pipeline Press

United Airlines may lay off 36,000? Bed, Bath, and Beyond closing 200 stores? Walgreen’s cutting 4,000? Yup. Lower rates won’t save those jobs, but we’ll have low rates for a long time. Things are different for residential lenders. When we began 2020, who thought things would be where they are now in our biz to the point of me receiving this note from the CEO of a well-known retail lender: “We’re seeing crazy volumes and profits. Controlling overhead and making money is not our problem. My LOs have been working twelve hours a day, seven days a week, as have processors and many of my Ops staff. Burnout is the problem. The days of aggregators pricing servicing at zero are gone, although few want low credit score product, spec pool bids have come roaring back, fears…(read more)

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Source: Mortgage News Daily