Thousands of mortgage loan officers are losing their jobs

I'm not aware of this happening. It seems almost every day another lender is calling us to use their services...

Recently read an article where the job reductions were noted to be a result of the decline in the refinance sector.  

Beautiful photo as always...

 

As interest rates increase, there will be less and loan new loan applications, especially in refinances. It hurts a lot of different segments of the economy. 

Scott is correct: as interest rates rise, there are fewer refi apps. It's a shame the business model is to hire when things are fast & furious, and to shed positions as the business slows down..seems like it could be benefit from a process improvement.

Roy: You are right, various Rainers have been mentioning this for awhile now.  Those that were prepared will be fine.

ROY- I was listening yesterday to CNBC and the discussion that mortgage refinancing was on the decline? Good information.

Roy, it is completely amazing a lender would be reducing staff while real estate is going gang busters.   The refinancing market is slowing, maybe that is the contributor.

Roy, this doesn't surprise me.  And many of the good loan officers have been leaving the big banks in droves.  I've noticed a lot of the best at First Mariner.  Love those guys!

Roy, this is a timely blog.  Bank of America is laying off over 1,000 employees in the Cleveland, OH area. The Beachwood office is closing, where B of A had a consumer banking and mortgage office, effective on October 31, 2013, which has 1,000 employees.  It is laying off 55 in Independence.  Also, it is laying off 55 employees in the Cincinnati, OH area.

I haven't heard about this as well. My loan guy is busy like never. I think, that big banks cut their jobs. And I understand why, I don't have a lot of buyers who succeeded with major bank loans, smaller companies are more flexible in their terms.

On another note.....that picture of a butterfly is splendid! What a great shot, Roy!

Roy,

 Yes I have heard this as well and most of the loan officers I know are not with the big banks.

 

PS We are going to try the Dark n Stormies tonight...my son was talking about them last week ( you know he is cool and was shocked when I knew the ingredients..He said "Wow she's good..." I just smiled and said I know thanks for the blog!

Roy, I read recently where Wells Fargo  cut 2,300 jobs in its home loan business because fewer customers are refinancing as interest rates rise.

Have a relaxing and safe Labor Day weekend!

Roy,

That is an interesting staatistic.  Thanks for bringing it up. and I will have to check up on some of our lender friends in Northern California.  Happy Labor Day, A