Please confirm if this is fact or rumor?
8 replies (most recent on top)
When rates go up, refis and new mortgages boy decline as people readjust to what they can afford. Layoffs always occur in mortgage origination groups. This is a natural cycle and has always been this way. I do have the feeling that very few here are long timers as these rates are really extremely low in comparison to historic
What IS new now is that rates this low are causing the decline. Over the past 40 years the vast majority of mortgages were in the 9 to 18% range, although those people would of course refinance when rates dropped. In the 1970s rates reached 19%. In 1987 we counted ourselves as incredibly lucky to land an 8.625% mortgage. We locked it in on a Friday and the rates jumped to 12% on Monday. We were lucky that our lender honored our verbal agreement.
This is only a s
There will be DEEP layoffs in mortgage. We service 30% of the loans we did 10 years ago and have fallen off a cliff with originating new loans.
the layoff 2 weeks ago was centered on staff that handled Agency refinance transactions. With the rising rates, refi business died almost overnight. Makes sense they would start the cuts with the people that have essentially no work. Sure more layoffs are going to happen as other areas experience lower applications too.
Fact, but don't worry there are about 2000 jobs posted in Hyderabad daily. They figure if they can hire enough maybe 1 in 10,000 will know how to sc--w in a light bulb.
Tech wasnt affected
Do you read or watch the news? Go do that and then come back to this silly post because obviously you don’t pay attention
Seems you woke up from your two week slumber
Fact.