Who will be left standing? Chase has to make a fundamental decision about where they go with mortgage going forward. There will not be enough business to go around for all 3. My guess is they keep field HLA's in only the largest branches in Large Population Centers. The rest will be Consumer Direct (phone center). They can always hire HLA's back in the future if things change. But business is going to be very difficult to come by for years. Too much competition, high rates, and too small of a demand for mortgages going forward. The music has stopped and if you don't have a chair you will pay through the nose for a house and an interest rate. This will keep people from doing anything. Crickets from upper management for months. Not a good sign.
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The problem is that there is almost no mortgage business / leads being generated by the branches at this point. Refi is dead and will be for years. The competition for purchase business is fierce given the amount of players in the game now, and they are all desperate because of the lack of refi business. And with the rise in rates, the purchase mortgage demand will be much less than it has been, again for years. For a "Field HLA" to make it, they will have to go outside the branches. And if you are going to do that, you might was well work for a local mortgage company / broker who pays twice as much, doesn't have all the silly mystery shops and all the other "non-sales" activities unique to Chase, or any big bank. It is also a FACT that Realtors don't like Chase (or any big bank) and they never will. For the HLA's it was all about the branches. If the branches don't have business to offer, they frankly are not very attractive place to work in for a variety of reasons. Chase management has to know this. It will be interesting to see how they respond. I don' think they will mind doing far less mortgages. They certainly won't cut price to try and gain business. They will be happy to do less. We already know that the guy at the top is not a fan of the mortgage business. Not a good thing for anyone working in mortgage at the moment.
How they restructure sales will be different than they have in the past I believe. I’m not sure about the success of their LDO program but I’d be more concerned about any work at home (solely) positions as the infrastructure already is in place, real estate-wise, for field sales in the branches with the other partners. I truly believe the success, or lack of if that’s the case, of the LDO program will make a big difference on personnel decisions with the HLA’s.
Yeah exactly lol