Truist is winding down its mortgage servicing operations and transferring the portfolio to two new subservicing partners in phases throughout 2026 and 2027. If you work in mortgage, begin looking for other opportunities immediately.
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Bank mortgage departments are often unstable places to work. When interest rates rise, these teams tend to face layoffs first. Currently, home buying is at historic lows due to soaring interest rates. And for those quick to claim the Fed will cut rates this month; while that may be accurate, mortgage rates actually follow the 10-year Treasury yield, not the federal funds rate. So even if the Fed lowers rates, it probably won't cause a drop in the 10-year yield, since the economic outlook remains grim; thanks to you know who!
@dv LOL!
Just wait, it will get worse.