Posted by MobileZ71 on 1/21/11 11:22am
Msg #369530

More lender layoffs this year coming

Looks like less mortgage closing work this year. Work so far this year has been very very slow.
http://finance.yahoo.com/banking-budgeting/article/111882/lenders-see-little-choice-layoffs?mod=bb-budgeting&sec=topStories&pos=4&asset=&ccode&sec=topStories&pos=5&asset=&ccode=

Reply by Linda_H/FL on 1/21/11 11:34am
Msg #369532

I scanned this quickly - my take is it means

internal cuts - staff, employees, etc etc...with consolidation of positions. One lender said they won't be closing branches but cutting staff..overhead..

Many (possibly the majority) of the loans placed with lenders come from outside mortgage brokers and originators ... IC's...and I can't see lenders cutting off a revenue stream (mortgages) and expecting that cutting that income will *save* money...

MHO

Reply by James Dawson on 1/21/11 11:56am
Msg #369535

Re: I scanned this quickly - my take is it means

I dare say could the lenders start requiring the LO (and staff) to take less?

Reply by Blueink_TN on 1/22/11 10:47am
Msg #369632

James, I don't believe going cheap

with compensation is the answer. And L.O.'s don't make the easy money that some think. We can watch a weeks pay disappear in the blink of an eye, or should I say a surprise discovery!

Reply by Blueink_TN on 1/22/11 10:43am
Msg #369631

Agreeing with Linda

"Many (possibly the majority) of the loans placed with lenders come from outside mortgage brokers and originators ... IC's...and I can't see lenders cutting off a revenue stream (mortgages) and expecting that cutting that income will *save* money..."

I agree with you Linda - there will always be a need for signing agents, it could be that only the strong will survive, but know your stuff and your phone will continue to ring.