Posted by 101livescan on 2/27/13 8:08am
Msg #458108

JP Morgan Chase Laying off 17,000 Nationwide

http://finance.yahoo.com/news/jpmorgan-chase-cut-4-000-010505067.html

by the end of 2014 6.6 of their work force will be reduced.

I was in BofA yesterday conducting a signing and spoke with a loan officer who has been with the bank for at least 20 years in that capacity. We commiserated about the time it takes to choke a loan out of the pipeline. The client Ii had just signed had waited 9 months to sign yesterday. They are cut to the bone staff wise. Along with all the new regulations, it makes it tough to get anything through the maze.

Reply by ME/NJ on 2/27/13 8:30am
Msg #458116

Had a WF loan the other day over a year till table and a BOA same thing 1 year. Seems Avg now is 3-4 months. What happened to 30 days..lol

This week every loan is from Oct - Nov 2012.

Reply by Linda_H/FL on 2/27/13 8:44am
Msg #458120

I've been hearing the same thing lately

"We've been trying to get this done since October!"

Reply by 101livescan on 2/27/13 8:55am
Msg #458125

Remember that BofA laid of tens of thousands last year, and when they did rehire, it was unskilled, hourly contract labor, and not in the same numbers. High turnover.

I had one borrower tell me that he spoke with at least 80 people, start to finish, over six months it took to churn out his Chase refinance. That's what's going on, fewer people with the skills and knowledge base and all the new regulations, plus having to update the credit info, appraisals, and rate locks during the entire process.

Meanwhile, the borrowers are fuming. One signing I had last week was a refi for a couple I last signed in 2009. They started in June, hoping to complete the process in December...finally got her done last week February 2013...they were so grateful...2.875 15 years.

Reply by sigtogo/OR on 2/27/13 11:36am
Msg #458162

same here-talked to LO who didn't know what preliminary

title report was. I realize things may be called by different names and done differently in other states, but if you doing loans in Oregon, how could you not know this! omg!!

Reply by C. Rivera Chicago Notary Services on 2/27/13 8:56am
Msg #458126

seems to me that Quicken and the like (online type only lenders) may be the new wave of the future....very little overhead, they've appear to have the loan process from start to finish, tech wise, very smoothly.

I like these closings...very little paperwork and in and out in like 20 minutes.

Reply by Reggie007 on 2/27/13 10:16am
Msg #458139

Yes. These banks are hiring common labor to do a loan