“It’s likely that high-level managers and highly skilled employees will be the ones to leave, especially those over 40 with families who benefit most from remote work,” Shynkarenko said in a statement to HRD. Younger employees, such as Gen Zs, on the other hand, might stay put despite wanting to leave as jobs are currently … [Read more…]
“The 30-year fixed-rate decreased for the eighth straight week to 6.13%, while the FHA rate decreased to 5.99%, breaking the psychologically important 6% level,” Joel Kan, vice president and deputy chief economist of MBA. Kan added that the recent drop in rates has led to gains in both conventional and government-backed refinance applications. “The refinance … [Read more…]
The O’Kavage Group said this business tactic was unfair and would harm both consumers and the wholesale mortgage market by limiting competition. However, Judge Wendy Berger of Jacksonville, Fla. District Court, ruled that the plaintiff couldn’t prove that UWM’s agreements with brokers were illegal. In her ruling, Judge Berger stated, “There are no factual allegations … [Read more…]
“Coming to work at NEO feels like being at home,” says loan coordinator and team leader, Darcy Gonzalez. “The culture fostered by management and ownership is unparalleled. It’s truly a family atmosphere where we care deeply for one another and our clients.” Division vice president, Pinky Shah, comments, “I’ve been in this industry for 20 … [Read more…]
“A fundamental assumption in our forecast had been that the personal savings rate had been unsustainably low as income growth meaningfully lagged consumer spending in recent quarter,” said Nathaniel Drake, associate at Fannie Mae’s Economic and Strategic Research Group. Personal income, adjusted for inflation, rose by 0.1% in August, according to the BEA, and real … [Read more…]
The MBA’s Purchase Applications Payment Index (PAPI), which tracks how mortgage payments stack up against income, reflected a 3.9% decrease in August. This drop signals an improvement in affordability, with the national PAPI falling from 167.2 in July to 160.7. While mortgage payments decreased by 5.2%, a modest 3.2% increase in earnings further strengthened the … [Read more…]
She noted improving homebuilder sentiment on the new-home sales front as cause for optimism, in sharp contrast to an existing-home market that’s unlikely to shift quickly from its current torpor. “The long-term housing shortage, lower mortgage rates, and builders’ ability to offer incentives will help to buoy new single-family sales,” she said. While the so-called … [Read more…]
“Although this week’s decline was slight, the 30-year fixed-rate mortgage trended down to its lowest level in two years,” Freddie Mac chief economist Sam Khater said in the PMMS report. “Given the downward trajectory of rates, refinance activity continues to pick up, creating opportunities for many homeowners to trim their monthly mortgage payment.” Khater also … [Read more…]
Kakish’s top advice for brokers: “Number one, don’t chase commissions,” he told Mortgage Professional America. “Build systems. Everyone wants more production, but if you chase production you won’t get it and, even if you do, it’s a seedless watermelon. Yeah, you ate. But where does it go from there? “I think most brokers will waste … [Read more…]
Conrad has 35 years of home lending experience, with time spent at Mutual of Omaha, Finance of America Mortgage, Skyline Home Loans, and his own brokerage, Best Loans 4 U. “We are very pleased to have a knowledgeable expert like Joe join our team. He is committed to providing excellent service and has an in-depth … [Read more…]