What do borrowers keep from you?

I was surprised to hear that it's not rare for borrowers to quit/lose their jobs while going through the app process and not tell the LO.

Good afternoon! Was this newsletter forwarded to you? Sign up here. Hello, LOs! Sometimes the simplest question can be the most revealing. Whenever I interview LOs, I try to ask them about the pain points of their jobs. Many of the answers relate to time (there's not enough of it), money (there should be more of it) and technology (it should be better). But today I'd like to focus on another one: what your client does and does not tell you.  Frankly, I was surprised to hear that it's not rare for borrowers to quit or lose their jobs while going through the mortgage application process and not tell the LO. In some cases the client starts a better job a few weeks later but never mentions it. In other cases, the borrower believes they have enough savings and will get a job soon. But going from a W-2 to self-employed? So, LOs, I'd like to hear from you: What do borrowers keep from you that they shouldn't? As always, you can email me anonymously at jkleimann@housingwire.com.   James Kleimann Managing Editor, HousingWire Will trillions in stimulus push mortgage rates over 5%?   Biden's proposed fiscal stimulus package of around $3 trillion is focused on getting the economy on better footing. So, let's say we do get back to February 2020's employment levels: what will that do to inflation? HW+ Premium Content A closer look at the nation's hottest housing markets   In this episode, HousingWire HW+ Managing Editor Brena Nath and HousingWire Editor in Chief Sarah Wheeler review the recent median home sale price report from Redfin and examine what's been happening in some of the hottest housing markets across the country. Automate Document Collection with Qualia Post Qualia Post pairs automation and a dedicated service team for mortgage lenders to take the hassle out of document fulfillment from real estate partners. See how Qualia can work for you. Learn More! Sponsor Content How lenders will benefit from Proctor Financial's acquisition of Loan Protector   HW+ Managing Editor Brena Nath joins Proctor Loan Protector executives Damon Laprade and Mike Dimas to discuss the acquisition and the new brand, Proctor Loan Protector. Presented by Proctor Loan Protector PHH hires Andy Peach to lead correspondent channel   PHH Mortgage, a subsidiary of Ocwen Financial Corp., named Andy Peach as the company's senior vice president, correspondent lending on Monday. HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039, (469) 893-1480 Unsubscribe Manage preferences

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