When I first started at HousingWire, in the summer of 2020, the mortgage boom had really just begun. To get up to speed in my first few weeks, I spoke to dozens of LOs from across the country.
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Hello, LOs!
When I first started at HousingWire, in the summer of 2020, the mortgage boom had really just begun. To get up to speed in my first few weeks, I spoke to dozens of LOs from across the country. Despite great differences in local markets, most of them told me that they had never been busier in their whole careers. One Florida LO said that he had barely seen his family in weeks, but it was all worth it for the fat paychecks. His wife and daughters would forgive him when he showed them the plane tickets to Italy, he laughed.
Fast forward to now. The latest MBA figures have applications down 37% from last year. The rate-term refinances that fueled the industry are long gone. While there are still some cash-out refis and purchase mortgages to be plucked, let's be real: overall volumes are down. The housing industry shortage also means that the LOs with the best chance of landing a commission are the ones with strong ties to local real estate agents. Not all LOs can do that.
So, LOs, I'm curious – do you have more free time than you did last year or in 2020? Or do you just spend more of it chasing leads? Have you considered branching out into additional lending spaces, like commercial? I'd really like to hear from you. Please reach out by emailing me anonymously at jkleimann@housingwire.com.
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