Inflation is surging, stock prices are plunging, and mortgage rates reached the 6% mark, a surprise even for the most pessimists in the market. What a week for you all.
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Hello, LOs!
Inflation is surging, stock prices are plunging and mortgage rates reached the 6% mark, a surprise for even the most pessimistic players in the market. What a week for you all.
The current climate makes it more difficult for some borrowers to get a mortgage. A change in strategy is required for borrowers who have lost purchasing power.
California-based mortgage broker Steve Dominguez from Nexa Mortgage said lower rates are a much easier sell to borrowers with money.
"I have a lot of high-end clients who have money in the bank. Instead of getting maximum financing (75-80% LVTs), they are now putting much more down, i.e., 35-50%," he said.
LOs – Dominguez's comment made me wonder: How are your borrowers navigating the high-rate environment? I'm interested in understanding what loans they are looking for, what is happening with down payments and how creative you have been in getting a clear-to-close, given all the turmoil.
Please share your thoughts with me at flavia@hwmedia.com.
The markets have been shaken to the core. And it's led to several sleepless nights for mortgage loan originators and mortgage executives. Here's how they're handling life at 6% – and what they expect will happen next.
Mules are often called stubborn, but this hybrid species is really a workhorse. Lenders who want their hybrid eClose platform to be a workhorse can saddle up with IDS' Solitude Solution. Give your borrowers a smooth ride by going hybrid with IDS! Let's take a ride!
HousingWire recently spoke with Maylin Casanueva, President of Teraverde, about the importance of data-driven decision making and the power insightful data can have on the overall health of a lender's business.
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