Who didn’t save up for a rainy day?

Faced with shrinking margins, lenders and brokerages wouldn't keep on staffers who couldn't thrive in the newer, tougher market. 

Good afternoon! Was this newsletter forwarded to you? Sign up here. Hello, LOs!   For more than a year, seasoned LOs have been telling me there would soon be a reckoning. Those "refi merchants" who were little more than "trained monkeys," they said, would be wiped out when rates inevitably rose and buyers with more complicated financial situations became the only game in town. Faced with shrinking margins, lenders and brokerages wouldn't keep on staffers who couldn't thrive in the newer, tougher market.     One LO in Northern California told me some veteran LOs will feel the pain, too.    "I can't tell you how many [LOs] during the pandemic years bought fancy cars, boats and second houses that have really high monthly payments," he said. "Debt was so cheap back then, but it only works if you were smart and saved up. Not everybody was smart."   I'm curious if y'all know LOs like that – mortgage pros who didn't fill up the rainy day fund as much as they could have before times got tight. Email me anonymously at james@hwmedia.com.    James Kleimann Managing Editor, HW Media Industry uproar over 50 bps fee on GSE securities Mortgage Industry stakeholders say a new 50 basis point fee on some Fannie Mae and Freddie Mac securities runs counter to the premise of a UMBS. For too long, a reverse mortgage has been seen as a last resort At Reverse Mortgage Funding LLC, we know that when used thoughtfully, it can be a sophisticated part of a financial plan. That's why we're working to change the way people think about reverse mortgages. Learn More! Sponsored by Reverse Mortgage Funding What should lenders look for in servicing solutions? Presented by FICS With rising interest rates and compressed margins, many lenders are looking to their servicing business to grow revenue. Two biggest investors — Fannie Mae and Freddie Mac — continue to adjust their guidelines amid the unpredictable nature of the global pandemic. Opinion: Do loan officers need more tech than they have now? Mortgage Loan officers don't really use all the functions of the technology they already have. So, why do they need more? Strengthen relationships and increase purchase business with Percy Percy analyzes consumer behavior signals and turns them into actionable intelligence for mortgage and real estate brands. Our data-driven platform engages homeowners to help agents and LOs increase purchase business and drive deeper relationships with their clients. Meet Percy Sponsored by Percy How the Fed's rate hike will affect the housing market Mortgage, Real Estate The Fed's move to increase interest rates by 75 bps will cool down a housing market that was already losing steam. Here's what LOs and economists expect to happen. HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039 Manage preferences

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