Should Mortgage Lenders Be Laying Off Their Pros in This Housing Market?

 

The never-ending wave of rising interest rates, and therefore pricier debt and consumer demand destruction, is turning buyers away from new home sales. Mortgage lenders are now laying off their pros in droves, hoping to weather the quagmire of a weak market. Is this short-term hemorrhage the right move? Origin Bank Sr. Mortgage Loan Officer and Mortgage Advisor at Theriot Mortgage Group, G.P. Theriot, thinks mortgage lenders and the larger home sales industry is stuck between a rock and a hard place.

G.P.’s Thoughts

“We’ve definitely seen a swing in the mortgage industry. Rates have gone up, loan applications have gone down significantly. A lot of these big mortgage companies are having to make tough decisions of, do we keep the full force of the operation side or do we have to start letting people go?

Because here’s the big question. We’re gonna see a big swing here when rates do start going down. And that’s the question, when will rates start going down? The word on the street is we could see rates starting going down as soon as the first quarter in 2023, or no later than the third quarter.

So it’s one of those questions of do you fight through the storm, be prepared? Because when those rates get back in the fives, we’re gonna have a lot of re-fi booms going on. It’s gonna build confidence back there for people getting back on the streets to buy homes. So it’s an interesting time and only time will tell of how will we be prepared either way.”

Follow us on social media for the latest updates in B2B!

Latest

Cara Smyth on responsible retail
By Navigating Sustainability and Responsible Retail, Businesses Can Reach Better Ethical and Profit Achievements
November 30, 2023

The world is in an era where sustainability and responsible retail business practices are increasingly crucial. For the latest episode of “What Just Happened,” host Christine Russo further explored the hows and whys of this pressing issue by interviewing Cara Smyth, Global Senior Managing Director for ESG and Responsible Retail at Accenture, and Chair […]

Read More
standing out from the competition
Standing Out From the Competition
November 30, 2023

In a crowded marketplace, authenticity could be the strongest differentiator in standing out from the competition. Actor and Keynote Speaker Greg Bryk shares his insights on making a mark, on-screen and in the B2B arena. Bryk emphasizes the power of authenticity over pandering to the audience. He explains, “The way to stick out from […]

Read More
Marine Corps
How Marines Master Communications Through Radio
November 29, 2023

Amid the chaos of the battlefield, the mastery of radio communication can mean the difference between victory and defeat. Marine Corps Veteran Jacob Dent provides a comprehensive look at the pivotal role of single-channel radios in ensuring operational success and safety for Marines stationed at Camp Pendleton and in global operations. The video delves […]

Read More