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!

Image

Latest

healthcare cybersecurity
Continued Threats Require a Major Shift in Healthcare Cybersecurity Risk Perception
March 28, 2024

Recent cyberattacks on healthcare institutions have thrust cybersecurity from a back-office concern to the forefront of the healthcare industry’s agenda. A significant breach at Change Healthcare disrupted essential services, underlining the vulnerability of healthcare networks to such threats and the dire consequences for patient care. Government and industry responses have stressed the importance of […]

Read More
next chapter
Keith Elias: Pro Sports Retirement Doesn’t Have to Be a Fumble. NFL’s Support Systems Ease Transition to Next Chapter
March 28, 2024

The spotlight is shifting, we’re not just cheering on professional athletes during their prime, but also wondering what happens when the final whistle blows as they move from the peaks of their careers into the next chapter of their lives. The conversation turns to the challenges they face outside the sporting arena and the […]

Read More
Shaping the Future of Warehouses: Key Takeaways from MODEX 2024
Shaping the Future of Warehouses: Key Takeaways from MODEX 2024
March 28, 2024

As the logistics and material handling sectors pivot towards recovery and innovation, MODEX 2024 emerges as the crucible of transformation. With an attendance spike reminiscent of pre-pandemic vigor—up by 30%—the event has become the epicenter of technological showcases, signaling a new chapter for industry efficiencies. The stakes? A competitive edge in an industry where, […]

Read More
IWCE 2024
Icom Hits Orlando for the International Wireless Communications Expo (IWCE 2024)
March 28, 2024

Icom America’s Jon Paul Beauchamp was in Orlando, Florida for IWCE 24, the International Wireless Communications Expo. Beauchamp sent greetings from Icom’s Booth, #805. Catch all of the highlights at Icom America.

Read More