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The industry fears AI will ultimately replace everyone, from operations to loanofficers. As a loanofficer , I am not losing any sleep, and here is why you should not, either. Call centers pay their loanofficer vastly lower amounts than a broker or retail lender makes. tale as old as time.
What’s the deal with all the discussion across the lending community about the fluctuation of the loanofficer population recently? There have been social media posts and editorials debating the current total number of loanofficers, whether the population has decreased, and if so, by how much.
According to the MBA, rates for Federal Housing Administration (FHA) loans dipped to 6.42%, while refinance activity posted its fastest pace since October 2024. The move in government refinances was driven by a 75% increase in VA loans, which have been prone to large changes in recent months. More renovations?
This move grants loanofficers access to real-time insights that are designed to improve borrower assistance and engagement. Loanofficers on the Uplist platform can now leverage Pollys product and pricing engine (PPE) to more easily pursue refinance opportunities.
The company’s newest National Housing Market Outlook shows that buyers are gravitating toward government-backed loans in their search for affordability. As a result, more buyers are turning to products like Federal Housing Administration (FHA) loans, which accounted for 24% of primary home purchases in 2024, and U.S.
Better Home & Finance, the parent company of digital lender Better.com , launched its voice-based artificial intelligence loan assistant on Thursday. ” The AI loan assistant, dubbed Betsy, was built through Tinman, the company’s proprietary loan origination platform, where information and facts on loan applications are stored.
Entering the mortgage industry as a loanofficer can be both exciting and overwhelming. Dress & act like you mean business There is no dress code to be a loan originator, but there is for you. With a 100% commission-based structure, success isnt guaranteed its earned. How you dress reflects how seriously you take your role.
Federally registered broker and correspondent lender Milestone Mortgage Solutions has acquired Willow Home Loans and is looking to join the $1 billion origination club this year. Bristol has a federal registration and has given the lender the flexibility to bring on loanofficers who are not yet licensed.
will pay its loanofficers 100% of the commission splits “without any per-file fees or other hidden fees,” according to co-founder and CEO Mike Kortas. NEXA usually pays loanofficers 220 basis points (bps) out of 275 bps on most loans. NEXA Mortgage , the largest mortgage brokerage firm in the U.S.,
New American Funding (NAF) has snagged top Chicago loanofficer Larry Steinway as it looks to grow its presence in the Chicagoland area. billion of loan volume in his nearly 30-year career, started at NAF on April 1 as its vice president producing area sales manager tasked with expanding the lender’s footprint in the Chicagoland area.
Polly/ AI: AI-powered copilot for loanofficers Fueled by Polly’s proprietary technology and data, Polly/ AI leverages powerful, state-of-the-art AI/ML and natural language processing (NLP) to transform the way loanofficers conduct business and provide consumers with superior mortgage products and prices.
Even as artificial intelligence (AI) becomes more prominent in the mortgage industry, most millennial and Generation Z homebuyers are hesitant to rely solely on a fully automated application process to get a loan, according to a new study. About 58% of respondents still relied on loanofficers to guide them through the process.
Loan originators in today’s mortgage market have weathered significant challenges. For loan originators , managing the narrative is crucial. They’ve endured a major drop in volume, a rapid rise in rates, and uncertainty surrounding realtor commission settlements and their impact on referral partners.
Findings include 71% of loanofficers reporting an increase in buyers who are willing to purchase fixer-uppers, explore unconventional financing or accept high mortgage rates despite long-term financial concerns. Jones, a Colorado-based LO for Lower -backed Universal Lending Home Loans.
Should the goal of marketing technology be to make it so that a loanofficer never needs to log in? I started in the mortgage industry in 2015, working for large banks that were heavily invested in using technology to simplify the loan process for everyone involved. Ordering an appraisal was as easy as pushing a button.
It also must provide $7 million for a home loan subsidy program in majority-Black neighborhoods, and it must pay at least $1 million to serve the neighborhoods it redlined , according to the terms of the agreement released on Tuesday. billion in home loan production. million civil penalty. The company ranked No. This compared to 12.2%
The average number of preapproved borrowers per loanofficer decreased slightly to 28.5 The average preapproval loan amount increased by 26% to $388,215 in Q3, up from $308,681 in Q2. Conventional loans comprised 76% of the mix for preapproved borrowers while all other loan categories stayed consistent.
Evergreen Home Loans , which is based in Washington state and has a presence in seven Western states, announced a major expansion of its footprint on Friday. John Porath “John’s leadership and ability to connect with loanofficers will be instrumental in driving our core conviction of growth and success for the region.
Fairfield and Keranen bring decades of experience in mortgage lending, as loan originators and managers in California. In recent years, they have focused on mentoring loanofficers and tailoring their support to match different career stages.
The interest rate on the loan has been lowered from 9.99% to 9.49%. Interest rates on second-lien loans tend to be higher when compared to first liens, reflecting the higher amount of risk to the lender. In October 2023, FOA announced a rollout of HomeSafe Second to an expanded pool of direct retail loanofficers and wholesale brokers.
Arrival Home Loans on Tuesday announced a partnership with zavvie a fintech company that specializes in bringing liquidity to residential real estate in an effort to enhance the homebuying experience for its customers. Arrival Home Loans, which is powered by Pacific Private Money Inc. produced a total volume of $52.5
The company also reported a funded loan volume of $1.035 billion for Q3 2024, up 42% year over year and up 8% quarter over quarter, with 71% of this volume attributed to purchase loans. million in cash, restricted cash, short-term investments and self-funded loans. The company posted an adjusted EBITDA loss of $38.7
The firm offers “smart loans” using artificial intelligence and developed a cloud-based portal, LoanFlow , that aims to give mortgage brokers and loanofficers the ability to originate loans anytime, anywhere.
Traditional loanofficers who focus solely on transactions are being replaced by mortgage professionals who act as financial strategists, long-term advisors, and educators. Heres how the mortgage industry is changing and what loanofficers must do to thrive. Ryan Grant is the president of NEO Home Loans.
Over the years, Ive observed a glaring issue that stifles the growth and success of many mortgagecompanies: promoting top-producing loanofficers into management roles without equipping them with the tools, training, or even determining whether they want to be leaders. In my mind, success in sales equated to success in leadership.
. “By covering these expenses, we’re creating a rising tide that lifts all boats consumers get more affordable mortgages, lenders reduce expenses and close loans faster, and our industry takes another step toward truly digital mortgages. This is about fundamentally transforming how the mortgage ecosystem works together.”
Moreover, the older the loan, the more likely the borrower would refinance elsewhere. Equally important is the ability to proactively and automatically detect within an existing customer database who is ready to buy, so loanofficers can reach out to those borrowers before they even act.
The new credit optimization platform will combine the best parts of the What-if Simulator and Wayfinder tools, giving mortgage professionals the power to reach more clients and close more loans. CreditXpert developed the platform to cut down loan filing timelines. 1 in preparation for the launch of the new platform.
The new partnership begins in January and aims to expand economic opportunities in low—and moderate-income, diverse and underserved communities through loan subsidies, grants and donations. and we are honored to support these efforts through our loans, investments and grants.” million to certain California markets.
Vishal Garg , Better’s CEO and founder, said that despite a market with historically low housing affordability and persistently high mortgage rates , Better saw progress in its funded loan volume. The current demo of Betsy takes someone all the way from inquiry through preapproval to loan amount, rate and locking.
1 loan originator in the country by volume for at least five years, is assuming the role of president at Rate Mortgage , the company announced Tuesday. Throughout his 20-year career he has closed more than 40,000 units and $9 billion in funded loans. But my biggest focus initially is going to be the loanofficers.
. “Mark’s passion for real estate and community, combined with Guaranteed Rate Affinity’s proven platform and talented loanofficers, is a recipe for continued success in providing our clients with a fast, seamless mortgage experience,” said Lance Branham , managing broker for Coldwell Banker in Charlotte.
“From loanofficers to secondary marketing teams and investors, we empower mortgage professionals with tools designed to maximize their profitability on every loan transaction.” ” The announcements were made at MBA Annual in Denver.
Our Recapture product monitors loans, does a deep analysis and then sends a presentation to the customer about options to save them money. Because a lot of times you get into a loan review and you get all excited about it, and you find out they don’t even own the property anymore after you did all this work.
this year, while wages are risingan encouraging sign that were moving toward a healthier market For lenders, this means preparing for a shift in borrower demographics and ensuring loan origination processes are built for scale. Additionally, rate buy-down incentives are playing a major role in helping move new home inventory.
In a new episode of “The LoanOfficer Podcast,” host Dustin Owen chats with John Cornish of Iowa-based Key Mortgage Group about his path into the industry, tips for scaling a mortgage lending business and how to avoid stagnation as a loan originator. This interview has been edited for length and clarity.
In the summer of 2022, just after his wife’s 62nd birthday, qualifying age arrived and the loan closed roughly 24 hours later. A big reason for that is loanofficers don’t always ask the right questions to understand the borrower’s real needs.”
The platform is intended for housing professionals in various sectors, including 5 million loanofficers, appraisers , servicers , underwriters , developers, agents, brokers, attorneys and regulators. Through Araya, CoreLogic will give customers access to the data and analytics of nearly all U.S. properties on one platform.
is acquiring Garden State Home Loans Inc. Garden State had 34 sponsored loanofficers and two active branches—in Medford (New Jersey) and Maitland (Florida)—as of Friday, per the Nationwide Multistate Licensing System (NMLS). billion in 19,000 loans since its foundation. billion in 19,000 loans since its foundation.
Thuan Nguyen’s mortgage brokerage , Loan Factory , has rolled out an artificial intelligence (AI) tool for customers and loan originators. The borrower or loan originator can simply drag their documents in and the AI tool will read them, obtain all necessary information and fill out the application for the user. “AI
Sean Shallis, a “Recovering Realtor” and top-producing loanofficer , is offering strategies to help realtors break through this stagnation by leveraging micro-market shifts to create urgency and inspire action. Sean Shallis is an author and top-producing loanofficer.
In her previous role at Supreme, McNaught oversaw 200 branch locations and a national network of more than 700 loanofficers. “She brings extensive industry experience, strong relationships, exceptional expertise in fostering branch and mortgage loan originator success and M&A. . billion, per Modex data.
To open the conversation, Sanchez asks Jacobson to explain how Fairway harnesses the power of positive recommendations to boost production for the company’s loanofficers. If you have people focused on work, focused on what they can control, we still have people closing over 40 loans a month,” Jacobson says. “In
The lender was later acquired by Caliber Home Loans in September 2014, prompting Lindsay to continue her career as a loan consultant and sales manager there until December 2022. Most recently, Lindsay served as a mortgage loanofficer at U.S.
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