Hey, it's November 1st! Just think: any 60 day rate lock (pretty common place these days) expires in 2013! All those LO's with hefty incomes in 2012, thanks in large part to the U.S. government's programs, will be happy to shift income into 2013 for tax reasons. (And thus it looks like the first quarter of 2013, at least, should be decent.) But what about LO's or branches on the other end of the spectrum: branches losing money, or LO's only funding a loan a month in this environment?
Jeff Babcock from STRATMOR writes, "For all but a few STRATMOR clients, improving Loan Officer productivity has persisted as a significant management challenge, even during this four year period of unprecedented stability and prosperity for the mortgage banking business. To put this issue in perspective, the MBA/STRATMOR peer group average for Loan Officers at independent mortgage banks has been only about 3.5 closed loans monthly; this compares with about 5 closed loans monthly at mid-size bank-owned lenders that tend to enjoy better productivity during refinance-heavy markets. At these relatively low levels of productivity...
...(read more)Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/11012012-broken-window-fallacy-impac.aspx
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