The LO responsibility during COVID-19
In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses how the mortgage industry is learning to navigate a changing landscape.
For some background on the story, here’s a brief summary of the pulse piece:
The lending world is undoubtedly one of the most complex and ever-changing environments within the financial hub.
As loan originators, we are required to not only stay abreast of market changes but to also understand them enough to convey this information to our clients and referral partners alike.
For many companies, the uncertainty of the market has caused internal lending guidelines to tighten up and may be a point of contention amongst originators.
So how do we handle the complexities? How do we have those conversations with our referral partners and even those sometimes-difficult conversations with clients in our pipelines? Further, do we revert to a fight or flight mentality?
In order to be efficient in advising clients and partners on the daily changes, it is important to be armed with not only the current market but also what the future forecast may look like. This will allow for originators to be able to have fluid educated conversations with clients and partners on when is the best time to move forward with their home purchases and/or refinances and when is a good time to lock their rates. This will help provide the tools for clients to make the necessary decisions regarding their personal situations.
Following the main story, HousingWire Digital Producer Alcynna Lloyd covers Fannie Mae and Freddie Mac’s first step towards ending conservatorship, data from the Mortgage Bankers Association that suggests the forbearance rate is slowing its pace, and a forecast from Fannie Mae that projects mortgage refinancings to climb to a 17-year high.
Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.
HousingWire articles covered in this episode: