Very few people are selling or buying homes in 7% plus interest rates.
Do you see something on horizon for Home Lending Employees, both Business and Tech?
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Absolutely not. All new hiring will Happen in Manila. They are phasing out the u.s. offices of home lending. Should take another two years max to complete transition.
Are you seeing any new hiring in Home Lending?
Q2 earnings show mortgage Originations is 50% down.
Chase is focused on using that Homebiyer Grant. No banks want to do jumbo
Loans and you’re only making money if you’ve been in the game for 20 years
“interesting that the same question was posted on BOA site.”
And Wells Fargo
Realtors control the transactions and prefer non bank lenders. These lenders have the largest market share in purchase world. The funding comes from large deep pocket lenders the originators aka hla are 1099 and close fast high touch. Realtors drive clients away from banks to these preferred lender.
There are still HLAs funding plenty of loans each month. Still, I would not want to be management trying to figure out the budget for next year. Maybe 25% of HLA are making ok money. The rest? Getting paid peanuts to talk to FTHB planning to buy next year.
interesting that the same question was posted on BOA site.
Yes, although JPM is in position to gain market share via aggressive market expansion in the Midwest, by Wells Fargo pulling back on mortgage, and by the upcoming collapse of many small and medium size mortgage lenders. Mortgage companies are losing between $1500 and $2000 on every loan. Only the biggest players can shoulder that kind of loss for more than 2-3 quarters.