The MBA ( Mortgage Broker Association) said the mortgage interest rates rise in the 5′s in early 2014, which will effect the refinance business by 32% less than current market . 32% less in origination means a big reduction in industry. . No matter how lending industry is doing at this time, the numbers will not be fun next year.
So I suggest to all MLOs (Mortgage Loan Originator) to start thinking twice when they want to spend on their holiday shopping=(. But hey we have been there done that many times. We all know how to come out of it and work around it. The Real Estate Purchases will be there and all we have to do is to keep our contact with our past clients, Realtor partner and work harder.
They may also extend the HARP with a new HARP 3.0!!! this will be a good opportunity for Mortgage Originators to reach out to their past client who are self employed, with difficulty to provide the income documentation.
Lets stay positive and make 2014 a Big and Bold year!
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