With the massive run on mortgage refinances happening right now, many banks and mortgage companies are feeling the crunch. Since many pundits predicted slow seasons for purchases and refinances, lots of smaller firms cut back on their staffs this year.
“Small and midsize U.S. mortgage firms,” said The Wall Street Journal in November, “are trimming staff, putting themselves up for sale and closing up shop at a clip not seen in years, a sign of the mounting pressure on the housing market as interest rates rise and a long economic expansion matures.”
The issue is that mortgage rates never really rose this year, and have continued to hover near record lows, surprising many industry analysts, with predictions off as much as 2% on mortgage interest rates. That’s a huge number and saves you a ton of money.
With fewer loan officers available to help you, wait times will explode at many banks and mortgage companies if this doesn’t change.
However, we didn’t panic when rates threatened to rise. Instead of furloughs and layoffs, we doubled down and hired more staff. We promoted from within to create new loan officers that understand the business from the top down.
This has allowed us to not only keep up with the demand for refinances but grow our team to grow and handle more volume as the year goes on. The same volume that has sent banks scrambling lets us close a loan in as little as 14 days.
Our 5-Minute loan application has been a huge help there as well. Since you can now load all of your documents online, there are fewer roadblocks to your application being approved and your mortgage closing.
Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, and Nashville at (615) 810-8555. You can always apply online with our 5-Minute Loan Approval at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?