Job Reductions Hit Mortgage Industry, But Not Here
August 10th, 2010
August 10th, 2010
The slow economy is affecting the majority of industries in the United States, and the mortgage sector is no exception. According to the National Mortgage News, there were 2500 full-time employees who lost their jobs in June, even though mortgage rates are at a record low.
Scott Olsen, a senior economist at Wells Fargo, expects employment in the mortgage industry will flatten out soon. "Refinancings are helping. But we are not going to see a lot of hiring either," Olsen said. "It is going to be a disappointing slow recovery for housing."
There are a couple reasons for the layoffs, one being the tighter restrictions that have been implemented nationally and statewide. Some of the new requirements for mortgage professionals are mandatory live classes and background checks. Additionally, the requirement to take the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) has encouraged many loan officers in the state to step away from the industry.
So, what does this mean to you, as a borrower? There could be a blip in the mortgage process if your mortgage representative began your paperwork, then was terminated. Someone else would have to get up to speed with your file, and it's quite possible that you'd even have to provide much of your paperwork again to your new loan officer. Worse yet, you could experience a delay in your approval.
This all brings to light key reasons to work with a trusted, professional mortgage broker. My knowledge of the industry is evident, as I was part of the small think tank group that helped develop and write the State test that was implemented two years ago. In fact all of Grandview Lending's Loan Officers have past the SAFE Act Test, and are ready to serve you.
No layoffs. Educated professionals. A long history of strong, solid business. You can be sure we are prepared to provide a professional, enjoyable experience.
We provide our clients with exceptional service and integrity which has become our hallmark.