A further 25 to 50 basis points’ worth of cuts, Elezaj said, could see activity spike again, although the executive is taking nothing for granted on the current market outlook. “We’re being cautiously optimistic,” he said. “Obviously, things can change.
Paul Carson, a mortgage broker at Philadelphia Mortgage Brokers, suggests that a drop in mortgage rates to around 5.5% to 6% could encourage more homeowners to enter the market.
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“The rates rallied, then they came back, and then they went down again. So things bounce around – but that’s why we’re pretty straightforward with things.”
A shift of retail loan officers away from that space and towards careers as independent brokers will remain a strong industry trend looking ahead, he said, particularly because of the ability to work with lenders who prioritize streamlining business and generating efficiencies through technology.
It’s a fact that’s been borne out in the company’s own numbers, according to Elezaj. “We’re seeing it every day, every week, every month,” he said. “We continue to have 600, 700 people a week – brokers, real estate agents, loan officers – that come out to UWM every single week.
“So you’re talking about thousands of people a month looking at growing their business, learning our products. These are even new people that are looking to get trained and developed. So the energy around the wholesale channel just continues to be at a very high level.”
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