Join Date: Nov 2012
Location: Silver Springs, Nevada
Thanked 564 Times in 339 Posts
This is not good news for the industry....
The Mortgage Bankers Association estimates mortgage refinancing volume will drop to $989 billion this year and $388 billion in 2014, from $1.2 trillion in 2012.
Also, five years after the housing crash, fewer mortgages are delinquent, allowing banks to reduce staffing needed to process the bad loans.
Bank of America has announced 5,900 mortgage-related job cuts since August. Mortgage applications in its pipeline for purchases and refinancing fell 60% in the third quarter vs. the second quarter.
Other banks recently announced layoffs in their mortgage units, including 6,400 by Wells Fargo, 1,100 by Citigroup and 800 by SunTrust.
Perhaps I need to expedite this series...
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