Construction Loan Product; Freddie and Fannie Aren't Sitting Still; LIBOR Phase-Out Update

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Posted To: Pipeline Press

In September, major league baseball teams expand their 25-man roster to 40 as teams scramble for the playoffs in October. In the mortgage business, however, rosters are being cut in the 2nd and 3rd quarters as lenders reversed course and achieved a $580 per loan profit versus the $118 loss in the first quarter. Will the industry follow baseball into the fall and expand or contract their rosters as the purchase market cools off? “RIFs” continue, the latest semi-publicized one coming from the non-delegated correspondent sales group at SunTrust. (Rumor has SunTrust moving to an inside sales model for that group.) And Acopia announced a “repositioning.” “As we strategically realign our plans and investments to support our growing retail brands, we have decided to exit...(read more)

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Source: http://www.mortgagen...

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