The frothy prices being offered for MSRs are beginning to cool somewhat. Theres definitely a tighter range on bids lately, said Matt Maurer, managing director of MountainView Servicing Group.
Paul Rozo, who runs PRMG, told us that he is not a big fan of call centers and that every LO in his organization is a hunter, a sales person who relies on referral business and/or handling their own marketing."
According to Alice Alvey of Indecomm Mortgage U, many shops are reassessing originator comp plans for January 2014 to adjust to the changing margins and seize the opportunity to blame it on the change in the law."
The mortgage slowdown will separate the men from the boys, the girls from the ladies. It's time to fire all underperforming loan officers, says mortgage consultant David Lykken.
How many loans per month should a loan officer be closing when times are lean? According to Dave Lykken of Mortgage Banking Solutions, if an LO isnt closing at least six loans per month, they might want to consider employment elsewhere.