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ON THE
HOUSE
02.26.24
How the Loan Officer Role Is Changing
Welcome, I’m so happy to have you here!
Speaking of happiness, let’s talk about psychiatrist Robert Waldinger, who was the director of the 75-year-old study on adult development and has unprecedented access to data on true happiness and satisfaction. In this video featured on YouTube, he shares three important lessons learned from the study as well as some practical, old-as-the-hills wisdom on how to build a fulfilling, long life:
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The world of real estate is a firehose of changing data & information. Our advice for those looking to buy a home this year: shut out the noise and focus on what you can control – getting pre-approved NOW!
Being prepared with a pre-approval will give you the competitive edge you need when the time is right to make your move.
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Industry Insights
Opinion: The Role Of The LO Will Soon Look Very Different
Recap: The mortgage world has really changed lately because of big events like the pandemic, a boom in refinancing, and high interest rates. Lenders now have to be super flexible, tech-savvy, and really get what their customers need. Loan officers (LOs) aren’t just selling loans anymore; they’re more like financial advisors, helping people figure out the best mortgage options for their situation. It’s all about using the right tech and giving LOs the training and tools they need to do well. This big shift is making the mortgage industry more about personalized advice and tech-driven solutions.
My Take: The role of the LO has already changed. Long gone are the days of call centers filled with loan officers pitching rates and terms over the phone to consumers. Nowadays the Loan Officer has to be a highly skilled, knowledgeable, confident problem solver. People have two challenges to their next home, a record low rate and record home equity. A skilled LO needs to be able to navigate the consumers situation and provide quick confident cost effective solutions.
Read More Here: www.housingwire.com/articles/opinion-the-role-of-the-lo-will-soon-be-very-different
Save Plan
Could make it easier for borrowers to become homeowners
Recap: The new SAVE plan introduced by the Biden administration aims to make federal student loan repayments more affordable, potentially halving monthly payments and even reducing some to $0. This reduction in monthly payments can lower borrowers’ debt-to-income ratios, making it easier for them to qualify for a mortgage. The plan increases the income exempted from payment calculations and reduces the percentage of discretionary income that goes towards payments. Additionally, lower payments may allow borrowers to save more towards a down payment, although challenges remain with how mortgage lenders view $0 payments in their underwriting processes.
My Take: Have you heard of the SAVE program? Supposedly is to cut monthly student loan repayments in half to help qualify for a mortgage. One issue: who’s paying for it?
Read More Here: cnbc.com/2024/02/13/new-student-loan-payment-plan-may-help-borrowers-become-homeowners
Video
Negotiation Tips In A Heated Market
With rate cuts looming and a presidential election around the corner, there’s a multitude of outside factors poised to influence this year’s real estate market. As such, buyer competition is heating up, so securing your dream property may require some savvy strategy. Here’s a quick glimpse into what 20 years in the mortgage industry has taught me:
- Get FULLY underwritten before making an offer, so that when the time comes, you’ll stand out.
- Minimize contingencies without compromising your protection.
- Speed is key: from home inspection to appraisal, swift actions speak volumes, so the quicker you can manage the timeline on your end, the better.
Reach out to me for more tips and let’s see how we can set you up for success this year!
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