Although some mortgage lenders — such as GMAC and Flagstar — are still actively recruiting new loan officers, we're beginning to hear rumblings that certain top ranked lenders are carefully taking a head count, and plan to make job cuts during the next few weeks unless new applications begin to pickup steam. Again, we caution that this is strictly in the rumor phase but oftentimes where there is smoke, you'll find fire too. Meanwhile, I've heard from a few LOs who say purchase applications are beginning to increase because consumers believe that mortgage rates have indeed bottomed. If you have any intel on the layoffs, drop me a line at:
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