Margin compression, higher mortgage rates, and a purchase-focused market are dictating more sales process control among loan officers and fewer layers of bureaucracy in retail lenders.
This change will create a disruption from the cookie-cutter, non-personalized model, Brian Covey, former vice president of regional production at loanDepot, who took on an executive vice president position at a boutique lender Revolution Mortgage, said. And, according to Covey, the changes are necessary in traditional retail lenders to navigate the industry headwinds.
“LOs and a lot of us today want control back in the process, whether it’s the sale process or details ⇒
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