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How loan originators survived a cutthroat mortgage business in 2023

In his 20 years in mortgage banking, no year has compared to 2023 in terms of difficulty, said Ben Cohen, Guaranteed Rate’s managing director and a top-producing loan officer. 

“This is a lot different than 2008 where you needed a credit score and a heartbeat to get a mortgage. Now, you need to be very qualified in order to get a mortgage,” he said. 

Coming off of the pandemic banner years, thinning origination volume, low inventory and soaring home prices made business much harder to come by for LOs in 2023. It was another brutal year, pushing loan originators to work longer details ⇒

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