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As part of the pandemic-hit mortgage industry, a 5-year-old New York-based mortgage lending company found itself in deep water for most of 2020. With its presence in 10 major states across the U.S. and operating with over 200 employees, it was a promising direct lender with revenues nearly doubling every year. As a considerably new firm, its customer service was surprisingly comparable to that of the industry-leading players. However, the effects of the country-wide spread…

What Led to a Margin Compression? “We conduct an internal meeting once a week to discuss and decide on the best suited loan processing rates and fees that we can afford to offer in a particular week. This aids us to control the loan volume inflow”, quoted by a reputed lender during a virtual meeting in which I was a part towards the end of October 2020. The US mortgage industry witnessed unique challenges in…