Mortgage Watch

My banker accidentally took my call yesterday (), and I knew she was crushed before she answered the phone. Management is afraid to add staff, but they can't even pick up and send you to voice mail any more. The bank is lending at .125% above Wells and a few others. One guy called in and told them that they were too high and he was going to a competitor and they cheered! They are good folks but they're getting goofy and they're being pushed beyond anything they've ever experienced before. If anyone asks "Who's going to refinance?", my banker will ask, "Who ISN'T?" Mark

I'm surprised they still have voicemail.

Around here in Milwaukee suburbs, my main lender contact is so swamped she returns my calls at night- she used to actually answer her cell. She is working into the wee hours. The other day she said she had 10 files to work on & every one of them needed at least an hour of her attention that day. This was at 4PM. She reports that customers are now calling during the re-fi process and demanding the bank to lower already locked-in rates. That doesn't work real well..... As to real estate in general, someone seems to have flipped on the switch. More calls in the last week than in the last five weeks combined. But--they want deals. Price is king and it is bringing them out.

The word here is that new purchase loan requests are still sparse for now. The loan officers thank the prime mover for that. M

My banker accidentally took my call yesterday ( ), and I knew she was crushed before she answered the phone.

Management is afraid to add staff, but they can't even pick up and send you to voice mail any more.

The bank is lending at .125% above Wells and a few others. One guy called in and told them that they were too high and he was going to a competitor and they cheered!

They are good folks but they're getting goofy and they're being pushed beyond anything they've ever experienced before.

If anyone asks "Who's going to refinance?", my banker will ask, "Who ISN'T?"

Mark

Excellent insight Mark. Now imagine what their lives would be like if they also had agreed to do loan modifications for over a dozen other clients, each requiring some 100 pages of documentation and an hour of phone calls a week, minimum. Wouldn't even be here now except that I've been on hold with AHMSI for over 25 minutes.

http://market-ticker...-Flat-Spin.html