National Mortgage Lenders Slash 19,000 Jobs 2014 Q2

It has been reported that national mortgage lenders slashed 19,000 jobs during the 2nd quarter of 2014, while non-bank mortgage employment number increased slightly during that same period.

First Indiana Mortgage competes against these national lenders for loans, and we often hear comments that potential borrowers are more comfortable using a big lender, such as Chase (which eliminated 11,500 mortgage jobs in 2014 Q2) and Bank of America (which eliminated 3,900 jobs) because of their perceived stability, even if these lenders are offering a higher rate.

What these employment numbers illustrate is quite the opposite of the stability that borrowers desire.  Borrowers need to realize that, with any lender or broker, it is the actual employees that handle your file that will make your experience favorable or unfavorable. When you obtain a loan with First Indiana Mortgage, you will always be working directly with a licensed loan originator, and your file will be handled by licensed employees from start to finish. National lenders do not have the same continuity, and with declining employee numbers, the experience and training level of the employees that would be handling a loan file is questionable.

So when you are comparing rates and programs, it is always important to determine your comfort level based upon the rate, and the level of service that you will receive. At First Indiana Mortgage we are committed to providing low rates and outstanding customer service. Visit our website at www.firstindianamortgage.com or call us at 888-627-2002 to obtain a rate quote or discuss available loan programs and options.

 

 

 

It has been reported that national mortgage lenders slashed 19,000 jobs during the 2nd quarter of 2014, while non-bank mortgage employment number increased slightly during that same period. First Indiana Mortgage competes against these national lenders for loans, and we often hear comments that potential borrowers are more comfortable using a big lender, such as […]