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Article: Staffing for a Possible Slowdown in Originations.(News)
- Article from:
- National Mortgage News
- Article date:
- November 9, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Kate Berry
WASHINGTON-Home lenders face some tough staffing choices, with business expected to drop 40% to 60% next year.
Optimistic companies will consider holding on to employees in the hope that a pickup in home-purchase loans will offset a probable decline in refinancings.
Pessimists will proactively cut back, starting with temps and contractors, discounting an expected extension in the first-time homebuyer tax credit.
If the lenders strategize correctly, they stand to either make or save themselves a lot of money. But there are serious downsides to being wrong. For example, if interest rates rise and volume plummets, the ...