![]() ![]() ![]() “I’d say there are some buyers who are actually settling, even if it’s not their dream property,” he said. Right now, buyers see about 10 to 20 properties, and when they find a home that fits their criteria, “they pounce on it,” Wax explained. The pendulum hasn’t swung back to where buyers are asking 10, 15, 20% lower than what listings are for.” “It’s not so much that it’s more of a buyers market, but it’s less of a seller’s market,” Sam Wax, partner and loan originator at My Easy Mortgage, said. ![]() It’s not as crazy of a sellers market as it was two years ago when buyers were sending love letters to real estate agents - and contingent offers were non-existent, LOs said. In a smaller origination market, LOs are looking to expand their market share among people who are still looking to move – whether it be for new jobs, marriage, or growing families. “I’ve got several pre-approvals out there where people just can’t find what they want and the rates are throwing them off,” Monsoon said. In this higher-rate environment, buyers can’t find homes, which, in an ironic turn, can lead to bidding wars in areas that are safe, have good school districts and have nice properties. The lack of inventory makes business even more difficult for loan officers, whose real estate agent referral partners simply don’t have many buyers ready to pull the trigger. Existing homeowners who locked in mortgage rates or refinanced to the 2.5% and 3% levels during the pandemic years also have no incentive to give up their low mortgage rates for a higher mortgage unless they absolutely have to. Rising rates will likely scare buyers away from the market, as it makes monthly mortgage payments less affordable, loan officers interviewed by HousingWire said. With the industry cooling down slower than expected, LOs are having to work harder and get creative to overcome the double whammy of surging rates and a lack of inventory. The combination of an economic uncertainty, high mortgage rates and persisting affordability challenges will further reduce purchase demand, which keeps Monson and thousands of loan officers up at night. “It’s almost like there was a false start,” Monson said. Monson had hoped for a “spring rush,” but recently, somebody turned the spigot back off. He was cautiously optimistic for a better 2023. There were leads, referrals and action in January, after people returned from holiday vacations and rates declined, said Don Monson, branch manager at Sente Mortgage. Your loan servicer’s identity may be listed in the MERS system.It felt like somebody turned on the spigot. Contact Sente Mortgage Servicing at 51 or 80, or by email at Dial the MERS® Servicer Identification System toll-free at 88 or visit the MERS® website.Check your monthly mortgage billing statement or payment coupon book.To find out who your servicer is you can: If you have questions regarding the servicing of your loan please contact us at 51 or 80, or by email at Sente Mortgage is your loan servicer you can make monthly loan payments and manage your account by registering online here - Sente Servicing. If your loan is transferred to a new servicer, you will receive a notification from your current mortgage servicer and the new servicer. In many cases, the company that provided your loan is not the same company that services your loan. In today’s market, loans, and the rights to service them, are often bought and sold. Your mortgage servicer handles the day-to-day tasks of managing your loan such as processing your loan payments, responding to borrower inquiries, keeping track of principal and interest paid, and managing your escrow account. Once you’ve closed on your home, your loan transitions into the final step of the loan process, servicing. ![]()
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