call freddie mac phone number for lenders

Dan Green, principal at consulting firm The BlackFin Group, even estimates that the mortgage industry could shed up to 100,000 jobs this year, according to an op-ed he wrote for HousingWire. Now, lenders who increased their staff will struggle as demand once again slips back down to pre-pandemic levels due to affordability challenges. However, circumstances have changed, and mortgage rates are once again increasing, recently hitting a 3.56% annual percentage rate (APR), according to the latest Freddie Mac data. Many even began outsourcing part of the process, unable to keep up with the surge of new mortgage demand. During that time, loan officers had automatic email replies warning that it could take up to 24 hours to respond, and answering phone calls became a struggle. It's important for borrowers to weigh their options carefully to avoid being locked into a loan that isn't the best fit for them, according to Phil Shoemaker, mortgage company Homepoint’s president of originations.Ĭonversely, during the height of the COVID-19 pandemic and as interest rates dropped, lenders were flooded with requests from homebuyers and homeowners looking to take out a loan amid sub-3% rates for a 30-year fixed-rate mortgage.

( iStock )Īs mortgage rates rise and fewer homeowners consider refinancing, mortgage lenders are growing more competitive to win the business of borrowers. Mortgage lenders are growing more competitive as buyer demand rises.

Call freddie mac phone number for lenders