[Gustan Cho]

Sapna Sharma is working hard working on our referral preferred partner network Directory. The directory is a comprehensive directory for everyone who can be a service provider for homebuyers and homeowners such as realtors, loan officers, attorneys, home inspectors, insurance agents, title companies, plumbers, electricians, landscaping companies, and other third party services.

[Gustan Cho]

Try LinkedIn leads. I heard LinkedIn leads are worth the price you pay from a few loan officers

[Gustan Cho]

Mortgage rates will plummet. It’s not if but when rates will plummet. When rates plummet what are we going to do with the major shortage of loan officers, processors, underwriters, and support staff? Unless we find a way to automate the mortgage loan origination process or have artificial intelligence to handle the loss of manpower, we will have another mortgage crisis coming in the weeks and months ahead. Mortgage Rates will probably never be in the 2.0% range but you can bet rates will be in the 4% range which will spark a refinance wave.

[Gustan Cho]

As long as the Democrats don’t cheat, Trump should get reelected in 2024.

[Gustan Cho]

There were a loss of 100,000 loan officers who left the mortgage industry in the past 24 months. There are a total of 41,055 Mortgage Brokers in the United States as of December 04, 2023 and the numbers is expected to decrease. These numbers need to be fact checked but seems the source is rentech digital SmartScrappers, a data lead generation service websites who sell list of mortgage brokers and contact information nationwide. Many mortgage brokers cannot survive the tough competitive mortgage industry climate with surging inflation, Bidenomics, high mortgage rates, and a very volatile housing market. The secondary mortgage markets are very volatile and unstable that many mortgage lenders do not know how to price a loan they are banking and are worried shitless over not being able to sell their funded loans and have an inventory of scratch and dent loans.

https://www.housingwire.com/videos/james-kleimann-on-8-mortgages-and-the-loss-of-100000-los/

housingwire.com

James Kleimann on 8% mortgages and the loss of 100,000 LOs - HousingWire

Today we talk about about 8% mortgage rates, the number of LOs who have left the industry, and the commission lawsuits facing NAR.

[Gustan Cho]

I will post the most current numbers on the number of loan officers that left the mortgage industry and mortgage companies that went out of business

[Gustan Cho]

Marga, any word on this?

[Gustan Cho]

The referral partner network directory will be a referral directory for third-party professional and services and will have a customer review platform. The factors that separates us from the competition like Angie’s List, Realtor.com, Zillow.com, Google My Business, and other well know branded services directory with review and testimonial platforms is GCA Mortgage Forums’s referral business partner network directory is the team at Gustan Cho Associates will create content and optimize it for maximum SEO exposure so the professional or business owner can get organic internet leads due to high interest traffic. We will have a landing-page with content, infographics, images, video if applicable, social media link, extensive optimized keyword rich content, and will be accessible to the main FORUM. The business owner or professional will have access to useful resources for the convenience of their customers and viewers to their landing page. This project will be an ongoing project and even if the entire preferred referral partner network directory is complete, the team at Gustan Cho Associates will strive to always improve and stay ahead of the competition. Who can be listed on the preferred referral partner network directory? It will be by invitation only and be nominated and sponsored by a Gold Member of the GCA Mortgage Forums and unanimously approved by all directors of the GCA Mortgage Forums Board of Directors. Just because you are nominated and approved to be sponsored and listed as a preferred referral partner, any one or more confirmed and vetted negative review can and will get the business or service entity or professional banned from GCA Mortgage Forums for a specified or permanent length of time. The setup fee and annual membership will be announced at a later date. As for the one-stop lending shop loan officer website, the all-in-one MLO system is only available to loan officers and managers at Gustan Cho Associates Oakbrook Terrace, Illinois Branch or any loan officers or dually licensed realtor and loan officers sponsored by a member of Gustan Cho Associates.

[Gustan Cho]

That is a lot of people, John. 80% is the whole industry. Now what is going to happen is there is going to be a major shortage of loan officers, processors, and underwriters when the housing and mortgage markets makes a major overhaul and corrects. What is going to happen then? Most loan officers and mortgage industry workers will not come back no matter how good the mortgage industry is because they have such bad taste in their mouths. I would think of getting out of the mortgage industry too but I got so much invested that I just cannot walk away quite yet. My investment is not just capital, websites, and digital media marketing platforms but also with people who have been loyal to me. Cannot be the first person to vacate a shippng ship.