Thousands of Loan Officers and Real Estate agents are leaving the Mortgage and housing industries. Every professional in the housing industry is going through a hard time including Loan Officers, Realtors, Auto Salesman, Attorneys, Appraisers, Home Inspectors, and third party professionals. Banks, credit unions, and other creditors are not extending credit to commissioned mortgage and real estate professionals due to volatile mortgage markets. The 10 year treasuries keep on skyrocketing without any signs of correction. Mortgage Rates on government loans are 7.5% for 730 credit score borrowers and conventional loans have Rates over 8% for 700 plus credit score borrowers. With surging inflation and out of control mortgage rates many homebuyers are priced out of the housing market. Thousands of Loan Officers and Realtors including owners of mortgage companies and real estate brokers are leaving the business or closing their doors. What business is the best business to get into if you were to leave the mortgage industry or real estate industry for those who have been in the industry for years or decades?

Many Mortgage companies are hurting. Mortgage rates are at 26 year highs, the Feds keep on increasing rates, inflation is out of control, home prices are increasing despite high rates and a weak unstable economy. Over half the licensed loan originators are expected not to renew their NMLS mortgage licenses for 2024. We will keep this thread going

What is the current state of our economy? Has Bidenomics helped our economy like Kamala Harris keeps on saying? Did the United States have a soft landing like Janet Yellen and Jerome Powell said? Democrats are saying we dodged a bullet because of the Biden Administration. The unemployment numbers came in at 4.2%. Are the unemployment numbers real or not accurate? Inflation numbers are at 3% but that number is not correct if you shop for goods and services. Mortgage rates went from 2.5% in 2019 to 7.5%. How did the sudden 400% jump in rates affect the economy? How is the 100% plus increase in home values affecting our economy? How is unemployment numbers at 4.2% is not reflective to actual Americans out of work?

https://youtu.be/bjm9VGuN8NI?si=CfkRTvarcQ1ybkZi

The automotive market is collapsing. Consumers are having a very difficult time making the minimum monthly car payment. Repossession numbers of cars are skyrocketing. Inventory of new cars is stockpiling to historic levels. One in five consumers is getting denied car loans. Nobody is buying pickup trucks, SUVs, and higher-priced vehicles. Car interest rates are 7% to over 10%, depending on your credit score. And Kamala Harris is saying that Joe Biden fixed our economy? Did Bidenomics work, and will she continue? What a liar. The economy sucks. There is an economic collapse coming our way. A huge recession will come in the coming months: housing, car, and stock market crash.

https://youtu.be/GSmWcXf4ThE?si=WUVNYcwJ0SnDo89K

Deseret First Credit Union has halted lending for loan officers due to credit volatility. I contacted the Deseret Credit Union Loan Operations Department at 801-456-7950 and spoke with Consumer Loan Officer Spencer. And have confirmed Deseret Credit Union has suspended extending credit and financing to NMLS-licensed mortgage loan originators and realtors. No other professionals besides those in the mortgage and real estate industries are affected by not qualifying and getting approved for credit cards, auto loans, consumer loans, second mortgages, mortgages, installment loans, and other types of financing. Spencer said the suspension of extending financing to loan officers and realtors order came from upper management and the board of directors. The suspension of extending credit to loan officers and real estate agents will be in effect until the credit markets drop substantially. If you are a commissioned loan officer or realtor, I recommend checking the latest news updates or contacting any bank or credit union directly for the most current information. They may be able to provide you with details about the situation and any potential implications for borrowers and loan officers. According to Deseret First Credit Union Loan Officer Spencer, Deseret First Credit Union has suspended extending credit to all loan officers and real estate agents on commission wage earners since August 2022. I heard about Deseret First Credit Union suspending extending credit to mortgage loan originators and real estate agents through Dianne Burnett, President and CEO of Lending Network, LLC and partner of Gustan Cho Associates Mortgage Group. I had multiple associates and colleagues, including myself, verify this matter. Is this something that will continue in the coming weeks and months? Is this a sign of another 2008 financial crisis? Many commissioned mortgage and real estate wage earners have been filing for forbearance requests at an alarming rate from late 2022 into 2023. This is a wake up call of the 2008 financial crisis when banks and credit unions unions halted extending business credit lines of credit in August 2008 prior to the real estate and credit collapse. Stay tuned. I will post updated on this topic in the coming days.

Here is an informative article on understanding forbearance published on Gustan Cho Associates.

https://gustancho.com/understanding-forbearance/

gustancho.com

Understanding Forbearance During The Coronavirus Pandemic Crisis

Understanding Forbearance is important before taking up the offer with your lender. Forbearance is not forgiveness and it is due once it expires

The Biden Administration and supporters of Joe Biden such as the mainstream media are trying to brain wash Americans that the economy is in great 👍 shape and Joe Biden is the president who fixed inflation and the economy. The Biden Administration and Biden supporters and the mainstream media announced vvictory soft landing on inflation and Joe Biden Administration avoided a major Great Recession. This is total bullshit lies after lies. Joe Biden is clueless and his administration is full of idiots that don’t know what they are doing. Don’t fall in to buy now pay later technique that Democrats are pushing. We are in great period of uncertainty. Inflation is soaring out of control. Real unemployment numbers are through the roof. Data released by the Biden Administration are total lies. There are no jobs created. Job numbers reported are part time jobs or temporary jobs. Treasury Secretary Janet Yellen, Fed Chairman Jerome Powell, and Joe biden are all incompetent cheating lying worthless political hacks. Read this video clip

https://youtu.be/eEB_YdElBS4?si=82f5kB0hEs4rH66C