mortgage lender

Apache is functioning normally

How do low rates, big savings, and a simplified mortgage sound? Well, that’s what “ConsumerDirect Mortgage” says it’s offering its customers.

The online mortgage lender has apparently renovated the home lending process to eliminate fees, while also boosting transparency and customer satisfaction.

So it might be possible to get a cheaper mortgage in less time, with less work, which should make for a happier borrower.

Let’s more about this digital mortgage company to see if they could be a good fit.

Update: In February 2022, ConsumerDirect Mortgage changed its name to “Real Genius.”

ConsumerDirect Mortgage Fast Facts

  • Direct-to-consumer mortgage lender offering home purchase and refinance loans
  • Founded in 2012, headquartered in Delray Beach, Florida
  • The online division of parent company FirstBank, an FDIC insured depository bank
  • Licensed to do business in 49 states and D.C. (not available in Maryland)
  • Originated more than $5 billion in home loans last year
  • 99% of their loans come with a lender credit to reduce or eliminate closing costs

As you might have already suspected given the name, ConsumerDirect Mortgage is a direct-to-consumer mortgage lender that offers home purchase and mortgage refinance loans.

That means they work with borrowers remotely from a call center, which is located at their mortgage headquarters in Delray Beach, Florida.

Their loan production and operations center is located in nearby Charlotte, NC, and their mortgage servicing department in Newark, NJ.

While they’ve only been around since 2012, they are a division of FirstBank, a publicly-traded, FDIC-insured bank that was founded all the way back in 1906.

FirstBank funded more than $5 billion in home loans last year, with about half coming by way of refinance and half home purchase loans.

Roughly 70% of their loan production consisted of conventional mortgages, with the remainder mixed between jumbo and government lending.

They were most active in the states of Alabama, Arizona, California, Colorado, and Tennessee, but are licensed in every state other than Maryland.

How to Apply with ConsumerDirect Mortgage

  • Simply call them up directly or visit their website to get started
  • Prospective borrowers can generate mortgage rates quotes on the fly without providing contact info
  • If you like what you see or hear, click on Apply Now to begin the digital mortgage application
  • They claim to be a 100% paperless loan originator meaning most tasks should be electronic

To get started, simply call them directly to speak with a loan officer about loan pricing and eligibility, or visit their website and do it on your own.

If you go the website route, you can click on “View Rates” to price out your own unique loan scenario to see the latest mortgage rates available.

From there, you can click on Apply Now to begin a formal loan application, and a loan officer will be assigned to you as your guide.

ConsumerDirect Mortgage claims to be a 100% paperless loan originator, so most if not all tasks should be digital/electronic, including the application itself.

I believe it’s powered by Silicon Valley-based Tavant, a provider of AI-driven digital lending products.

Once you’ve submitted an app, you’ll be able to log in to their online borrower dashboard to access your to-do list and see the latest status updates.

All in all, they seem to make it quick and easy to apply for a home loan thanks to their use of the latest technology available.

Loan Programs Offered by ConsumerDirect Mortgage

  • Home purchase loans including first-time home buyer options
  • Refinance loans: rate and term, cash out, and streamline
  • Conforming loans backed by Fannie Mae and Freddie Mac
  • Jumbo home loans
  • FHA loans
  • VA loans
  • Construction-to-perm loans
  • Fixed-rate mortgages: 10, 15, 20, 25, and 30-year loan terms available
  • Adjustable-rate mortgages: 5, 7, and 10-year ARMs available

ConsumerDirect Mortgage offers a bevy of loan options, including home purchase loans, refinance loans, and construction loans.

You can get a conventional mortgage backed by Fannie Mae and Freddie Mac, or a government-backed loan such as an FHA loan or VA loan.

They don’t appear to offer USDA loans, which is the only real major loan type missing.

However, they do offer jumbo home loans, though it’s unclear how large of a loan amount they’ll allow.

Those building a home can take advantage of their construction-to-perm loan offering, and my assumption is they also offer home renovation loans such as the FHA 203k loan program.

Their mortgages are available on all major residential property types, including single-family homes, condos, townhomes, and multi-unit properties.

You can get both a fixed-rate or adjustable-rate mortgage, in a variety of different loan terms ranging from 10 to 30 years.

ConsumerDirect Mortgage Rates

Another positive to ConsumerDirect Mortgage is the fact that they let you price out daily mortgage rates right on their website.

Simply click on today’s rates from the top menu once at their website and fill out the short form to see how they’re priced.

You can get rates for all types of different loan programs at once, along with different rate and fee combinations to determine the best approach.

As noted, most of their borrowers take advantage of lender credits to create a no cost loan, meaning nothing is charged out-of-pocket.

In terms of lender fees, they appear to charge a $675 loan origination fee, which is pretty low relative to other lenders.

From what I saw, they were pretty well priced for a variety of different loan types, including adjustable-rate mortgages like the 5/1 ARM, which is a rarity these days.

They may not offer the very lowest rates out there, but seem to be a super close second in many scenarios.

ConsumerDirect Mortgage Reviews

One thing Consumer Direct Mortgage isn’t short of is good reviews. They’ve got lots from all the different ratings websites.

At Zillow, they have a 4.73-star rating out of a possible 5 from more than 800 customer reviews, which is super solid given the large sample size.

Quite a few of those reviews indicated that the interest rate and/or closing costs were lower than expected.

On LendingTree, they have an equally impressive 4.8-star rating from over 230 reviews, and a 94% recommended rating, meaning most past customers would vouch for them.

At Google, they have an even better 4.9-star rating from 100+ reviews, and at CreditKarma a 4.5 out of 5 from 50 reviews. They also have a 4.2-star Bankrate score.

Lastly, they are an accredited business with the Better Business Bureau and currently hold a perfect ‘A+’ rating based on customer complaint history.

Additionally, they have a 4.72-star rating out of 5 from over 100 customer reviews on the BBB website, which is a really high score for the complaint-driven BBB website.

In summary, ConsumerDirect Mortgage appears to be a highly-liked mortgage lender with excellent customer satisfaction.

And if their mortgage rates are also on point, they could be a good choice for a homeowner, especially someone looking to refinance an existing mortgage.

They may not be as favorable for home buyers due to their lack of physical locations, though these days working remotely doesn’t seem to be an issue for most borrowers.

ConsumerDirect Mortgage Pros and Cons

The Pros

  • Offer a digital mortgage application
  • Can apply for a mortgage directly from their website
  • Say they offer a 100% paperless loan process
  • Lots of loan programs available
  • Licensed to do business in 49 states
  • Excellent reviews from past customers
  • A+ BBB rating, accredited company
  • They service their own loans
  • Backed by a large, publicly-traded depository bank
  • Knowledge center and mortgage glossary on their website

The Cons

  • Do not offer USDA loans
  • Not available in Maryland
  • Limited physical locations

(photo: Joris Leermakers)

Source: thetruthaboutmortgage.com

Apache is functioning normally

A national mortgage lender based out of Wisconsin just unveiled a new home loan product with some rather unique features.

In short, it combines a hybrid adjustable-rate mortgage with a 20-year amortization period, a move designed to keep payments low while also sending more of that payment toward principal.

Call it an attack on the 30-year fixed, which many criticize for consisting mostly of interest and doing little to actually build home equity.

With the traditional 30-year fixed, homeowners’ payments are dominated by interest until nearly halfway through the 30-year term. That means borrowers don’t own much of their homes, especially if they put very little down.

Waterstone’s Wealth Building Loan

  • The so-called Wealth Building Loan (WBL)
  • Is a 7/1 ARM with a 20-year term
  • This means borrowers will pay down the mortgage a lot faster
  • While keeping monthly payments relatively affordable

To combat this trend and help homeowners build wealth, instead of simply paying interest, Waterstone Mortgage now offers the so-called “Wealth Building Loan,” which is available in 18 states.

It’s based on the work of Edward Pinto and Stephen Oliner of the American Enterprise Institute (AEI), the brains behind a similar loan program called the Wealth Building Home Loan (WBHL).

This particular iteration is quite a bit different than the WBHL, a 15-year fixed loan with an ultra-low mortgage rate that serves the same purpose of building equity fast.

As mentioned, it’s a 7/1 ARM, meaning it’s fixed for the first seven years before adjusting once annually. It’s also based on a shorter 20-year amortization period so monthly payments are larger than the standard 30-year fixed.

WBL monthly payment: $554.60 (first payment 45% interest)
30-year fixed monthly payment: $463.12 (first payment 67% interest)

I tinkered around with some numbers to illustrate the power of the Wealth Building Loan.

Let’s assume it’s a $100,000 loan amount set at 3%, compared to a 30-year fixed set at 3.75%.

The WBL would carry monthly payments of $554.60, thanks to the shorter payoff period, but the very first payment would consist of $304.60 in principal and $250.00 in interest.

Compare that to the standard 30-year fixed payment ($463.12), which consists of just $150.62 in principal and $312.50 in interest. It’s not until month 139 that principal actually exceeds interest.

With the WBL, principal exceeds interest on the very first month. This is what makes the WBL so powerful, assuming you actually want to pay off your mortgage as opposed to investing the money elsewhere.

This also allows homeowners to drop their PMI up to four years sooner relative to a 30-year fixed with a 3% down payment (aka Freddie Mac Home Possible Advantage).

The trade-off, of course, is that the monthly payment is higher on the WBL, though they’re able to keep it in check with the use of a lower-rate hybrid ARM. The risk being an interest rate adjustment after those seven years are up.

Not sure what a homeowner would do after those seven years if rates were substantially higher, but I’m assuming they’re banking on most folks selling or refinancing before those seven years are up.

Wealth Building Loan (WBL) Rules

– Must be an owner-occupied, primary residence
– One-unit properties only, condos permitted
– Max loan amount $417k (higher in FHFA high-cost areas)
– Loan type is 7/1 ARM with 20-year amortization period
– Down payment is not required
– Mortgage insurance can be eliminated up to four years sooner

All in all, it’s an intriguing loan option that could help us avoid another housing crisis because homeowners would actually have plenty of equity to serve as a cushion if payments were to become unaffordable.

During the recent crisis, borrowers didn’t have any skin in the game so it was easy to walk away when prices took a turn for the worse or payments became unmanageable.

If homeowners are actually invested in their homes we might be able to prevent a similar crisis, even if home prices do overextend themselves at times.

Source: thetruthaboutmortgage.com

Apache is functioning normally

By year-end, so-called “mortgage foreclosure rescue” and loan modification firms will be prohibited from collecting fees until homeowners have a written offer from their mortgage lender or loan servicer that they deem acceptable.

The FTC today issued the “Mortgage Assistance Relief Services (MARS) Rule” to protect homeowners from “bogus operations” that falsely claim they’ll negotiate a loan modification, short sale, or some other form of foreclosure relief in exchange for a fee.

Per the rule, mortgage relief companies won’t be able to collect any fees until borrowers are happy with the offer they receive – consumers can also reject an offer without any charge.

Additionally, these companies must make it clear in advertisements that they aren’t affiliated with the government, that the mortgage lender may not agree to change the consumer’s loan, and if they advise homeowners to stop making mortgage payments, they must also inform them that doing so could lead to the loss of their home and/or credit score damage.

They are also banned from telling consumers to stop communicating with their lenders or servicers, and must also let consumers know that they can seize doing business with the companies at any time.

The amount of the fee must also be disclosed upfront.

Here’s the loophole:

Attorneys are generally exempt from the new rules if they meet three conditions:

– must be engaged in the practice of law
– must be licensed in the state where the consumer or the dwelling is located
– must comply with state laws and regulations governing attorney conduct related to the rule

And to be exempt from the advance fee ban, attorneys must meet a fourth requirement, that they place any fees they collect in a client trust account and abide by state laws and regulations covering such accounts.

The new rules take effect on December 29, 2010, minus the advance-fee ban provision, which becomes effective January 31, 2011.

Related: The Worst Loan Modification Companies

Source: thetruthaboutmortgage.com

Apache is functioning normally

A mortgage lender out of Edina, Minnesota is offering to make your first mortgage payment if it is unable to close your purchase loan on time.

The new “On Time Closing Guarantee” from Marketplace Home Mortgage will compensate the home buyer with up to $1,500 to cover their first mortgage payment if the mortgage isn’t closed on or before the closing date.

Additionally, the home seller will be eligible to receive $5,000 if the loan doesn’t close on schedule.

Of course, there are a ton of terms and conditions that must be met to ensure you get the up to $1,500 if for some reason the loan doesn’t close on time.

They basically want you to be a stellar mortgage borrower to keep the process running smoothly and to avoid delays.

That means you need to get them a purchase contract with a closing date no less than 30 days out by the time Marketplace Home Mortgage receives it.

You also need to get all conditions in at least eight business days prior to your closing date and once the loan is locked, no changes to loan term or loan type may occur.

And obviously if it’s not their fault, but rather the fault of the seller or you, the guarantee will be void.

The guarantee also excludes a number of loan types, including USDA loans, brokered loan transactions, short sales, refinances, jumbo loans, and various others.

In other words, the loan should be straightforward and easy to close, though even the most vanilla of loans can get tripped up every once in a while.

Paying for Peace of Mind?

Marketplace Home Mortgage isn’t necessarily the first lender to offer a closing guarantee, but they might be the only one to offer to make your first mortgage payment and give the seller $5,000.

That’s pretty impressive, but similar to Wells Fargo’s Closing Guarantee (which I don’t think they offer any longer) or the “Close on time guarantee” from the now defunct Discover Home Loans, it should be an afterthought.

While it’s nice to have a guarantee if things go wrong, it wouldn’t be the first thing I’d look at (or even the fifth) when comparing mortgage lenders.

If after I found a lender I liked and they had some sort of guarantee that’d just be icing on the cake.

But with so many rules and exclusions and a low likelihood of actually cashing in on the guarantee, there’s not much reason to focus on whether a lender does or does not offer such a guarantee.

At the end of the day you want a lender that can offer you a low interest rate, reasonable fees, good customer service, and ultimately close your loan without delay, especially when it’s a purchase transaction.

The problem with these guarantees is that you never actually want to collect on them because it will have meant something went terribly wrong. So it’s kind of a catch-22.

(photo: Cam Evans)

Source: thetruthaboutmortgage.com

Apache is functioning normally

The American dream for many people may be to become a homeowner, but it doesn’t always make sense to buy. There are times when it makes more sense to rent. After graduating college, I was still single (but dating my future wife to be) and I had the opportunity to buy a house with some buddies of mine. Having the mentality that it’s always better to buy than rent I almost nearly pulled the trigger. Luckily, “sense” kicked in (or should I say my future wife 🙂 ) and I opted to not buy it. Primarily, because we had no idea what the future held and it made more sense to just rent and leave our options open. In our case it didn’t make sense to buy, but that could be different for your situation. If you’re thinking about buying a house, here are some tips to know when renting makes more sense:

Your Credit Is Less Than Great

While it’s often possible to obtain a mortgage with a less-than-perfect credit score, the lower your credit score the higher your interest rate will be. A FICO score that’s below 620 will pretty much guarantee the only mortgage lender you qualify for will be a “predatory lender”. Until you’re able to improve your credit score, people with low credit scores might want to consider renting instead of buying a home.

Although young, this did not affect us. We had excellent credit scores at the time and that proved to be vital when it was time to buy our first home.

Frequent Job Relocation or Employment Instability

Does your job require you to relocate often, or is there a chance you will have to relocate sometime within the next few years? If you have to sell a home, it needs to appreciate a minimum of 10% in order to cover the expenses associated with selling. If your home doesn’t have time to appreciate in value, you’ll lose money when you sell it. One common example is if you are in the military where you’re always on the move. Unless you are quite certain you aren’t relocating any time soon, renting is probably a better solution.

While there is no such thing as job security, you probably have a reasonable idea whether or not you have a chance of being laid off or fired. Keep in mind that compensation during unemployment is rarely (if ever) enough to replace your lost income; and during tough economic times you can’t assume you’d be able to run out tomorrow and find a new job. If there is a good possibility you could be laid off or fired, renting makes more sense. When you rent a home, you may have to downgrade to a lower-rent apartment; but if you own a home and can’t keep up with the mortgage payments, you’ll go into foreclosure and damage your credit.

Unable to Afford Home Maintenance and Repairs

When you buy a home, you need to consider more than just the mortgage and taxes associated with the home. Experts predict that homeowners need about 5% of the home’s purchase price available to maintain the home or make repairs. I know that I’m no “Jack Handy”, so if something breaks; I’m calling the repair man to fix it. After paying the routine expenses of owning a home, will you have additional funds available for maintaining and repairing it? If not, renting is a better option since the landlord or management company is responsible for maintenance and repairs of the property.

When Renting Costs Less

Finally, one of the most obvious reasons for choosing to rent instead of buying a home is when renting simply costs less. If you can rent a property for $2,000 a month and it would cost you $6,000 a month to own a similar property – does becoming a homeowner make financial sense? Some people argue that the tax deductions available for homeowners actually make home owning more attractive than renting, but the deductibles rarely add up to the additional expenses paid.

If you’re still not sure that’s why it always makes sense to to talk with qualified financial planner or tax professional to help analyze your situation. I’ve seen too many cases where young people were so eager to “live the American Dream” and get their first home that they didn’t realize all the little things that come along with being a homeowner. Slow down and do your homework before you take the plunge. Remember the friends that ended up buying the house we were living in? They still own itand have been trying to sell it for over two years.

Source: goodfinancialcents.com

Apache is functioning normally

If you want to buy a high-priced home and need to borrow a lot for the purchase, you’ll need a jumbo loan.

What are jumbo loans?

Jumbo loans earn their title because they exceed the conforming loan limit, which is the maximum loan amount subject to guarantee by Fannie Mae and Freddie Mac. These limits differ depending on where the property is located.

Jumbo loan limits by state

Jumbo loan limits don’t always vary by state; they vary by the counties within those states. To determine whether you need a jumbo loan, start by looking at the state where you want to buy. Keep in mind that what qualifies as a jumbo loan might look very different in a county just a few miles away, with the exception of Hawaii and Alaska, where the jumbo loan limit is the same no matter where you go.

What are typical jumbo loan requirements?

When comparing jumbo loans versus conventional loans, know that qualifying for the bigger-sized borrowing package tends to be more difficult. You’re borrowing more money, so a lender needs to feel even more confident you’ll pay it back. While every lender is different, here’s a look at some fairly standard jumbo loan requirements:

  • Credit score – The minimum credit score required for a jumbo loan depends on the mortgage lender, but is usually at least 700. Conforming loan credit score minimums are typically 620 or 640.
  • Debt-to-income (DTI) ratio – When it comes to DTI ratio, the lower the better, especially for a jumbo loan. Many lenders look for no higher than 43 percent.
  • Down payment – The minimum down payment on a jumbo loan varies by lender. While lenders often approve down payments as low as 3 percent for conventional loans, jumbo loans typically have much larger minimums: 10 percent or greater. Often, you’ll need at least 25 percent down to get the lowest advertised interest rate.
  • Cash reserves – Some lenders might want to see a sizable cushion of cash in your accounts, too. Be prepared to show that you have enough money remaining to cover between six months’ and 12 months’ of mortgage payments.

Why are jumbo loan limits necessary?

Conforming loan limits are set by the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, the two government-sponsored enterprises (GSEs) that buy a large portion of mortgages made in the U.S. from lenders and resell them on the secondary market to investors. These limits help lenders make more loans available to borrowers, since the lender can now sell them to the GSEs, mitigating risk if the borrower can’t repay. Loans outside of the conforming loan limits, including jumbo loans, are riskier for lenders.

What are jumbo loan rates?

For some time now, jumbo loan rates have been lower than the rates you’ll find on conforming loans. That wasn’t always the case.

Rates on jumbo loans are also tied to the credit profile of the borrower, just like any other type of mortgage.

“Credit scores are a critical input in the lending decision,” says Greg McBride, chief financial analyst for Bankrate. “Lenders may use compensating factors such as higher income or significant assets to offset a deficiency in the credit score, and this tends to be more common in jumbo loans than the smaller conforming and government-backed loans.”

How to shop for a jumbo loan

While they’re easy to find, jumbo loans aren’t all the same. Some lenders might cap the size of the loan at $2 million, $3 million or $4 million, while others might be willing to let you borrow significantly more, such as $5 million or $10 million.

Just as it pays to compare multiple lenders with conventional mortgages, you’ll want to consider a few different options for jumbo loans, too. You might also want to talk with a mortgage broker who can help you find options based on your specific needs.

Keep in mind, too, that interest rates have been rising across the entire home lending landscape. Be sure to use Bankrate’s mortgage calculator to estimate how much interest you’ll be paying. If you see a rate that looks especially attractive and you’re ready to buy, it’s wise to consider locking it in before they jump higher and that jumbo loan has an even bigger price tag.

Source: thesimpledollar.com

Apache is functioning normally

A majority of Americans polled by real estate service Trulia don’t expect the housing market to recover until after 2012.

Another 27 percent expect things to recover in 2012, and just 10 percent see a housing recovery next year.

Just one percent think it will recover this year, and four percent think we’ve already recovered.

One in five polled believe we won’t see a recovery until 2015 or later, which may be true depending upon where you reside.

Hard-hit areas like Las Vegas and Miami may have years to go before home prices near previous highs seen in the latest housing boom.

In fact, a study conducted a while back suggested that underwater homeowners in Sin City can only look forward to dismal home equity of $1,039 by 2020.

That’s right, ten years to see positive equity of just over $1,000, clearly not enough to sell the home and walk away with a profit.

Speaking of underwater borrowers, nearly half (48 percent) of homeowners with a mortgage admitted they would consider walking away if their mortgage was underwater, up from 41 percent in the May survey.

And men (57 percent) are more likely than women (40 percent) to consider strategic default when dealing with negative equity.

If mortgage payments became unmanageable, only two-thirds of homeowners said they would consider calling their mortgage lender to seek a loan modification, with the next most popular solution having a tenant move in.

More consumers said they were at least somewhat likely to consider the purchase of a foreclosed property, up from 45 percent in May, although their expectations for a discount still seem to be running high.

Finally, half of those polled expressed that they now have less faith in mortgage lenders, banks and the government as a result of the recent robosigning mess.

Another 35 percent believe it will delay the housing market’s recovery.

Source: thetruthaboutmortgage.com

Apache is functioning normally

The National Association of Realtors wants the almighty Fico score to be revised in light of the ongoing mortgage crisis.

Over the past few years, banks and mortgage lenders have slashed home equity lines of credit as home values have plummeted across the nation.

“When a credit card issuer reduces a consumer’s line of credit or a mortgage lender reduces a consumer’s home equity line of credit (HELOC), there may be an effect on the consumer’s FICO score,” the company said in a credit policy release.

And because 30 percent of the Fico’s score determination is based on credit utilization, using a higher percentage of the available line of credit will deem the borrower a greater credit risk, and thus lower their credit score.

NAR highlighted a Fico study covering April to October 2009, which revealed that 14 percent of consumers experienced a reduction in their lines of credit, though only about a third had their credit lines reduced because of a “risk trigger.”

The group has now urged “Fico to amend its formulas to avoid harming consumers whose utilization rates increase because their available lines of credit is reduced without a risk trigger related to the particular consumer.”

The Fico study found credit scores stayed within 20 points of the prior score, but NAR warned that in today’s tight mortgage underwriting environment, even a single point can mean the difference between qualifying for a mortgage or not.

That includes FHA loans, which now have a minimum credit score and higher credit score requirements for those looking to put just 3.5 percent down on a new home.

Source: thetruthaboutmortgage.com

Apache is functioning normally

Bank of America announced late Thursday that it had resumed foreclosure sales, starting with vacant and non-owner occupied properties.

The mortgage lender had announced a voluntary freeze on foreclosures back in October in order to review its processes amid the robosigning scandal.

“The review shows the basis for our foreclosure decisions has been accurate,” said Barbara Desoer, president of Bank of America Home Loans, in a statement.

“We have identified areas of our process that can be improved, and while we make these improvements, it’s important that we move ahead with efforts to reduce the number of abandoned properties across the country. These properties can drag down home values in neighborhoods and slow the eventual recovery of the housing market.”

The company previously announced that it was restarting its process for submitting affidavits in the judicial foreclosure states, and resulting court judgments determined that foreclosure sales would proceed, though they did acknowledge some errors.

This month, Bank of America has given foreclosure attorneys approval to proceed with approximately 16,000 foreclosure cases.

However, the Charlotte-based bank noted that one-third of the properties it services are vacant at the point of foreclosure sale.

Bank of America Holiday Foreclosure Moratorium

Bank of America also announced that it will suspend both foreclosure sales and evictions from December 20 to January 2 on loans and properties held in the bank’s investment portfolio or held by other investors who provide delegated authority to the bank.

Additionally, the company has stepped up its loan modification procedures, and will deploy 2,500 associates from other areas of its Home Loan business to support these retention initiatives.

As a result, the Bank of America default management team will grow to 29,000, more than three times the size of the department just two years ago.

My guess is that the slow down in loan origination volume tied to higher mortgage rates will push some loan officers into loss mitigation roles.

Source: thetruthaboutmortgage.com