JPMorgan Chase plans 8,000 layoffs in 2014 on reports of double-digit declines in their mortgage and retail banking business. That’s in addition to 16,500 layoffs in those divisions last year. Other banks expected to make similar announcements soon.What does that mean to you?
1. Rising Interest Rates. JPMorgan and other big-box banks expect interest rates to continue to rise in 2014. With higher rates, fewer Americans are walking through their doors seeking to refinance their mortgage. They expect that trend to continue.
2. Service. Fewer loan officers in the branches means home buyers will be directed to a sales clerk at an 800#. Purchase or Refinance…borrowers will not be able to talk face-to-face with some about the most significant transaction in their financial lives.
3. Products. As the level of service declines, the range and complexity of the product line has to decrease also to adapt to the experience of the sales force.
So I ask …Do you want to be a faceless #, Or…do you want to work with a Mortgage Broker who will continue to meet up close and personal with his clients? I will bring 40 years of financial services experience to the table along with direct relationships with over a dozen trusted lenders who offer a wide range of mortgage options.
I have the keys to help families live comfortably and financially secure in their own home; and I will uphold my promise to ‘”Do my best to provide the right mortgage solution at the right rate to meet a family’s unique situation.”