Loan Modification 2023

Hello Everyone,

I was just wondering if any of our seasoned veterans or any Signing Agents have seen an increase of Loans Mods in recent months? Thanks in advance for opinions and or any information anyone can provide.

Yes and that was expected once rates increased. It’s all part of the cyclicality of the mortgage industry. When rates are low, refis increase and HELOCs/Loan Mods are slow. With rates up, Refis drop but HELOCs and Mods grow. There will always be ebbs and flows in the market and it’s important to know this is normal.
Purchases and sales have been steady as long as supply is available. Right now, I am doing a lot more closings for cash buyers.