A report suggests that home loan rates have been kept relatively high of late to suppress demand simply because banks lacked sufficient staffing to keep up with the flow of requests for loans. The good news: They’re hiring to accept more demand.
Yesterday, RBR-TVBR reported that many prospective homeowners are trying to move ASAP because of fears that housing prices will rise and are already complaining about lack of inventory – perhaps a bad sign for the home buyers but a great sign for the overall economy.
Now comes an observation from long-time home mortgage salesman Vahe Hayrapetian in reaction to Bloomberg reporting – he says that hiring new loan officers and transferring others by the thousands to keep up with the rising demand for both new loans and refinanced loans.
The influx of staff is expected to allow banks to handle greater volume, which will bring down the price of the loans.
“There is no mistaking this for anything other than a good sign, not just for bankers and not just for consumers, but for the U.S. economy on the whole,” notes Vahe Hayrapetian , in his press statement. “All of the fundamentals point toward growth, or at least toward progress in the right direction. Banks are hiring again. Jobs are opening up in the home loan sector. Homeowners, meanwhile, are taking action, refinancing their homes and getting better and better rates.”
Vahe Hayrapetian currently serves as Sales Manager for Skyline Home Loans, a company based in Glendale, California.
RBR-TVBR observation: The economic snowball seems to be moving down the hill and picking up speed. Each bit of good news has a ripple effect.
This story starts out with a positive employment element, and for good measure, it is all about Americans confident enough to make the biggest investment most ever will – a home.
When somebody buys a new home, they will also spend a lot of money elsewhere. They might by curtains or a sofa, which someone will have to manufacture and someone else has to sell. Repeat this enough times and the manufacturers and retailers may hire people who then enter the home-buying market and move the virtuous cycle forward.
We will be happy to see a continuous flow of stories like this.