Orla McCaffrey

speaker

593 appearances 13 recordings 1 series first heard Mar 2020 last heard Jun 2022

Orla McCaffrey’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Coronavirus Fears Drive Mortgage Rates to Record Lows · 17 Mar 2020 podcast

The first way is just that inflation of the interest rate.

So less people are tempted to call them.

But I mean, waves of people are still calling them.

So they'll have their staff work 16 to 18 hours.

They will try to staff up as much as possible.

Sometimes it just takes longer for loan officers to get back to you.

It takes a couple of months now instead of a couple of weeks.

And to make sure they don't lose the interest of the customer, they are responding, but kind of just informing the customer that our wait times will be longer and it might take a couple of months to get something processed rather than a few weeks.

It is.

In one segment of the market, about 40% of home purchases take place between March and June annually.

So we're really in the thick of it here.

But there are concerns from agents, from mortgage lenders about how much of that appetite might be curbed because of the coronavirus and how it might affect consumers.

Thanks, JR.

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