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Mortgage Rates Connecticut: Rates from CT Mortgage Lenders If youre searching for the best mortgage rates in Connecticut from top mortgage lenders, will provide you ...

BMO Harris downsizes face-to-face mortgage lending workforce

JPMorgan Chase cut 400 home-lending jobs nationally earlier this month. The bank said the eliminated positions constituted less than 3 percent of its home-lending employee base and no offices were closed as a result. “We are not disclosing any local or state figures,” spokesman Brian Hanover said in an emailed statement, though he acknowledged a “very low” number of layoffs in the bank’s Downers Grove lending office.

Both banks said they are providing opportunities for affected employees to find work elsewhere in the banks.

Big banks face a number of mortgage lending challenges. Nonbank mortgage lenders with big advertising budgets, such as Quicken Loans and Chicago-based Guaranteed Rate, continue to nip at their heels. Also, interest rates are rising and as a result, mortgage originations are down, said Guy Cecala, publisher of Inside Mortgage Finance, a trade publication.

Last week, JPMorgan Chase reported that third-quarter revenues in its home-lending unit were down 16 percent year over year.

10 years later: How the housing market has changed since the crash

- The pre-crash loan products are mostly gone. You can choose between a fixed-rate loan or an ARM that meets "Qualified Mortgage" (QM) standards established by the Consumer Financial Protection Bureau (CFPB). That ARM will have caps so the interest rate can't jump too high too quickly - and you'll have to qualify based on the worst-case scenario of the highest possible mortgage rate.

- You'll also need to fully document everything and make a down payment of at least three or 3.5 percent with most loan programs.

- If your credit score is less than 620, you're not likely to qualify for a loan at all and unless your score is 760 or above, you'll pay a little extra in interest on a conventional loan.

- Pre-crash, buyers saw a good-faith estimate of their loan costs and, at the closing, a Truth-in-Lending statement and a HUD-1 statement that showed the financial terms of their purchase. Yet many buyers found the entire purchase process mysterious and often didn't understand their loan terms.

What's the best way for me to become a Mortgage Broker in CT?

I have been a Loan Originator for a year now, but I'd like to become a mortgage broker. This way, I can shop around to different lenders to help close more loans.

You can try Countrywide, but honestly...your current position is the safer bet of the two. Mortgage Brokers and getting the short end of the stick lately and banks (like Wichovia) are no longer even dealing with them.