“With our consumer-direct channel growing rapidly, the Jacksonville location offered us a terrific expansion opportunity,” said Dan McLaren, vice president of consumer lending sales at Ditech Mortgage Corp. “Overall, we are looking to more than double our originations team between the Fort Washington and Jacksonville.”
The Florida market should prove ripe for the picking over the next year, says originators in Northern and Central Florida, but that growth may be strongest outside the Miami Dade region.
Still, Florida has been listed among states challenged by rising interest rates on both 15- and 30-year terms.
A recent ranking by GOBankingRates listed Hawaii, California, New York, Connecticut, Colorado, Utah, Massachusetts, Rhode Island and Texas as the worst place to be a mortgage originator, comparing 15- and 30-year mortgage rates and factoring in listing prices for each state. While Florida wasn’t in the top ten, it wasn’t far behind. Still opportunity is there, say lenders and originators.
Hawaii topped the worst list, with GOBankingRates taking aim at “the middling average rate of 3.768% (that) would result in a staggering $4,731 monthly mortgage payment for the average home listing price.”
But the Federal Reserve is expected to raise interest rates before the close of this year and that could slow originations not only in Florida but across other active markets.
While originators across parts of the country struggle with slower markets, lenders and originators remain bullish on the growth potential for one state in particular.