On this episode David Luna of MEC sits with Sean and Kellen to discuss how the Wells Fargo Personal Line of Credit news can impact your borrowers. David also discusses the market outlook and the opportunities that Loan Officers have in front of them right now. 

2:30 Market outlook

5:35 Wells Fargo Personal Line of Credit

12:32 MEC

Quotes:

“Wells Fargo’s closure of personal line of credit could hit people’s credit scores by 50 to 60 points.”

“The industry needs to be more proactive with the fallout of Wells Fargo’s closure of personal lines of credit.”

“In 2023 you will need to fasten your seatbelts because it is going to be a crazy year in the market.”

Key Takeaways:

Rates are likely to be lower going into the fall. 

Pay attention to borrowers who have a Wells Fargo personal line of credit, as credit scores and DTI will be affected. 

Take this opportunity to become an expert on the Wells Fargo news to advise your clients. 

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