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Mortgage Lenders Turn ‘Desperate’ as Soaring Rates Roil Industry

Home-lending employees are facing risk of job cuts, slumping business as one of the fastest jumps in mortgage rates starts to cool the US housing market.

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"Slowing Housing Market"

Danny Meier had one of the busiest years of his career in 2021.

The 36-year-old closed roughly $799 million worth of loans at Academy Mortgage Corp., ranking him among the top producing originators in the US. Now, he’s bracing for a 20% reduction in business and recently had to cut several staff. 

“It’s scary,” Meier said in a phone interview. “We have sellers panic listing, and then you have buyer fatigue and buyers stepping out altogether really fast.”