And just last week, real estate firms Compass and Redfin announced they were reducing their workforce by 10% and 8%, respectively.
Edelen put a brave face on the figures. Taking the high interest rate issue head on, she shrugged, saying rates “were way, way higher than this in 1990”. For her, irrespective of how high or low rates might be, younger, less experienced originators need a wake-up call, either way.
“The biggest mistake that most people make walking into this business is thinking that it’s going to be super easy, that you just walk in and everybody’s going to throw loans at you, not understanding the real intricacies of doing the loans,” she said.
“(But) it’s the actual putting the loan together and the interpersonal play with all of the other parts of a loan that are difficult,” she added, while sounding a warning that loans “are going to get more complex overall”.