Headlines across the nation continue to trumpet the recent slump in the mortgage industry, as thousands of loan professionals now find themselves furloughed for the time being.
Industry giants like JP Morgan Chase and Loan Depot are planning to slash thousands of jobs, while published reports indicate layoffs have been in the hundreds at Wells Fargo, USAA Federal Savings Bank, First Guaranty Mortgage Corp, among many others.  Better.com, a digital lender based in New York City, has already let go of more than half of its staff.
So how does this alleged collapse of the mortgage industry affect potential homebuyers, as well as other banks and mortgage firms? Linda McCoy, president of the National Association of Mortgage Bankers (NAMB), told The Epoch Times that the industry will survive and those who want to buy a home will not be in be jeopardy of having to search profusely for a loan….