By Rob Chrisman
Posted To: Pipeline Press
I have been speaking with plenty of mortgage bankers in recent weeks – what are they saying? The refi biz is alive and well but slowing markedly – the volumes are much to the concern of investors who paid up for loans with higher rates only to see them prepay. And so lenders are girding their loans , uh, I meant loins, for premium recapture. Obviously the huge lock days in January will result in good February and March volumes (but don’t forget margins and gain per loan!) that will come at the expense of servicers and owners of the loan assets: faster factors ahead. And management will once again grapple with whether or not to pass early payoff penalties or premium recaptures on to originators. And staffing in these types of accordion-style volume moves is difficult at best. Yesterday this…(read more)
