US banks swamped by ‘refi’ fever

A

ASusilovic

The rush of US homeowners to refinance mortgages at lower rates is creating a boom in the home lending business, prompting banks including Bank of America and Wells Fargo to hire thousands of new employees for extra shifts to process mountains of paper. Lenders could originate up to $2,780bn of new mortgages this year, the Mortgage Bankers Association says, and 80% of that activity could involve refinancing.

http://www.ft.com/cms/s/0/285792b6-3fea-11de-9ced-00144feabdc0.html
 
I can verify that mortgage processors at local banks here in Phila area are working through the night on a regular basis.
 
so few refi's are actually going through...


new tight guidelines -credit, income, ltv
no jumbos (for the most part)
low values continue
 
that's interesting to hear ralph. I'm in the philly area also and I'm renting a house for less than half what the mortge payment would be if I purchased it. Please send me a pm if you have a chance.
 
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