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Article: Who'll gain most from the refi boom? (refinancing mortgages)
- Article from:
- US Banker
- Article date:
- April 1, 1998
- Author:
CopyrightCOPYRIGHT 1998 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The roster of top mortgage originators and servicers hasn't changed much. But the ongoing wave of refinancings triggered by low rates will produce a list of relative winners and losers.
Residential mortgage lenders produced almost $900 billion worth of loans last year-the second-best year ever for the industry. In early January, firms were bracing for a decent year, one that many thought would pale in comparison to the 1997 juggernaut. But in February the bond market rallied, 30-year interest rates took a tumble and refinancings soared.
Today, "refis" count for about half of all residential originations, and it looks as though total production of one--to ...
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