As Business Shrinks, Lenders Turn to Real Estate Pros
OtherMortgage lending is set to shrink 40 percent in 2014 compared to 2012, according to the Mortgage Bankers Association. This follows after last year’s record profits for many lenders, mostly attributed to a refinancing boom. But that refinancing boom appears to be subsiding as refis are set to drop to their slowest pace since 2008. In 2012, refinancing applications made up about 71 percent of all mortgage applications, but that percentage is expected to drop to 58 percent this year and decline to 32 percent by 2014, according to MBA’s […]
