| Borrowers looking for Mortgage Refinance has | | | | We see this could not have been a pleasant time for |
| created somewhat of a phenomenon during uncertain | | | | lenders. |
| economic times. Mortgage rates have dropped after | | | | Lenders had to pull staff from other departments to |
| the Federal Reserve announced its plan to buy | | | | handle the demand for mortgage refinance. |
| mortgage-backed securities to loosen the tight hold on | | | | Consumers are worried about the possibility of rates |
| consumer lending. | | | | going back up before they can lock in. The history of |
| With the U.S. Government initiating the purchase of | | | | fluctuating rates proves there is great chance this |
| mortgage-backed securities this has reduced rates | | | | could happen again as rates did change from one hour |
| even further. All of this activity has contributed quite a | | | | to the next. |
| bit to the mortgage finance business and has added to | | | | I believe the best advice to give in this situation would |
| the struggle lenders were experiencing not long after | | | | be to contact as many lenders as it takes. Be in touch |
| the financial downturn forced lenders through a layoff | | | | with someone that can get to the point of locking in |
| period. | | | | the rate quicker than the rest, without compromising |
| It has been reported that consumers contacting | | | | everything that encompasses processing the loan. |
| lenders for mortgage refinance have been unable to | | | | Some prospective customers were told to apply on |
| speak to a live person and are only left with the option | | | | the internet after getting through to a live person. For |
| of leaving a message for a return phone call. Some | | | | consumers that do manage to reach a lender it would |
| frustrated consumers are unable to simply leave a | | | | be wise to know the most recent rates available. |
| message as lender mailboxes and voicemail are | | | | Some online lending sites do not post the best rates |
| unable to handle the call volume, not to mention the | | | | for fear of being bound even as rates increase. |
| mortgage refinance agents. As things are starting to | | | | Now is a good time to be in touch with connections |
| cool down in the mortgage industry we see the | | | | directly related to the lending industry or connections |
| lenders starting to even out as far as their work load | | | | with a real estate agent that can act as a liaison |
| goes. | | | | between the lender and customer looking for a |
| The mortgage finance surge has found lenders | | | | mortgage refinance. Keep in mind there is a good |
| under-prepared during a time when they could really | | | | possibility the lender may not reply at all to the |
| maximize on the opportunity to make up for the lull in | | | | message or when the online application was submitted. |
| previous months. So I wonder if it is possible to be | | | | With business booming for lenders, it would be smart |
| prepared for such an event in the future. With | | | | to pursue and secure that magic number before it is |
| unexpected delays in applications following up with | | | | lost whether they are as busy as they were at the |
| prospective customers, understaffed lenders scurry to | | | | beginning of the year or not. |
| service consumer requests for mortgage refinance. | | | | |