Data suggests refi applications are up. But LOs aren’t seeing a surge of business
Top Stories Tamfitronics When mortgage rates logged their sharpest decline of the year last week following an underwhelming jobs report, data showed that refinance demand surged.Despite what seems like welcome news for loan originators, who have suffered through thinning margins for two years, refinance business has yet to go up much, LOs told HousingWire.“I was going through my newsletters last week to Realtors and told them to watch for the headlines,” said Geoff Black, senior loan originator at Guild Mortgage. “It (refi application volume) is meaningful, but is it meaningful on a macro scale? Absolutely not.”“Our group in Alabama did five this summer. Tampa Bay, Florida, area did three. Tennessee did two,” said Troy Borkowski, a Southeast regional manager for American Financial Network. “There have been a few refinances that started to trickle in,...