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• W228625130 abstract "A soft real estate market many pans of the country has meant fewer home purchases, while home mortgage refinancing business has soared. A spokesperson for the Federal National Mortgage Association estimates that 70% of the agency's 1992 business through July has been refinancings. Second chance. Anyone who bought a home since the last wave of refinancing ended 1987 was a candidate to get a new loan when rates dropped early this notes John Herzog. Five years of pent-up demand came through three months, explains Herzog, vice-president-residential production at Real Estate Financing, Inc., a subsidiary of First Alabama Bancshares, Inc., a $6.7 billion holding company based Birmingham. Mortgage rates edged up the spring, but additional discount rate cuts brought even lower rates during the summer--the lowest 19 years. Many homeowners applied for new loans when interest rate lows were reached earlier the round one. But hopes of gaining still-better pricing, didn't lock the rates available then, says Joe K. Pickett, president and CEO of BancBoston Mortgage Corp., Jacksonville, Fla. Since they missed the boat the first time, he says, many homeowners didn't hesitate when the second rate dip occurred the summer. Pickett's Boston office soon was handling 1,000 calls a day about refinancing. Additionally, some potential refi candidates hadn't gotten their applications completely processed before rates rose. system maxed out, explains Tom Laidlaw, senior vice-president at U.S. Bancorp Mortgage Co., Portland, Ore. Record year. Refinancings making the home loan business at most banks look very strong this year. January was the largest application month for all at U.S. Bancorp, Laidlaw says. He adds that July applications were 80% of January's level. Some lenders see the opportunity not just to have a good but to use this time to expand their market presence. BancBoston Mortgage saw rates edging down toward the end of 1991, it planned for dramatic growth, says Pickett. When volume slowed the spring, we kept all our people and stepped up purchases from outside sources order to be fully staffed when rates dropped again. Smaller banks also participated the boom. Citizens Commercial Bank and Trust Co., Celina, Ohio, is a $180 million-assets institution that originated $12 million home loans during 1991--its highest amount ever. year Tom Leininger, vice-president of mortgage lending, expects to bring $30 million mortgages. Yet many lenders remain aware that mortgage lending is a highly cyclical business that is driven largely by rates. So even though local housing starts are up in double digits over last year, banker Peter Metcalf is not planning permanent expansion. Some staff additions have been made, notes Metcalf, president of $134 million-assets First Western National Bank's mortgage division. But temporary help is used whenever possible. We're not trying to build staff on a full-time basis, says the banker, based Carrollton, Texas, near Dallas. This could turn. Improvement over 1986. During the 1986-87 boom, some lenders opened new mortgage offices and hired people to fill them. But when rates spiked the next year and refi applications plummeted, that overhead became a burden. Today mortgage lenders are trying to find other ways of being more productive. I was pleasantly surprised at how well this year has gone when compared to 1986, says Ira Cohen, executive vice-president at ARCS Mortgage Inc., a Calabasas, Calif. affiliate of The Bank of New York. People seem a lot less stressed, Cohen adds. He says a key has been technology added since 1987 that makes processing and pipeline management easier. One result of automation is that ARCS' 54 branches, electronically linked to headquarters, can handle everything from taking applications to drawing documents. …" @default.
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• W228625130 date "1992-10-01" @default.
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• W228625130 title "Round Two for Refinancing" @default.
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