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DEC 12, 2012

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What We're Hearing

Mortgage Geniuses, Everyone One of Us/Refis on Christmas Eve?

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In the old days, when there were many more mortgage banking firms than there are today, refinancing on Christmas Eve would not be unheard of. After all, money is money. But although refis are booming (see our latest story on applications) you get the sense that some lenders aren’t really worried about competition. Many megabanks have huge servicing portfolios they can refinance for another 12 to 18 months.  Who needs a lead generation firm when you have hundreds of thousands of customers in-house already? When refis finally ebb, what will the landscape look like? As one warehouse executive told us: “Right now everyone looks like a genius.”

 

 

Comments (1)
I would agree that to my mind some lenders aren't really worried about competition, the only thing they are concerned about is money. Unfortunately the customers' interests are not taken into consideration in most cases nowadays.
Posted by The Customer | Wednesday, November 27 2013 at 4:34PM ET
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