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.”
