Vacations are being delayed, parents are arriving late to graduation ceremonies and loan officers are constantly checking their BlackBerrys, which can only mean one thing: It’s spring and mortgage rates have tanked once again, spurring loan applications to spiral upward.

Never mind that probably less than half of these mortgages will ever close—especially in today’s ultra-tight underwriting market—but new business is definitely on the rise and loan officers, their processors and underwriters are overwhelmed as June morphs into July.

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