NAMB Chief Sees Applications Spike at His Firm

Thanks to falling interest rates the man who heads the National Association of Mortgage Brokers, is seeing loan applications spike at his brokerage firm. Marc Savitt, president of The Mortgage Center of Martinsburg, W. Va., said "our business has tripled since last month." He declined to give specific figures but said applications are running 60/40 in favor of home purchases. "We are absolutely seeing more activity," he said in an interview. Most of the refi applications the Mortgage Center is receiving involve customers wishing to get out of an adjustable rate loan into a FRM. "We're also seeing customers trying to reduce their terms -- changing from a 30-year loan into a 20," said Mr. Savitt. NAMB, meanwhile, has just filed suit against the government regarding coming changes to RESPA. (See lead news item today.)