The way Tom Wind of J.I. Kislak Mortgage sees it, dozens of mortgage banking firms will fold their tents this year as refinancings wane, but his young firm will more than quadruple its loan originations this year.
"I think we'll be doing $100 million a month by yearend," Wind said in an interview with National Mortgage News. Presently the firm – which concentrates on its builder relations and purchase money loans – is doing about $20 million a month.
Almost all of its loans are backed by homes in Florida, one of the weakest housing markets in the U.S. But despite poor economic conditions in the state, Wind says "people are still buying homes and builders are still building."
As far as mortgage banking is concerned, he noted that, "Compared to three years ago, there are a lot less competitors here."
Wind, who this past summer departed as CEO of Aurora Loan Services and joined Kislak in the fall, believes that mortgage firms which have been feasting on refis at the expense of purchase loans could be doomed as overall production falls to about $1 trillion this year, from about $1.4 trillion in 2011.
According to figures compiled by NMN and the Quarterly Data Report, almost 70% of all loans funded in the third quarter were refinancings. In 2Q refis accounted for 50% of production.
J.I. Kislak is part of The Kislak Organization, a privately held real estate firm based in Florida.
Kislak exited the mortgage space in the 1990s but re-entered it in June.
