The new MBA application survey is out and the news is a bit perplexing: despite the lowest rates in 50 years application volume fell by 5% for the week ending Sept. 2. What's going on here? It could be the awful weather plaguing much of the East Coast the past few weeks (hurricanes, tropical depressions, earthquakes) or it could be that some megalenders with huge market shares don't report to the trade group and therefore are not counted in the index. Then again, we know of at least two large originators (Chase and Bank of America) that have been cutting back on residential finance. Still, certain nonbank lenders – Caliber Funding and Carrington – are in a hiring mode. So why the decline in new business? Are consumers spooked?
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