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Portfolio Retention Efforts To Be Tested.(Brief Article)
While the recent decline in mortgage rates may have caught some lenders off guard, Wells Fargo Home Mortgage has been anticipating a possible refi boom for six months.
"Last summer, we predicted that we would have a refinancing wave in early 2001," said Joe Jackson, a senior vice president who heads up portfolio retention efforts at the nation's largest mortgage servicer. He took responsibility for the retention strategy last March.
A key factor in portfolio retention is making sure you have the capacity to handle rising loan origination demand, he said, so that borrowers eager to refinance do not end up going someplace else when interest rates fall significantly.
"A great deal of the industry's problem in the past was just not preparing ...
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Source: HighBeam Research, Portfolio Retention Efforts To Be Tested.(Brief Article)