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MBA Expects Refis to Slow.(Mortgage Bankers Association of America; refinancing)(Brief Article)
The Mortgage Bankers Association of America expects refinancing activity to account for 37% of new home loans this year, down a full 20 percentage points from last year's record 57% refinancing share.
MBA chairman James Murphy, who is also chairman and CEO of New England Realty Resources, said that refinancing volume is expected to total $520 billion this year. That's no small number by any stretch, but it does represent something of a reprieve for lenders that are trying to manage portfolio runoff.
"We expect this change in origination mix to stabilize mortgage servicing portfolios," he said during the opening session of the MBA's national mortgage servicing conference.
Mr. Murphy said that consolidation, technology and customer-relationship management will create new challenges for the mortgage servicing industry this year.
He reminded lenders that much of the public's perception of the mortgage industry hinges on how they feel about the company that manages their home loan on a month-to-month basis.
"You have the ...
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