Retention Emphasis May Sour Refis

Cornwell, Ted
April 2008
Mortgage Servicing News;Apr2008, Vol. 12 Issue 3, p8
The article focuses on the move of mortgage servicers to address the slowing prepayment speeds in the U.S. It cites that the mortgage industry has helped troubled borrowers by refinancing them and providing adjustable-rate products into fixed-loans. The Mortgage Bankers Association of America (MBAA) survey shows that the refinancing activity exceeds half of all loans applications and the average contract rate on mortgage applications has declined to 5.98% for 31-year, fixed rate loans.


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