Mortgage Refis Tumble To Lowest Since The Financial Crisis … Move Over Field Inspectors … Notary Signing Agents Are Focusing On Field Inspections
More and more notary signing agents are looking to the field services industry. The National Notary Association (NNA) is suggesting that field inspections is a great adjunct business for notary signing agents. The reasons for this collapse are all too well-known, and were covered here two weeks ago: with interest rates materially higher than they were a year ago, and lending conditions still relatively tight, there is less incentive for borrowers to refinance.
How low can refis go?
Here are some more details from the WSJ: last year, 37% of mortgage-origination volume was because of refinancings, according to industry research group Inside Mortgage Finance. That is the smallest proportion since 1995, and the number of refinancings is widely expected to shrink again this year. In 2012, refinancings were 72% of originations. The Mortgage Bankers Association expects nothing short of a bloodbath: it forecasts overall mortgage-purchase volume to grow about 5% in 2018 but refinancing volume to drop 27%.