I love reading statistics about how much mortgage business we will all be doing in 2014. Article after article talk about how much less business we will all be doing and that the refinance business is literally dead and gone. I wonder how they know this stuff, I don’t recall ever being asked. Are they asking only the big box banks? If that is the case, from everything that I keep reading about these big banks, their mortgage volume is down dramatically, not so for most mortgage brokers.
For the last 3 years our practice has been a 70/30 mortgage business. 70% purchase business and 30% refinance business, prior to that it was closer to 50/50. 25% of our business comes from referrals from banks, credit unions and other lenders, loans they can’t do for many reasons and we can.
One of my Realtor referral partners has deposits on 9 properties for January and 2 already this month. I’d like to see someone tell him that his sale volume is going to be down this year.
