Reports are Showing Mortgage Applications Down?

Report: Low Rates Fail to Boost New Mortgage Activity By: Tory Barringer

I don’t recall them asking me, as part of any report.

These reports make no sense. Every lender that I send loans, are right out straight. If applications are down, each lender would be able to get loans closed quicker, which is not happening.

If the big box banks are getting less applications, it is most likely because their service just isn’t very good. I get many clients that are feed up with the lack of communication and just plan poor service.

A month ago I took a mortgage application for clients that wanted to refinance their mortgage. They were at a 6.75% rate and the debt was higher than the value of their home. They had a mortgage application pending for the last three months, without any communication or word as to an approval. We are closing their loan this Friday.

This might be a reason for less mortgage application.