Wednesday, November 14, 2007

Loan Activity for October

The charts for October are giving me something to feel good about. In each of the areas we chart the refinance business took a move upward for the first time in the last few months. You may be saying, It didn't have anywhere else to go! I on the other hand certainly was hearing that it could have gotten a lot worse. I think that this move upward is showing us that the lenders are figuring out how to handle what hit them. The underwriting requirements and the sources of funds are getting ironed out. That is all very good news. I think we will start seeing an increase in sales in the not to distant future as well. The fact that lenders are getting things moving again will certainly give some much needed confidence to the buyers that are out there. The next people to jump on board will be the investors from Wall Street who will then begin creating even more sources for loans. This will be particularly important for many jumbo loan customers. I would love to hear any comments you might have. See You In Escrow!


joel maloney said...


Good info. Thanks for doing this. Glad that you're seeing some light at the end of the tunnel. Personally, I think we're in for a very cold winter in loan activity. I think the refi openings you're seeing are overly optomistic attempts by bored agents to throw spagetti against the wall and see if it will stick. Hope I'm wrong. Anyway, sales should pick up after the first of the year. Hope we all have staying power.

My best to you and your family.


Greg Knowles said...

Thanks Joel, You are right, staying power is going to be critical. Thanks for the well wishes, I hope you have a terrific holiday season.