PLANO, Texas — According to Rodney Anderson, the country's fourth highest producing originator of mortgage loans and the highest producing originator of FHA and VA loans, this month's new mortgage activity is already double December 2007′s numbers.
Seventy percent of December's new loan applications were for purchases of residential property.
"There's no question that as rates dropped in the latter part of 2008 more people took steps to capitalize on the cost savings that those lower rates would bring," Anderson said. "And while many see this as a refinance boom, it's important to note that a significant portion of those loans–roughly 7 out of 10–were going to individuals purchasing new homes."
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
