(Source: Star Telagram By Scott Nishimura) – Homeowners looking to refinance their loans and cash in on record-low interest rates are boosting business for mortgage lenders in North Texas, executives say.At Colonial Savings, applications have increased in the last 30 days, adding 1,000 mortgages and $200 million to the company’s loan pipeline, said David Motley, president of Colonial and its Colonial National Mortgage arm. Eighty-three percent of the new inventory has been for “refis,” which now make up 73 percent of the total pipeline, he said.
“In a normal market, which we haven’t seen in a number of years, you’d normally see refis be 20 percent of the market and purchase money be 80 percent,” Motley said. Overall, Colonial is “about flat” in mortgage activity this year compared with the same time last year, he said.
Source: Star Telagram By Scott Nishimura
Posted Monday, Aug. 29, 2011
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