Magazine article American Banker

Mortgage Bankers Say Second-Half Surge Could Push '95 Loan Volume Past Last Year's

Magazine article American Banker

Mortgage Bankers Say Second-Half Surge Could Push '95 Loan Volume Past Last Year's

Article excerpt

Mortgage bankers across the country are optimistic that for them if not for thrifts, this year will end up surpassing 1994 - even with rates continuing to creep up.

"Volume is not what it was in the refinancing boom two years ago, but on the whole things are going great," said Jacqueline Buonaiuto, vice president at Residential Mortgage Banking, a newly acquired unit of Roslyn (N.Y.) Savings Bank.

The mortgage company's clients, which range from low-income purchasers of first homes to middle-aged couples moving up to mansions, want to make their move while rates are still low, Ms. Buonaiuto said.

The company's volume has doubled over the last year from a surge of customers who are cautious but anxious to buy, she said.

Adjustable-rate mortgages are more popular lately with customers up and down the East Coast, according to American Home Funding, a Richmond, Va., a unit of Rochester Community Savings Bank.

The mortgage company, whose customer base spans from Buffalo to southern Florida, expects to do a bit more business this year than last.

"Our sense is that interest rates will stay in a relatively narrow band," said Paul Reid, president of American Home Funding. "Things should be steady as she goes, or result in a little improvement."

CoreStates Mortgage Services Corp., with operations in Pennsylvania and New Jersey, is seeing an increase in fixed-rate loans, but at the expense of adjustable-rate products, executives said. …

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