Magazine article Mortgage Banking

Fannie Mae Projects Record Originations

Magazine article Mortgage Banking

Fannie Mae Projects Record Originations

Article excerpt

FANNIE MAE CHIEF ECONOMIST DAVID Berson, in a press briefing on June 13, said Fannie Mae continues to project an all-time high for mortgage originations at $1.52 trillion in 2001. Home sales have run at record rates through the first four months of 2001, and it now looks as if new-home sales will set a record, with existing sales down only modestly, said Berson. Continued strong home-price gains will, when combined with the robust sales, bring about record purchase originations. Refinance activity should tail off over the rest of the year, but remain at relatively high levels. With an end to the refi boom, originations are expected to drop in 2002, but at about 51.25 trillion, the dollar volume will remain strong historically. Home-sales figures dropped in April, but the levels remain extremely strong. New-home sales plummeted from almost 1 million units (seasonally adjusted, annual rate) to just less than 900,000, mirroring a similar drop last year, according to Berson. A new Census Bureau counting methodolo gy, coupled with sharp variation and revisions in the monthly figures, indicates that care should be taken when analyzing a single month's numbers. …

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