Suddenly, mortgage broker Mark Livingstone is working weekends and spending his meager free time reading resumes because he needs help handling the crush of mortgage refinancing applications.
Rates for 30-year mortgages are at their lowest since late 2016, sending many previously hesitant homeowners to their brokers. Under normal circumstances, new-home purchases make up 70% of the business at Cornerstone First Financial, Livingstone’s Washington, D.C.-based company. These days, it’s 70% refinancing.
“It’s one of the busiest we’ve ever been,” said Livingstone, a 25-year industry veteran who moonlights as a volunteer firefighter. “I almost don’t have the manpower to keep up with it.”
There’s evidence that part of the reason Livingstone and his broker colleagues are so busy is the shrinking of Wall Street’s mortgage units.
Banks let thousands of workers go in recent years, so they have fewer staffers on hand to process refinancing applications.
Read the full report from Bloomberg.
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