Great article. Two points caught my eye. First, two of the people profiled refinanced from a fixed rate loan, one as low as 5.1%!!!, to an option ARM, to get lower payments. Second, this part of the business will be unaffected by the new lending guidelines: ” To get the deals done, banks have turned increasingly to unregulated mortgage brokers, who now account for 80% of all mortgage originations, double what it was 10 years ago, according to the National Association of Mortgage Brokers”. So John Dugan can’t touch these guys.
