The mortgage business is shrinking. Home sales are down 30% from last year, so the number of purchase applications has taken a big hit. Refinances are also down, but I don’t know how much.
On Ben’s blog today, I read that ““According to the new 3Q issue of the Quarterly Data Report, loan production fell 11% in the third quarter. And according to the Alternative Products Quarterly Data Report, jumbo loan production fell 21%.””
I know 2 loan officers, one who’s been in business over 20 years and has a client base, and both have lower volume now than last year. I don’t know more details, as they don’t want to talk about it.
