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Other attendees offered unique insights as well:
Ralph E. Rosynek, Jr., senior vice president and CIO of Moneyhouse Mortgage, offered thoughts from the reverse side. While other aspects of the business have slowed (take refi, for example), the reverse mortgage side of the business is booming, he suggested: “The seniors are coming out in much greater numbers all over the country because the reverse side is still a way for them to be financially independent as well as cover the cost of the pandemic which really eroded their funds and their savings over the year. So we’re continuing to experience a very high number of originations, and we expect that to continue for the next 12 to 18 months. We’re very positive versus some of the other segments of the market which have really dried up, so to speak.”
Mark Ayton, senior vice president, business strategy at AXIS Appraisal Management Solutions, was similarly bullish on the appraisal side of the industry: “Certainly, a lot of the volume, especially on the refinance side, has dried up and completely dried away. What that has created though is opportunity, especially on the service side for purchase and for equity capture through refinances – at least through home equity products. The good news – if there is some to come out of this – is that our portion of the business has gotten a lot better. We’ve seen appraisers drastically reduce turn times, being better about coming in at the cost they quote. Moreover, the quality of the appraisals coming in, being able to be a turnkey to lenders. As the GSEs have started to become more interested in how to streamline the process, you’re seeing some more creative appraisal products – appraisal waivers altogether, desktops that are just property inspections – and that has allowed a much better turn time and much lower cost as well.”
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