Summary
A home-mortgage refinancing surge that began in December has caused banks and credit unions here to scramble to meet demand from consumers who want to take advantage of historically low interest rates, though there are signs now that the surge could be ending. Another important recent change was the activation of the Home Valuation Code of Conduct, which became effective May 1 and is intended to enhance the independence and accuracy of the appraisal process and to provide added protections for home buyers, mortgage investors, and the housing market.
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Refinance Surge Kept Lenders Hopping
A home-mortgage refinancing surge that began in December has caused banks and credit unions here to scramble to meet demand from consumers who want to take advantage of historically low interest rates, though there are signs now that the surge could be ending.
Some institutions have seen record volume of loan applications, and hired additional staff to handle the several-month-long swell. Last week, however, rates began to edge up after the Fed's moves to keep them do...See the full content of this document
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