Slow?

[The Warrior Monk]

Any client can choose not to use an appraisal when an appraisal is not required. This is nothing new.

 

[Joe Flacco]

I started accepting orders towards the end of last week and I was busy this week. I don't have much going on next week.

 

[Joe Flacco]

Any client can choose not to use an appraisal when an appraisal is not required. This is nothing new.

David, are you suggesting that we are starting to feel the impact of PIW?

 

[timd354]

David, are you suggesting that we are starting to feel the impact of PIW?

PIW's have not been seen in any significant numbers yet from what we have seen in our book of business. What we have seen is a significant slow down in refinance originations, probably due to the recent increases in mortgage interest rates along with the usual slow down in purchase business this time of year. IT will be an interesting year to see what happens volume wise. We expect purchase volume to be decent, but refinance volume is likely to be significantly down as there just are not many people out there who could benefit from a rate and term refinance who have not already refinanced, especially now that rates bumped up a bit.

Overall, the MBA predicts that overall mortgage volume will decrease from $1.89 trillion in 2016 to $1.63 trillion in 2017 and expects refinance volume to be only $145 billion in Q1-2017, which down more than $100 million from refi volume in Q4-2016 ($263 billion).