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In Today's constantly changing mortgage market with fluctuating rates, margin compression, and declining origination volumes, originators are looking for ways to drive new volume. Cash-out refinancing and Home Equity Line of Credit are predicted to surge in 2022.
Skyrocketing home values in 2021 mean that homeowners across the United States gained new wealth through their properties, with an average increase in equity of nearly $57,000 per mortgage borrower from the third quarter of 2020 to the third quarter of 2021, according to property data analytics firm CoreLogic.
“I think it’s inevitable that we’ll see more cash-out refinancing in 2022 because homeowners have experienced continual home equity growth over almost the past 10 years,” says Rick Sharga, executive vice president of RealtyTrac, a division of Attom, a property data and analytics firm based in Irvine. “We’ve also seen a trend that homeowners are staying in their homes longer, especially baby boomers who want to age in place. Instead of selling after three to five years as people did a decade ago, homeowners are more likely to tap into their equity to remodel.”
To seize this new market opportunity originators must master Cash-out Refi's to drive volume in today's mortgage market. Join Josh Friend, Founder & CEO at Insellerate to learn more about: