Killin’ it with cash-out refis?

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Hello, LOs!

The refi wave has lasted longer than the experts had anticipated (thanks, Delta?), though rates are starting to creep up past 3%.

What does that mean for the prospects of the cash-out refi? Some LOs have made an absolute killing on them over the last year or so.

"Half of my business in the spring and summer was the cash-out refi," said one broker in southern California. "The property values just completely exploded. It was crazy, like nothing I'd ever seen."

Inside Mortgage Finance crunched the numbers and reported today that GSE cash-out refis totaled $461.59 billion through the end of September. That's nearly $23 billion higher than all of 2020!

LOs, I'm curious – how much cash-refi business are you doing these days? If you're in an area with rapidly accelerating prices, what are you doing to find cash-out refi business? And how long do you expect it to continue? I'd love to hear from you – email me anonymously at jkleimann@housingwire.com.

Hope you have a great weekend!

James Kleimann

Managing Editor, HousingWire

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