Is it possible to be too busy? A new report by MSN Money suggests some mortgage originators may be keeping rates high to dampen interest among borrowers.
It’s well documented by now that mortgage rates dropping has created a strong demand for mortgage refinancing. One mortgage guru suggests loan originators that don’t make $1 million this year are failures.
Yet, some mortgage originators may have too much business. "Unfortunately, it's a capacity issue," John Fearon, the president of residential mortgage lending at CFBank, told MSN Money. "We were so buried, we couldn't catch up so our only option was to raise rates on the rate tables we advertised on in order to keep people from calling and asking for every scenario on their loan."
See how some lenders won’t drop mortgage rates.