Tuesday, February 3, 2009

Flory of Knox News reports, "Mortgage industry doing fine; refinancing up 400%-500% at one local firm"

By Josh Flory (Contact)
Tuesday, February 3, 2009
As problems go, this is a good one for the mortgage industry.
While home sales sputtered last year in the midst of a national recession, the federal government’s aggressive moves to prop up the economy spurred a year-end boom in mortgage refinancing that has carried over into 2009, and left some firms scrambling to keep up with demand.

Chuck Tonkin, co-president of the Knoxville-based Mortgage Investors Group, estimated that refinancing volume at his firm is up 400 to 500 percent this month compared to January 2008, and he’s expecting a bigger number in February.

Tonkin said that at his company, “many, many people are working until 10 every night just to keep it going,” adding that the blistering pace is probably happening at other firms as well.

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