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Jan 28 2021, 8:19AM
The stock price of American Airlines back to February 2020 levels. Investors seem to be “buying hope.” In Mortgage Land, though I am beginning to hear tales of pricing margins dropping slightly, if you’re a lender and it takes your back office two months to close a refinance, why make your pricing more aggressive? How does that help customer service? Prices and money are interesting constructs. I remember the thrill of finding a dime or quarter in a coin return when I was a kid. Hugh Hefner became a multimillionaire staying home in his pajamas... I am not seeing the same result. The older I get the more I appreciate alcohol that is on sale. But returning to taking two months to close a loan, I didn’t pull that out of… thin air. ICE Mortgage Technology's (formerly Ellie Mae's) records for the Origination Insight Report showed (for loans passing through its system) mortgage rates hit an average of 2.93 percent and a 4-basis point decline from the November rate. The time to close all loans increased to 58 days from 55 days in November with purchase loans, at 56 days compared to 49 days, accounting for all the increase. The refinance timeline remained at 59 days.