The mortgage business has been nothing short of a horror movie over the past couple of years, but there’s been some recent signs of life as lower rates have caused an uptick in refinancing activity. That means lenders are beefing up their IT shops to deal with the uptick ion volume. One such lender is Norcross, Ga.-based AME Financial, which has deployed a platform from Mortgage Builder that will enable it to speed processing from origination to investor delivery.
In a written statement, Wayne Bonertz, vp of AME, says his firm was also attracted to the platform’s built-in secondary market reporting capabilities and compliant document engine, which will save the lender the cost of drawing documents from third party providers for every loan. The upgrade comes as the Mortgage Bankers Association’s refinancing index has jumped dramatically, reaching 7414.1 in January 14, up 25 percent from the previous week and the highest level since June 27, ,2003.
“It’s hard to put a finger on it, but without a doubt volume has picked up,” says Bill Mitchell, a vp for Mortgage Builder in Jupiter, Fl. “We’re doing two to three demos per day now, which is a 60 percent increase over last year at this time.”