Last week, the Federal Reserve made two announcements that were music to the ears of both lenders and borrowers. First, they’re done with rate increases for 2023. Second, they plan to make multiple rate cuts in both 2024 and 2025.
This is good news for lenders because it means that more homebuyers are likely to enter or return to the market for new purchases—and it’s highly likely that people who purchased homes at a 7%+ rate will be motivated to refinance.
However, as a potential refi wave begins to swell, lenders will need to be on the lookout for early pay-off (EPO) penalties that could wash away any gains made from new home purchases.
To help understand the nuances and impacts of the Fed’s announcement—and help lenders create a strategy to maximize every opportunity in 2024 and beyond—Total Expert Founder & CEO Joe Welu and Chief Lending Officer Dan Catinella sat down to record a special episode of the Expert Insights podcast.
Maximize the Rate Environment and Seize Refinance Opportunities
If you have questions about how Total Expert can help you prepare for the refinance wave or guide borrowers toward homeownership, reach out to your Customer Success Manager or schedule a time to connect with our team >