According to Black Knight, one of the premier providers of integrated technology, data and analytics for lenders and servicers, lenders in the U.S. issued $1.1 trillion dollars in home loads between April and June, marking the biggest quarter in at least two decades. The record quarter also highlights, the growing disparity between homeowners who are primed to take advantage of perfect conditions, and those who are simply desperate to not lose their homes. The surge in activity was driven primarily by an unprecedented rush to refinance. And the third quarter is shaping up to be even wilder – locks on refis that are expected to close in the third quarter are up 20% from the second quarter. In a prepared statement,Ben Graboske, president of data and analytics for Black Knight, said “After all, there are still nearly 18 million homeowners with good credit and at least 20% equity who stand to cut at least 0.75% off their current first lien rate by refinancing.”
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BLACK KNIGHT’S JULY 2020 MORTGAGE MONITOR