Recent data indicates a 10% drop in cash-out refi locks and a 44% decrease in rate-and-term refi locks month over month. However, cash-out volume shows a 13% rise and rate-and-term a 21% increase compared to May 2024. Optimal Blue's new tool, Capture for Originators, is designed to automate the opportunity identification process, enabling originators to present tailored refinancing options efficiently. Amid declining lock volumes, borrower affordability concerns arise due to rising mortgage rates, intensifying competitive pressure in the lending market, particularly impacting new buyers.
Cash-out refi lock volume fell 10% month over month while rate-and-term refi locks dropped 44%. But compared to May 2024, cash-out volume rose 13% and rate-and-term refis were up nearly 21%.
The new product, called Capture for Originators, is available to users of Optimal Blue's product pricing engine and was developed in partnership with Uplist, a SaaS platform serving the real estate industry.
Rather than spending up to 30 minutes manually evaluating each loan, originators can use Capture for Originators to identify refinance opportunities they might otherwise miss.
Rising mortgage rates are squeezing borrower affordability, while tighter spreads are putting pressure on lenders in the secondary market.
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