At the same time non-HARP business that Fannie and Freddie fell 25% between the first and second quarters (a period in which interest rates were declining). Inside Mortgage Finance's conclusion: "What that means is that even with a surge in HARP activity, overall mortgage refinancing activity is declining.
Margaret Thatcher famously said, "the problem with socialism is that, sooner or later, you run out of other people's money."
To that I would add that the problem with spending all of your time doing refinances, especially when rates are at record lows, is that sooner or later you run out of people you can refinance.
Meanwhile, LOs who were smart enough not to take their eye off the purchase market ball have gained ground on you.
Have you hugged your Realtors lately?
Bob