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For today and tomorrow's borrowers, the traditional mortgage experience falls far short of expectations. There are multiple documents to sign—some in-person—and lots of waiting. And waiting. And borrowers often have no idea where their application is in the lender's pipeline or if they'll have to fulfill any last-minute requests.
The refi market is rapidly approaching a bottom, with interest rates at 20-year highs and affordability a challenge, Black Knight says.
BayFirst National Bank originated about $1.6 billion in residential mortgage over the past year and has 232 registered LOs nationwide.
Mortgage startup NFTYDoor plans to launch a home equity platform, promising borrowers "a one-minute online application and funding in as little as three days."
Tappable home equity rose for a 10th consecutive quarter, but data suggests that we are near the peak.