As per the Mortgage Bankers Association (MBA)’s latest outlook, with the current market conditions, purchase originations and refinance volume are now expected to both drop in 2023. By the end of 2023, purchase originations are forecast to decrease 3% to $1.53 trillion, while refinance volume is expected to decline by 24% to $513 billion.
Mortgage lenders and title companies are having to constantly reinvent themselves in order to maintain profitable operations. Meeting revenue goals is going to be tough, but the least that they can do is to manage their costs well.
Advanced mortgage technology and automation solutions provide a silver lining in today’s stormy mortgage market. If a mortgage or title company can streamline operations leveraging technology or provide some very innovative and swanky tech interfaces to clients, then they have a better chance to retain their customers and even grow their base.
This article is originally published by MortgageOrb. To read the entire article, click here.