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A perfect storm of record low interest rates and shifting consumer behavior spurred by the COVID-19 pandemic resulted in an absolutely incredible year for mortgage lenders in 2020, especially the independent mortgage banks.
Virtually every IMB saw origination volumes soar in 2020, with many eclipsing $40 billion in originations, according to the Consumer Financial Protection Bureau‘s Home Mortgage Disclosure Act data. In fact, over 20 lenders issued 100,000 mortgage loans or more in 2020, the majority of them refinancings.
Read the full story in HousingWire.