Katy McLaughlin

speaker

175 appearances 2 recordings 1 series first heard Jul 2019 last heard Sep 2019

Katy McLaughlin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Lower Your Mortgage Interest Rate With No Refinancing · 27 Sep 2019 podcast

So yes, the lender would make money that way.

There's a lot of competition now between lenders for refinancing.

And there's a lot of refinancing activity, you know, because rates were creeping up over the last few years and suddenly there was this big plunge and this great opportunity for people to refinance.

So what the lenders are thinking is we run a high risk of losing some of our best customers to another lender in a refinance situation.

Everyone and their cousin is trying to get your refinance business.

You know, there are now all these online lenders, too, who if you ever kind of make the mistake of fooling around and seeing, you know, online what kind of refinancing options you might have, you will be followed for months by lenders who are offering you refinancing deals.

So they say to themselves, well, we have these great customers.

They're in jumbo loans.

Those are the ones they tend to have on their books.

But for those really great clients, they say, well, gosh, it costs us a lot of money to go and get these clients.

And here we have one bird in hand right now.

So let's make them really want to stay with us.

Instead of forcing them into a refi where they're going to look at our fees and then they're going to compare them across the industry and they're going to hunt down the best refi deal.

Let's just say to them, hey, we're going to make your life really easy.

You don't have to do a lot of paperwork.

You don't have to pay a lot.

And we'll give you what you want, which is the lower rates that are now available.

That's why they're doing it.

People listening to this might remember loan modifications back from the housing crisis where there was a much different connotation to this idea because the people going into loan mods were distressed borrowers who couldn't pay what they had originally signed up to pay and that they got these deals.

But this is really the total opposite.

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