Residential lenders could originate nearly $2.8 trillion in single-family mortgages this year a stunning turnaround from last year when fundings totaled about $1.6 trillion, according to a new estimate made by the Mortgage Bankers Association (MBA).
If MBA's prediction comes true, it would make 2009 the fourth best year ever for fundings. (The $1.6 trillion figure is courtesy of ASR sister publication National Mortgage News' Quarterly Data Report.) It also would help turn around an industry that is coming off its worst year since 2000 and has seen hundreds of non-bank and depository funders fail. MBA estimates that refinancings could hit $1.96 trillion this year, a 150% spike from 2008.