Low mortgage interest rates are prompting a surge in refinancing. More than 85 percent of all mortgage activity in one recent week involved refinancing, according to the Mortgage Bankers Association.
Because many lenders have reduced their staffs in the last couple of years, they are now lacking the manpower to quickly process refinancing requests.
Mortgage Master, a lender in the Northeast, will hire up to 200 people in the next year. They say that, at this time, 90 percent of their mortgages are refinancings.
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