(Bloomberg) — Unemployment is high. Credit is tight. And scientists are warning that a dangerous second wave of the coronavirus is coming. But somehow, U.S. mortgage companies are having one of their best years in history.
Just ask Keith VandenAkker. He’s forgoing weekends to keep up with the work.
In 22 years as a Massachusetts mortgage appraiser, he’s never been this busy. The jump in refinancing was to be expected, with rates near record lows. The surprise, he said, is that the spring property sales season, delayed for a couple months by the health crisis, is demanding most of his time.
“June is kicking my butt,” VandenAkker said, rushing in his silver Subaru, mask in hand, to the next appraisal. “I got 8 or 9 orders yesterday and I’m just a one-man show.”
Lenders are getting bombarded with calls from homeowners looking for cheaper loans. They’re also hearing from potential