Q&A With SingleSource COO: Ed Austin Speaks About Pending Refi Influx

By KIMBERLEY HAAS

As refinances start to pick back up, lenders are preparing for the influx, and leaders at support service providers say they have solutions that can help with upticks in refinance volume.

Ed Austin, chief operating officer at SingleSource Property Solutions, recently discussed his thoughts on the matter with The Mortgage Note. His company is a nationwide service provider to many of the largest loan origination, servicing, and secondary entities.

SingleSource Property Solutions provides help with valuations, REO asset management, field services, inspections, title and settlement, as well as document management.

Please give us a brief overview of what the refinance market has looked like over the past two years.

The refinance market has significantly dropped over the past two years due to increasing interest rates. It simply does not make sense for consumers to refinance when they have much lower rates on their current mortgages, unless it is absolutely necessary. Most homeowners are waiting for rates to drop in order to refinance, which is what we are starting to see happen now.

Now that employers have let people go, how can they prepare for an uptick in refinances when mortgage rates drop?

Investing in technology enhancements is the best way to prepare for upticks in refinance volume or any type of application volume. AI, digital applications, and automated tools are crucial and allow lenders to take applications with fewer delays and roadblocks along the way.

There are a variety of technology solutions to help speed up the process in order to move refi applications through the pipeline faster than ever before. That is why it is so important for lenders to partner with a service provider to get these applications moving through and help them keep up with an increase in refis.

What are your market predictions for this fall and moving into 2025?

The biggest topic on everyone’s mind right now is interest rates. The Fed just dropped interest rates by 50 basis points, and I expect rates to continue dropping through the rest of this year.

I believe 2025 will be a more favorable lending environment for homebuyers, and those looking to refinance. 

How can SingleSource Property Solutions help?

SingleSource is a licensed title company and appraisal management company that offers comprehensive and customized title and valuation solutions for lenders. We offer the full range of products from traditional full title and traditional appraisals, down to modernization products for both lines of business. Our goal is to help our clients close more loans faster than ever, and with greater confidence, while keeping their borrowers happy.

For more information, visit the company’s website.