#1: 2010 Top Refinance Ratio

> Volume Rank: #78
> 2009-2010 Change: #7

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For almost a decade, Chris Haig had worked with new homebuyers and refinance clients. But with interest rates on 30-year fixed loans hitting a record low this past October, his business shifted — dramatically. By the end of 2010, refis comprised 99.6 percent of Haig’s volume.

And he saw it coming, he says.

“As I studied the markets, I anticipated this and prepared for long work days and lots of reaching out to past customers,” Haig says.

When refi customers come in, a broker’s job isn’t over, either. Even savvy borrowers can require an explanation of how loans work — “Rate-shoppers may need nothing more than a brief education on how mortgages are priced to explain why they see quotes from different lenders with different rates,” he says.

Then there’s dealing with potential equity loss in their home, credit issues and other things that can keep a refi from being a slam dunk. Haig says his closing ratio for 2010 was 75 percent.

With rates heading back up, Haig says he anticipates more purchase volume this year. But 2010’s experience holds lessons.

“After all,” he says, “obtaining the best rate is a function of when a client rate-locks versus the number of rate quotes obtained.”

— Tony Stasiek