1. Not Business as Usual

    Not Business as Usual
    Thomas Burton, president and CEO at Hampden Bank, says his residential mortgage department is holding its own due to refinancing. “Rates are below 5%, which is unheard of in the course of my 40 year career,” he said. “But one of the issues many people have is that the value of their home isn’t what they think it is, and they don’t have the equity to refinance because their home is worth less than what they owe.” As a result, Burton said Hampden has only been able to close about 50% of applications for refinancing.
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