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Mortgage Industry Roars to Record Year, Courtesy of the Fed (1)

Dec. 4, 2020, 8:52 PM

The Federal Reserve has handed U.S. mortgage lenders their best year ever. Nobody knows that better than Shant Banosian, the industry’s first billion-dollar salesman.

By his own count, the loan officer is personally set to originate a staggering $1.5 billion of home loans by year’s end from his office outside of Boston, a record in a year of records for the mortgage business.

Set alight by the Fed’s low interest rates and bond purchases, the mortgage industry is on fire. Lenders this year are projected to originate $4.1 trillion of loans, eclipsing the 2003 high, thanks mostly to borrowers ...