For the second time in four months, Bank of America Home Loans have decided to suspend cash-out refinancing. The first time was in October when they suspended cash-out transactions insured by the Federal Housing Administration and the Veteran Administration.
According to the U.S. Mortgage Market Index report for the week ended January 13th, inquiries for refinance loans have climbed 107 percent since the end of 2011. BofA's recent decision has come about because of this elevated volume of refinance activity. They say that cash-outs will continue to be on hold until this elevated activity recedes and until it is clear that overall processing for non cash-out transactions will not be negatively impacted from the resumption of cash-out lending. Cash-out transactions that are already in process will not be impacted by this recent decision.
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