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Atlanta loan officer flips switch from refinances to purchases

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About 10 years ago, loan officer Lindsay Moss-Frangie joined a large Atlanta mortgage broker that built its business on performing no-closing-cost loans — but soon, the company reached a dead end. “Over the years, as the rates dropped, I refinanced them for free,” Moss-Frangie said of her former customers. “Once they got down to 3.25, 3.3., 3.625 , those people were already set and weren’t going to do any more business unless they were looking to buy.” Lindsay Moss-Frangie According to the Mortgage Bankers Association, loan originators had a dismal 2014, as the refi market dried up and the purchase market remained "moribund." However, a drop in interest rates should spur more activity and make housing more affordable, even without home prices falling, the association recently said. With refi business drying up, “I realized I had to get into the buyer’s market,” Moss-Frangie said. “I had to get into Realtors’ offices and give them a benefit.” So M...