Synovus is the largest mortgage holder in the Columbus, Georgia market. In the past two weeks mortgage aps have sky rocketed due to the drop in rates. I can only assume this is the case in all markets although I can't confirm that. We will see a significant rise in this revenue this quarter and you'll see a profit for overall SNV.
"Synovus is the largest mortgage holder in the Columbus, Georgia market"
Where do you get this information from? I would be very suprised if it is true. SNV is not a big player when it comes to consumer loans... they are a major player in Columbus when it comes to commercial loans.
I hope you are right, as I am long here... but, I see profits a little later... early 2012.
I'll settle for no losses by the end of 2012....that sends us over $2. Refinance activity is not what SNV wants, just replaces good higher interest loans with lower interest ones. short term boost for refi fees but not great long term. SNV needs to see the economy pick up (hiring) so that businesses will need the commercial space SNV has financed. Financed raw commercial land is bad bad news for SNV until things pick up.......