Refinancing cools, fewer lenders needed

When Doug Klein launched Front Range Mortgage Professionals in Loveland in 1999, competition was slim.

“There were maybe four of us then,” he said. “Now, just open the Yellow Pages and youll see at least 18 and thats just in Loveland.”

Over the past three years, low interest rates have created a refinancing frenzy, along with an influx of new entrants into the mortgage lending business.

In fact, refinancing activity in 2003 accounted for a whopping 66 percent of all mortgage originations in a record-setting year that saw $3.8 trillion in loans.

Refinancing accounted for 59 percent of 2002 totals and…