Lenders need to be prepared for continual and often rapid shifts in the economy.

One such change is increasing interest rates, an abrupt wake-up call that is occurring. The average rate on a 30-year fixed mortgage, for example, for the week ending Sept. 13 was 4.5%, compared to 3.53% in May, according to the Mortgage Bankers Association.

One effect of this jump of about 100 basis points in just six months is the winding down of the refinance boom.

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Lending