Posted by MistarellaFL on 8/31/07 9:34am
Msg #208833

Loans not funding

I have had several calls from brw's and TC's this week, where the investor is not funding loans after the signing.
Some are being re-signed, with new investors, and some are not.
Is anyone else seeing this?

Reply by Donna LaBelle on 8/31/07 10:34am
Msg #208849

yes they are dropping like flies. I have had a couple of loans that have taken 2 or 3 months to complete because everytime it is presented to the investors, they go out of business and it has to go to the next guy

Reply by Michael/FL on 8/31/07 10:41am
Msg #208850

Yep, I've run into instances where I'm working with a lender and then suddenly they close down. It's a rough situation we are all in.

Reply by ME/NJ on 8/31/07 10:46am
Msg #208855

New Guidlines killed the market for now

Had a closing today, 40% equity but credit score was mid 600's. They took a HELOC because they were bounced on a refi. (Had 2 like that this week) Seems people with enough equity that had ARMS are getting a better rate with a HELOC and paying off the current note.

Plus reps have said what worked last month will get bounce now in most cases.