Posted by MW/VA on 11/24/09 8:13am
Msg #312043
What's going on in the lending industry?
I've encountered 2 situations from major lenders in the last couple of days, where the borrowers were expecting a certain loan amt. w/some cash back & then the loan comes through much lower, with funds due from them. In both cases it was not an appraisal or equity issue--plenty of equity in both cases. What's with this? Talk about surprises at the closing table. Of course, they didn't sign & the loans needed to be reworked, but geeeeez. What happened with the new regs that they would be trying this kind of thing? Anyone else running into it?
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