Posted by Pamela Hoyle on 10/9/10 2:52pm
Msg #356061

Upward trend?

Last month I was unavoidably out of town for end-of-month. That Friday, I was called with requests for no less than 6 assignments that I had to turn down. As of today, I've already done more closings in October than I did in the month of September. Hoping that it's a trend?

Anyone else having lots of borrowers told by the l/o not to make their current month payment, hoping to fund just before grace period expires on existing loan so that they will be able to forego two month's payments?

Reply by Glenn Strickler on 10/9/10 4:58pm
Msg #356077

I hope that the BOs are being told that the amount of the payment(s) just get tacked onto their new loan and they get to pay interest on it. It may be the right thing for the BOs to do, but they need to be told the costs.

I see it a lot, but of course, we can't give any opinion on it one way or another.