Posted by ladyknc on 9/24/13 7:06pm
Msg #485849

So what happen to all the apps that were already in the work

I have a sneaky suspicion that there are alot of applications out there that have not been ready to close yet.

for the mtg tc etc to have been so busy that docs were often late, los did not take time to go over HUD with borrowers, etc etc etc So why, almost overnight, did all the "busy madness" come to an almost abrupt stop. Why few signings I have gotten in last couple weeks --problems with docs, HUD not gone over with borrower, etc etc,

Can someone explain?? thanks

Reply by MW/VA on 9/24/13 7:47pm
Msg #485859

If you've been following this forum, you will realize there

have been major layoffs in the industry. We had a great run there for a year or so when rates were in the 3% ranges, but obviously there's been a major slowdown.
I did a RM application tonight that would indicate we've hit bottom--unbelievable condition of this house.

Reply by Linda_H/FL on 9/24/13 7:49pm
Msg #485860

I did an RM app yesterday

Excuse me - they're called "Initial Disclosure Signings" now...

Tiny house - not bad condition (I've seen worse, but have seen better too)...loan was for $20-something-thousand...

Interest rate initially - 2.93% - variable - can go as high as 12.9%...wow...

Reply by 101livescan on 9/25/13 8:26am
Msg #485888

I guess you've been out of the country. Loan apps stopped abruptly with the overnight increase of interest rates in July. So practically nothing in the pipelines in August, September. Interest rates did come back down, some, so maybe we'll see an uptick ever so slightly. Now Wells, Chase, BofA and Citibank are all laying off mortgage originators and processors. Gotta tell you something.

Lots of new rules and regulations. I doubt we'll ever see the flurry we've experienced for a good long time now, but the best and fittest will prevail in this industry, with a lot of notaries and companies dropping from sight.