Bill Warren/…, Real Estate Pro in Mortgage Lending

Want to get an idea of how many closings are being delayed by lenders that are saying funding is the problem

Asked by Bill Warren/Stockton Turner & Company, Mortgage Lending Wed Sep 19, 2007

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Just had a closing delayed by a month due a complaint filed against the association in which my client was purchasing. It was a mickey mouse complaint,and nothing that would have caused an underwriter to blink in days gone by, but now underwriting guidelines have gotten rather crazy to satisfy.

The good news is, after hours and hours and hours of phone calls and research on my part and the other agent's, we were able to satisfy the lender push it through to close for this Friday. 1 month later.

The mortgage broker I work with acknowledged that it's become a Hurry Up and Wait world in lending.
1 vote Thank Flag Link Wed Sep 19, 2007
Patti Pereyra, Real Estate Pro in Chicago, IL
MVP'08
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It's important to note that most Title Companies/Attorney offices are no longer accepting "checks" from us, or any other banks/lenders. We're having to wire all funds to closings.
1 vote Thank Flag Link Wed Sep 19, 2007
I've been experiencing about a 72 hour turn around time in underwriting through my lender (First Horizon). Hardly a delay at all. I'm curious to hear if anyone else (who may have brokered a loan to First Horizon) has experienced longer turnaround times. I have heard of wholesale lending through Chase being delayed by a couple of weeks...
1 vote Thank Flag Link Wed Sep 19, 2007
In the New Orleans area, there are horror stories of Countrywide not having money at closings.
Web Reference: http://www.iansellsnola.com
1 vote Thank Flag Link Wed Sep 19, 2007
No problem that I am aware of at our office. Secondary market has slowed down.

http://wilmington-northcarolinarealestate.com/
0 votes Thank Flag Link Thu Sep 20, 2007
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