Asked by Bobaboba, Los Angeles, CA • Thu Jun 18, 2009
We are in process of buying a unit in a new construction condo in Southern California. We have our own lender, and rate locked. Escrow has been open for a week or so. Builder has a preferred lender, but told us that we can use our own lender anyways. Today I got a strange call from the inhouse lender, saying, "oh, we are working on the project loan with bank xxx. the agent at bank xxx reminded us to let you know to make sure if your current lender is obtained through retail or wholesale. If it's retail, there will be problem closing. You can only close on a loan obtained through wholesale." and the funny thing is that, our lender and their lender are both bank xxx. This sounds a false impression to me that the inhouse lender was trying hard to get our business. But at teh same time, i hope we dont let this fall trhough the crack (if there's a crack of such). Anyone please offer advice?
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