Another Type Of Mortgage Crisis?
Posted by admin | Under FHA Mortgage Saturday Jan 10, 2009It always seems there is another shoe about to drop on the mortgage business these days. Now that rates are so low we are having another refinance boom, it turns out that lenders may not have enough credit on their warehouse lines to keep their pipelines moving. Now the Mortgage Bankers Association has created a task force to make sure the folks at the Treasury Department know what is going on.
If you are a loan officer working for a net branch lender, or smaller correspondent lender, or a mortgage broker submitting loans to small to medium sized lenders, or even a consumer trying to get a loan – Don’t be surprised to see strange closing delays pop up while your lender tries to come up with enough money to close the loan.
Here are the details from Housing Wire:
As Refis Swell, Is There Enough Warehouse Credit?
It will be very interesting to see how this situation develops. What happened to the days when all a loan officer had to worry about was learning the guidelines and bringing in business?
By Carl Pruitt
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