A couple of things have happened to mortgage lenders in the recent past. As mentioned here previously, the sub-prime market and the lenders specializing in those types of mortgages have had a shake-up. This has led to several lenders either going out of business, filing for bankruptcy protection, or putting themselves up for sale. This, in turn, has put most brokers in a conservative mode of operation.
How does a mortgage broker become conservative? Well, that means that in addition to finding a great product for your client you also take into account the security of the lender with which you do business. Most loans are now being funneled into the big lenders like Countrywide, Chase, and CitiMortgage instead of specialized lenders like the sub-prime specialists.
What does that mean to you the realtor or mortgage consumer? Mainly that your broker will have to work harder for you to keep on top of the lenders during the underwriting and documenting phase. A good broker will do this anyway, but now it is more important than ever to make sure closings happen when they are supposed to happen.
Any comments are welcome!
Brought to you by Professional Mortgage Group, Inc. Columbia MO
How does a mortgage broker become conservative? Well, that means that in addition to finding a great product for your client you also take into account the security of the lender with which you do business. Most loans are now being funneled into the big lenders like Countrywide, Chase, and CitiMortgage instead of specialized lenders like the sub-prime specialists.
What does that mean to you the realtor or mortgage consumer? Mainly that your broker will have to work harder for you to keep on top of the lenders during the underwriting and documenting phase. A good broker will do this anyway, but now it is more important than ever to make sure closings happen when they are supposed to happen.
Any comments are welcome!
Brought to you by Professional Mortgage Group, Inc. Columbia MO
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