It is pretty quiet this week on the economic reporting front. However, the mortgage lending industry has experienced its first true shake-up since mortgage loans began trading in the secondary market. The bottom line is investors appetite for certain securitized mortgages has retreated. The fears about the risk of mortgage loans has spilled over into all categories of mortgage loans in the past week. Therefore, the cash available to fund mortgage loans at their present interest rate and terms is not there. This has affected mortgage lenders with their own mortgage lines of credit. Also, banks have ceased funding certain loan products. This unlike losing a rate lock or changing fees, prevents the loan from closing and effectively null and voids the transaction. As a broker with access to over three hundred lenders, we are able to transition any loan that a lender decides not to fund within 48-72 hours and protect your paycheck. Please contact The David M. Damare’ Team to help you determine what borrowers and loan products are currently affected by this credit crunch. Thank you for the opportunity to serve you and your clients. 919.851.0999
