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lender: SubPrime Ripple Effect; is your closing date safe? - 03/30/07 01:59 PM
The problems in SubPrime lending are starting to take a toll on the rest of the lending world. As fewer and fewer lenders exist to approve, underwrite, and fund loans the remaining SubPrime AND Conforming lenders have to pick up the slack. Well this sounds great for them... at least at first.
The new problem is that lenders have to figure out how to fit "80 pounds of [loans] in a 5 pound bag". The result is that underwriting times are becoming extended. Long gone are the days of 24 hour turn around times. Some lenders are running at 5 or more … (2 comments)
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Brian Papaccio
Newark,
DE
More about me…
Wells Fargo Home Loans
Address: 111 Continental Dr., Suite 102, Newark, DE, 19713
Office Phone: (302) 451-4235
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