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Lenders Struggle to Meet Refinancing Demands

If you are considerring financing or refinancing a home, please keep this in mind and allow plenty of time.

Low mortgage interest rates are prompting a surge in refinancing. More than 85 percent of all mortgage activity in one recent week involved refinancing, according to the Mortgage Bankers Association.

Because many lenders have reduced their staffs in the last couple of years, they are now lacking the manpower to quickly process refinancing requests.

Mortgage Master, a lender in the Northeast, will hire up to 200 people in the next year. They say that, at this time, 90 percent of their mortgages are refinancing.

Gabe Sanders and Susan Maxwell

Stuart Florida Real Estate

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Posted by Gabe Sanders, Stuart Florida Real Estate on 04/13/2009 07:47 AM

Comments (6)

Refinance in the Mortgage / Finance Channel

mortgage, refinance

This post has been included in Florida Information Martin County, FL Information
Post is included in group: Advice for Buyers
Post is included in group: 1st Time Buyers

6 Comments on Lenders Struggle to Meet Refinancing Demands

APR

Hi Gabe, good point to let the consumer know to expect delays with their closings. Very few lenders are able to meet closings less than 30 days from contract. If we allow enough time, things will go smoothly.

GOOD AFTERNOON GABE! Excellent reminder for those buying a home. The standard 30 days has turned into 45 or 60 for many of my clients. -- Gabrielle

APR

Hi Gabe,

As a lender I have the great privilege of telling buyers and their agents we will likely need more than 30 day escrows to close the loan. What many don't realize is that a huge amount of the workforce was laid off including underwriters which are in demand. Now that government loans are prevalent there really are not that many "seasoned" underwriters to handle the demand. Good point Gabe.

Thanks for the kind responses. We are finding that some of the appraisers now are also being overwhelmed with orders and it is causing some additional delays in certain cases.

Hey there Gabe,

NICE to get a post from a REALTOR about this!!!! I actually had a Realtor send me an offer to purchase last week, with a 20 day financing contingency on it! No, I did not ask them if they were high!! LOL.....but, it did allow for a 'teaching"moment!!! :)

Thank you for the reminder....As always, nice job!

Darin

Thanks for the kind words Darin!

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