Well another one bites the dust. HomeBanc, unable to borrow on its lines of credit and unable to fund its mortgage loan funding obligations reported Tuesday it will leave the mortgage loan origination business.
Certainly if you have a contract with the buyer using HomeBanc now is the time to find an alternative. I am aware of one closing in our office being delayed. Apparently Countrywide Financial Corp is stepping in to purchase some of the loan origination branches.
I'm sure this won't be the last one so it becomes important that both buyer and listing agents stay on top of what is happening in the mortgage industry.
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