Hello all: I had the question posed to me twice today by consumers such as yourself. The question was are you going to survive? I said yes and here's why. Number one, Exact Financial Group is a mortgage broker and, therefore, has the ability to shop your loan to over 75 lenders in order to find the best fit for you. Two, we're on the retail side of the equation. The big trouble is on the wholesale side (American Home Morgage which failed recently was a wholesale lender).
As we go forward, here are my predictions. The mortgage market will continue to tighten. There are a lot of bad loans out there and the secondary market who repurchases these loans that are sold is dead. Plus, there are more loans set to adjust through next year and I don't believe people will be able to afford the new payment. With that being said, I believe that the retail side of the lending world will suffer if it hasn't started already. We're already seeing loan programs go away and I would expect it to continue. There may be quite a bit of attrition on our side of the aisle as well.
In sum, it's rapidly becoming a game of survival of the fittest. The companies and individuals who can afford to persevere will still be in business. These are the ones you should choose to do business with anyway. Good luck to all of you! As always, I welcome your comments. Have a blessed day.
Paul
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