Seattle Real Estate: Lenders busy out there?

seattle housesSeattle real estate is hopping -If you don't believe me, then listen to this one:

 I just got told by a Seattle mortgage broker that one of my closings in escrow might be delayed because the lender is backed up!  I will be on top of this one to see what I can do to help, but thought that it was interesting since the media is still saying our market is slow......

The rates are low and the lenders are busy - I know based on other things that I have read that WAMU is pretty busy!  I just had no idea that they were that busy - any Seattle mortgage brokers out there having the same experience? I thought maybe the appraisal had been ordered late, but checked my NWMLS key box and the appraiser had been in there promptly!

Courtney Cooper ....For all your Seattle Washington Real Estate Needs! Seattle Area Real Estate Agent: Broker and Realtor serving North King & South Snohomish County.  Seattle Real Estate and Seattle Suburbs!  Cooper Jacobs Real Estate Services:   Experienced REALTOR with a background in accounting - I love my clients and work hard for them! Please call me if you are looking for a home or investment property (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle (Ballard, Crown Hill, Phinney, Ravenna, Maple Leaf, Greenlake, Greenwood, Northgate, Lake City,University, Sand Point, Laurelhurst, Windermere, Fremont, Wallingford, Queen Anne, Westlake, Eastlake, Lake Union, Downtown, Madison Park), Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!

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6 Comments on Seattle Real Estate: Lenders busy out there?

WaMu is busy because they trimmed back so much and eliminated so many positions not necessarily because they are doing more loans. They have closed most or all of their stand alone and satellite branches here in Atlanta and well over half of the remaining ones nationwide. We're still not doing many purchases here which is amazing because we have historically done over 70% purchases. BUT we have certainly pre-approved a lot of people lately which is usually about 60 to 90 days ahead of them actually closing so I'm looking for a growing year with numbers doubling by mid-summer.

02/13/2008 07:10 PM by Novation Mortgage


Hi Ken - I agree with you nationally in regards to WAMU, but locally they are still doing a lot of loans...  I do know they have trimmed back here as well, but I think local Seattle might be a little different.

02/13/2008 07:16 PM by Courtney Cooper, Owner/Broker, Realtor- Seattle WA & Seattle Suburbs Real Estate (Cooper Jacobs Real Estate Services )


Courtney,

That's the music we would like to hear down here in Vegas, too, but things are still rather slow. Good to hear that your market is buzzing and the mortgage people are busy.

02/13/2008 07:25 PM by Esko Kiuru - Las Vegas NV Mortgage Consultant (Sinifox Financial)


I asked a mortgage rep to plan a class on VA loans with me last week, a class we have taught many times. She can't do it because she "swamped". I love Washington!  Real estate is hot!

02/14/2008 01:37 AM by Marlene Scheffer, Realtor to Kitsap County, WA (Realty Station)


We are having the same thing happen down here in Oregon. I had one that was being delayed because we had 8 other docs ahead of us on the day of closing, then when docs went out we were delayed at the title company because they didn't have any time available that day. I would say things are picking up!

02/16/2008 12:24 PM by Todd Clark (Realtor), GRI (Washington Co, Beaverton, Oregon) (Kastings & Associates, Oregon)


Loan Originators in Washington State are busier because there are fewer of us due to licensing (if you work for a mortgage broker) or lay offs, if you work for a bank.  

When rates dipped down, many of us have experienced additional refi transactions in our pipeline.  If I were a real estate agent, I would want to make sure I'm working with a Mortgage Professional who either knows how to prioritize their business.

02/18/2008 02:41 PM by Rhonda Porter CMPS (Mortgage Master Service Corp.)


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Real Estate Agent: Courtney Cooper, Owner/Broker, Realtor- Seattle WA & Seattle Suburbs Real Estate (Cooper Jacobs Real Estate Services )
Courtney Cooper, Owner/Broker, Realtor- Seattle WA & Seattle Suburbs Real Estate
Seattle, WA
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