As I am sure everyone has heard, rates are near all-time lows. My phone has been ringing off the hook with new and old clients trying to take advantage of the sub 5% interest rates that are available right now. !!!NEWSFLASH!!! There is a refi wave rolling through the entire nation and lenders are entirely SWAMPED! Turn times have increased, Wells Fargo today released a note saying to lock no shorter than 45 days and were wanting 60day locks to be safe. Some lenders like Chase reprice for the worse half way through the day (even when the MBS Bond market is climbing and showing no reason for a reprice) to keep new applications from coming in. They don't have the manpower to process and underwrite the amount of loans they have. The lenders that were starving for loans a few months ago have more than they can handle! We are in unprecedented times. Sure we had refi booms in the past. As early as a few years ago, but the army of Underwriters were there to take on the load. With the lenders losing money hand over fist this past year major cuts were made, and the processing and UW departments were not spared. Now with the immense amount of applications submitted, they can't keep up! It is now common to see loans take up o 22 BUSINESS days from submission to funding! Guess what? I have not experienced these turn times. Matter of fact, I just closed a purchase in less than 2 WEEKS from start to finish. Why? We do EVERYTHING in house! We have our own processing and underwriting team, great relationships with title companies, and appraisers. Our streamlined system offers 24hr UW turn times, and on top of all this, we have some of the best rates out there! If you have a purchase transaction that needs a quick turn time, give me a shot. If you are looking to refinance, but don't want to wait a month or more for the transaction to go through, give me a call. With turn times only going to get WORSE in the near future, I pride myself on my speed, accuracy and white gloved service. I guarantee you will be impressed.
I am not the only Loan Officer experiencing this.
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