Banks have slowed down on processing; we all understand this. But, when a bank does not fund on time, one must begin to wonder about the stability of that bank. It is becoming very apparent to me how necessary it is to have many banks in your "arsenal" as a mortgage lender in order to service the public in the best way possible. 7 more banks failed this week. It is not over yet.
It is also very apparent the importance of being a mortgage broker AND a mortgage lender. Although it is very costly to maintain lender and broker licenses and all the insurances that go along with being a lender, the wave of the near future is being a lender. REO's are now asking for approvals from lenders.
The industry is changing rapidly and those that are adversive to change will be left behind.
Ann Sabbagh
Vice-President
Seacoast Mortgage
LENDER AND BROKER
508-243-1190
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