I was just reading on the net that yet another major lender is closing its doors and filling for bankruptcy, American Home Mortgage Company. The interesting part is they are NOT a subprime lender, their portfolio consisted of mostly "A" paper loans.
If you have a client that is preapproved with a mortgage broker it might also beneifit your client to get a preapproval from their bank. Some banks lend their own money for mortgages, therefore they have more flexiblity in securing funds by using the deposits of their banking clients. Have your clients get a second opinion from a mortgage banker if they are planning to use a mortgage broker. That way you will have two avenues for financing should your clients funding dry up.
When this thing is over it's going to be worse than the savings and loans scandal.
Here is the link about American Home Mortgage...
http://finance.comcast.net/www/news.html?x=http://www.comcast.net/data/news/2007/08/06/732904.xml&cvqh=itn_mortgageco
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