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HomeBanc Leaves the Mortgage Lending Business

By
Real Estate Agent with Coldwell Banker Residential Brokerage

Well another one bites the dust. HomeBanc, unable to borrow on its lines of credit and unable to fund its mortgage loan funding obligations reported Tuesday it will leave the mortgage loan origination business.

Certainly if you have a contract with the buyer using HomeBanc now is the time to find an alternative. I am aware of one closing in our office being delayed.  Apparently Countrywide Financial Corp is stepping in to purchase some of the loan origination branches. 

 I'm sure this won't be the last one so it becomes important that both buyer and listing agents stay on top of what is happening in the mortgage industry.

Dan Forbes
Bradenton, FL

When will Countrywide collapse?  They were one of the biggest outfits pushing the pay option ARMS?  It's surprising that they are buying some of Homebanc.  Perhaps they are doing OK.

I work with a lot of short sale investors and they all say that Countrywide is the hardest to try to negotiate with.  Could just be putting off the inevitable?

Aug 07, 2007 10:35 AM