Lenders Panel sheds light on current mortgage crisis

By
Mortgage and Lending with Santa Cruz Home Finance

The All Star Lender Panel was a sold out success.  Sponsored by Santa Cruz Home Finance, Santa Cruz Title and SCOAR, Karen's e-mail to the members resulted in a sell-out within hours!  A second event was scheduled and quickly filled.  A third event is scheduled for 9/5/07 at 10am. 

 

The event's creator, Tai Boutell, along with Greg Flowers, Dave Deteso, Mark Junod, Sue Bullock and Rick Campbell presented valuable insight into our mortgage industry.  Starting with a Fed rate cut just hours before the event, the panel was off with a bang. 

 

Greg Flowers gave a clear outline of the movement of mortgages through Wall Street while Dave Deteso discussed WAMU's abilities and intents in our market place. 

 

With Mark Junod's 24 years of experience, he painted a picture of much tighter lending practices set out in 2006 by regulators and Sue Bullock pull out her crystal ball, said it was real, but couldn't predict when this crazy market would settle down. 

 

Rick Campbell provided some insight into Well Fargo's lending practices and reaffirmed the need for Realtors to be working with a professional lender. 

 

Tai Boutell asked all professional realtors and lenders to work together to help create and strengthen the fabric of our profession and to help keep our market strong.  He also agreed with other panel members that now, more than ever, we need to show our clients what a professional team looks like.

 

One of the most important concerns for realtors in today's market is releasing loan contingencies with the possibility of the approving lender going under.  Mark suggested a dual contingency period, one for loan approval and one to protect the buyer until close.

 

A wonderful event, well received by the members and crucial in light of today's mortgage market.

 

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