Got the "official e-mail" ... even though corporate actually dropped the bomb yesterday at 10am. My file with them must fund by the 25th. That is the day that my lock expires and there will be NO MORE lock extensions! Today is the last day to submit a new loan to them and you can only lock for 30 days.
Here's the e-mail...
Dear valued clients:
Aurora Loan Services' parent company, Lehman Brothers, announced today that it will substantially reduce its resources and capacity in the U.S. residential mortgage origination space in light of the dislocation in the mortgage markets. As a result, Lehman Brothers is suspending all Wholesale and Correspondent mortgage originations at Aurora. Aurora will continue to originate loans through its direct lending channel, and will maintain its servicing business.
January 18 will be the last day to lock new loan applications, with a maximum lock period of 30 days. The final day to submit underwriting packages is January 25. We will continue to process locked applications in the pipeline through to final disposition, however lock extensions will not be granted. Please contact your regional Operations center regarding any questions or status updates.
We truly appreciate your business and support over the years.
With sincerest thanks.
I will miss Aurora.