Has this happened to you?
~ You're working with a borrower and have an approval, maybe even have completed their signing and then the loan doesn't fund.
~ Or you have a file submitted and the account rep falls off the face of the earth.
~ I just recently had an approval on a VA Loan to find out now the product no longer is offered!
In this business time is of the essence. We also have a responsibility to conduct our due dilligence when choosing a lender for our borrowers.
A very helpful website that I use to check on lenders and their ability to stay in business is The Mortgage Lender Implode Meter.
As of March 3, 2008 they report 232 major U.S. lending operations have "imploded" since late 2006. They include current News and a Discussion Forum.
The most useful tool of this website is the Ailing/Watch List Lenders(tm):
I would suggest this site for anyone interested in direct Mortgage News relating to the risk of the lender either not being in business to fund your loan or dropping the product available.