I got a memo from a mortgage broker to inform me that certain companies will not give clear to close for the rest of the year if you do not already have it.
Wells Fargo
Taylor Bean Whitaker
JPMorgan Chase
Flagstar
They all claim to be at least a week in underwriting and will not close anymore loans until after the first of the year.
SO MUCH FOR THAT BAILOUT, these losers are back to their old business.
I am so glad that I have an awesome local bank that I deal with.
Anyone know if this is true?
What a pain in the butt. I'm glad I'm not originating anymore. What a mess.
I have had 5 short sales sitting at Wachovia since October. They say that they are not doing anything with the files until the Wells Fargo merger the first of the year.
The lenders are in the driver' s seat - thanks to Congress. They have no incentive to work hard...sounds a lot like a couple of automakers. Heck, even one of them shut down for a month!
I got one closed last week, but nothing pending at the moment except my own loan... and I don't need a clear to close yet. That's interesting that they've all basically stopped working for the holidays.
I have always said these banks are their own worst enemies, making things more complicated than necessary....
These banks won't have to worry about closing any business from me if I can help it! My trustly LOCAL bank is coming thru for me and will clean up the others mess.
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