Hi All The mortgage world is starting to see more and more changes. One lender Just Mortgage sent the email below. I would advise any escrow you have with a broker to make sure Just Mortgage is not the lender. I would also suggest to work with a direct lender as it seems the broker world is changing. If you need anything or would like to discuss please contact me.
Good Afternoon,
There are a lots of rumors going on out there but this is what is happening at the moment: One of our major investors (Citi) decided not to purchase anymore (TPO) third party originating (means YOUR) loans from many lenders, and they are NOT honoring any locks. So if your loan was locked before 1/21. Your lock is no longer valid, at this point you must contact our lock desk to re-price with our other investors. We still have other investors...Citi gave us the best pricing and that's why some of loans can't fund at that locked rate. We are still OPEN just with one less investor. Unfortunately the rate could be higher because the rates went up. Here's what you should do. If you have a locked Purchase loans - call lock desk to re-price,
1. If docs are out:
a. Interest rate change - full redraw
b. Interest rate same - only less rebate, partial redraw
c. Interest rate same - pricing is a any additional cost, partial redraw Rate / Term locked loans - contact lock desk to re-price
1. But most likely your rate is higher than your client wants, please cancel or wait for pricing to drop Cash out locked loans - Contact lock desk to re-price , if they would take higher rate. If you know any file you submitted that is a RATE Sensitive !!! please email me the loan number and cancel the loan. Add this point, we are prioritize purchase submitted loans.
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