Where's the Sense?
The other day we found out that Barclays Bank closed Equifirst - another plug pulled on a lender. The reason cited for the closure was ‘market conditions.' The only good news is that even though Equifirst is not accepting new applications, they are following through with current commitments.
Unfortunately, this particular bank was in the rational and coherent category; probably one of the best FHA-only banks. Now what happens as common sense continues to leave the market place?? Well, I can tell you that it ain't good...
I know that a bank closing no longer qualifies as a rare news story; some of this is inevitable. But, it truly becomes a loss when the financial institution is one that knows how to really evaluate a borrower's situation, underwrite it, and structure it to make the loan work for the client. It is always common sense that will rule the day and if we're not seeing the forest for the trees then we are doomed to wander an empty landscape. Good thing there are still a few of us good guys left!
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