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TEAMBLOG

IN THE LION'S DEN
May 16th, 2008 8:43 AM

Dear Friends,

Last week in our TEAMBLOG I mentioned the slight improvement in the manner in which loan applications were being reviewed by underwriters. Unfortunately, the roller coaster effect of such observations became evident this past week. It seems as though all of the loans in our pipeline were systematically given additional hurdles to overcome in securing an approval. Harsher loan conditions, changing of guidelines without notice, unreasonable delays and incoherent explanations from the various lending sources for its implementations, are the new realities of 'mortgage madness'. All of these occurrences are the result of the frailties created by the sub prime mortgage mess.

Due to the delays and additional hurdles one has to meet before funding, the anxious and uneasiness of the situation is taking its toll on the nerves of every player in a transaction. From the listing agent, the mortgage broker, the processor, the escrow or title officer, the underwriter and most importantly, the borrower, the effects are creating tensions amongst several of these players. This anxious cycle continues when escrow closings are delayed.

Just this past week I received emails from a listing agent in a purchase transaction challenging the integrity of our company and the loan approval itself, due to a delay in obtaining loan documents. This loan was eventually denied as the lender changed its guidelines at the last minute! 

Unfortunately, MoneyTeam has become an unwilling participant in such calamities. Much of the frustration revolves around money. We all know the consequences of not having funds to pay for groceries, gas, auto or monies for a house payment. Nonetheless, I'm confident with hard work, perseverance and patience, all of the loans in our pipeline will find a home.

A delay of sorts is understandable in this financial climate. This situation will change for the better once the markets begin to trust in its institutions and its citizens once again. We need to respect others in our professional circle and forgive the actions of those suffering from the frustration we all feel. Alleviating tension and reducing conflict is the only way we can move forward during these trying times.

IN OTHER NEWS:

On Wednesday, May 14th, Golden Bear Escrow in Los Angeles celebrated its 51st Anniversary! My good friend, owner Gwen Rutkowski has been a tremendous asset in many of the escrows we've opened with her throughout the years! I've known Gwen for over 20 years and she's been an inspiration through the best & worst of times! I am happy to refer most of our refinance referrals to Gwen. She's the tops!

Thanks Again

 


Posted in:General
Posted by Jesse Dorado on May 16th, 2008 8:43 AMPost a Comment

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