Posted To: Pipeline Press

People ask me for advice all the time. For example, I tell guys, “Don’t ask your wife when dinner will be ready while she’s mowing the lawn.” With the move in rates, LOs are looking for advice, hoping for free extensions. Everyone knows that LOs are out there adding value and wealth to and for their clients, but since the Paleozoic era lender’s management has dealt with “Lose the deal or give the client an extension” question, especially troubling if the loan hasn’t moved past the app stage. “Free anything” is not likely if a particular originator or broker shop constantly asks for extensions or concessions. It’s rough out there, and one broker in Michigan sent, “Rob, it’s brutal here, so thanks for the info on supply…(read more)

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Source: Mortgage News Daily