Posted To: Pipeline Press
There sure is a lot going on out there! There is talk of warehouse banks temporarily suspending funding refi biz, lenders charging lock fees, lenders & vendors restricting visits from outside personnel, avoiding RESPA violations but “pushing off” difficult loans or borrowers that are shopping rates, and lenders making their pricing more aggressive for purchases but creating a hit for refis. Of course lenders are increasing margins since it is the easiest way to cut volume in a hurry. Certainly pleas from LOs about, “Can’t we match our competition? They’re better than us by .125!” are going unheard. Lenders are increasing refi lock times to 90 days, and usually giving 30- or 60-day pricing regardless. And analysts are busy thinking about all of this. One…(read more)
Source: Mortgage News Daily
