Last week, we were informed that many of the large banks are now requiring 60-day locks for purchases and 90-day locks for refinances due to high loan demand. Many of the larger banks are trying to control costs (people) after acquisitions of other legacy lenders Countrywide, Washington Mutual and Great Western that have been bogging down profits in the mortgage business.

As a mortgage banker we can still close a loan in 30-days and recently I closed a purchase loan in 15 days. This is because we have delegated underwriters that are approved to underwrite loans for all the big lenders. Mortgage bankers are different from brokers in that we fund our loans in our name with our money and we also underwrite the loans with our staff. Brokers are hired guns, they collect all the necessary loan information and then submit it to the lending bank for them to underwrite and are subject to the bank turn times just like direct lenders.

Having quick turn times will become even more important when the new NC purchase contract is required to be used. The new contract will have dates that must be met for commitment from the bank; if those dates are not met then your borrower can lose their earnest money even if they cannot qualify for a loan (more on this later).

We can help you even if your client has already begun the process with another lender. We will speed the road to closing and get them in their new home or have your client in their new lower rate after refinancing with predictable results.

Apply for a home loan with us now http://www.valeocroyteam.com/files/uploads/CA555B75-34A1-4DBE-BABF-2DA2AD51B5C4.pdf its easy to do.  You will have your answer back the next day with real answers from the person who will be doing your loan.  Not a call center. (Hit the refresh button if it does not come up right away.) Print the form to a PDF and email it back to us and you are good to go.

All our best for the upcoming week.

@ The Valeo-Croy Team, we are here for you.

The Valeo-Croy Team - (704) 366-7711

Todd Croy - NMLO license #91428
Deanna Valeo - NMLO license #91421

Accessible | Program Expertise | On-Time Closings

The Valeo-Croy Team and Cunningham and Company Mortgage Bankers are Equal Housing Lenders.

This information is for illustration only. It does not constitute an application for a loan or an offer or commitment for Cunningham and Company to make a loan on these terms. Interest rates are subject to change until an application is completed and you lock in your interest rate. The figures noted are estimates and may vary depending on discount points, taxes and insurance. Programs, terms and conditions are subject to change without notice. Mortgage loans are subject to credit qualifications. Normal credit standards apply. Date: 8/23/2010