(Weekend Update: August 22,2010)
Being that we process scores of subordinations for clients and we are kind of on the front lines of it all, I just thought we would throw out a quick observation as we head toward the stress of month end closings and as the number of calls and e-mails normally skyrocket checking on the status of a subordination.
The thing that is kind of strange is how loan officers make subtle remarks about other subordination units from other large banks. For example:
One huge bank loan officer making a remark about another huge bank subordination unit taking so long or having to jump through hoops to get one approved. Or, another remarking about the turn-time for another regional bank or Credit Union. It is sort of ironic.
Hey friends! The turn time and resulting approval, no matter how big your bank or credit union is, all depends upon the underwriting guidelines for the specific borrower at hand, whether the loan is a HARP/HASP/HAMP eligible program and the existing work load. I say give everyone a little break. Refinancing is again dominating purchase business due to interest rates dropping. Everyone can chime in on the blogs about whether that is a good sign for the economy and housing sector or not.
We look forward to a great week coming up and hope everyone has had a great summer! School is around the corner!
