August 30th, 2010 update
Wells Fargo has indicated that they are prioritizing subordination files based upon expiration of interest rate lock periods. We are not sure if that is a good thing or a bad thing.
Pro’s- it means that if you have a tight deadline due to an interest rate lock that is expiring in a few days you might get priority over other subordinations.
Con’s – for those that plan ahead and are managing refinance transactions well, it could mean that you may or may not receive an approval when you should because of another file that could bump yours by a day or two. Just because you have a longer expiration period does not mean you don’t “intend” to close well before the lock expires.
Have a good week,
Nationwide Subordination Staff
