Anyone else dealing with delays in getting mortgage because of bank lay-offs?
Posted on Mar 06, 2008 under mortgage |Just wondering if it’s only us. Our refi has been pushed back at least a week because the bank we’re using has laid-off so many people.
If there’s a backlog, why aren’t they hiring more people to deal with it?
I want to say 5.75%
March 6th, 2008 at 11:19 am
Banks don't want to hire any more people right now, because they're not sure that they will have enough business to support them, long term. Maybe you got unlucky and applied at the same time as a bunch of other people, but that doesn't mean it makes sense to hire people who would sit around 90% of the time with no work to do.
Besides, I hate to say it, refis ALWAYS are a lower priority than closing purchase loans, b/c the purchase loans are more time sensitive (fixed closing date).
Just be patient and if they are delaying you beyond a week, tell them you will go somewhere else (assuming you can get the same loan elsewhere) and then do it if they don't shape up quick.
March 6th, 2008 at 11:19 am
I know the lenders have been working over time because the rates were low the past few week. I was getting my clients 5.5 rates. It use to take two weeks. It has been taking a good 30 days because of underwriting time. What rate are you getting?