Refinancing Lenders are Bursting at the Seams

March 2nd, 2009

The current big drop in mortgage refinance rates was a welcome present for ailing home loan lenders.  Refinance applications were drying up before the dip in rates, and many lender offices closed or reduced staffing levels to the most minimal amounts.  With the recent falling interest rates, mortgage applications have soared almost overnight, and now refinancing lenders are bursting at the seams with new business.

 

The problem? Well, as mentioned earlier, refinancing lenders are still at bare bones staffing levels. This is causing many problems getting loan applications processed in a timely fashion.  In what normally is a 30 day turnaround time on average to close a refinance loan from application to closing, is now taking up to 60 days and sometimes more if there are any underwriter stipulations at all.

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Entry Filed under: Business

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