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ARM Rate is up
June 3rd, 2011 10:03 AM

I was so surprised that the lender did not increase
the ARM rate untile yesterday. They should have done
that two weeks ago.

This is the basic strategy from the lenders. When they
have more loans than they can handle, they should
increase the interest rate to reduce the pipeline.

But they did not, and the underwriter told me that
one branch office has more than 900 loans with only
a few underwriters.

Don't get surprised that we have loans which can not
closed within 45 days.

And be patient. And this lender(Provident) will
ask lots of loan documents, more than you can
imagine.

Good luck. And have a good weekend.


Posted in:General
Posted by Eric Fang on June 3rd, 2011 10:03 AMPost a Comment

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