Mortgage Blog

I got an email this morning that the borrower was very unhappy about
the lender's turn around time. For the lender Amtrust, the turn around
time is around 45 day or more.  They are reviewing the files we submitted
August 26th. And for new loans, I will submit to another lender with
around 30 days turn around time. But this lender needs a complete package.
Otherwise the turn around time will be also 45 days. For Provident Funding,
the approval is fast, but the whole process also take around 45 days.

The bond market's reaction to the job market is normal. We all know that the economy is not good. And the low rate will stay for a long time. At least most of the next year or after. So be patient to close the loan and if your rate locked a little bit higher, you can refinance later. You will never know how low the rate will go. If Goldman Sachs prediction is correct, the bond will go to 2.25%. We are still not there yet.

Be patient, work closely with your agent and we will have the loans closed.