June 3rd, 2011 10:03 AM by Eric Fang
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 theyhave more loans than they can handle, they shouldincrease the interest rate to reduce the pipeline.
But they did not, and the underwriter told me thatone branch office has more than 900 loans with onlya 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.