August 6th, 2009 6:01 PM by Eric Fang
I sent two sets of emails out to my clients today. One email to my current client with TBW loans, just told them that they will receive a letter from a new bank about where to send out the next payment. And another email to my clients whose loan was about to close(should be closed last week), but we did not get the funds because of the failure of the lender Talor, Bean & Whitaker.
All those clients got the best rates, with 5/1ARM around 3.75% to 3.875% and 7/1ARM aroun 4.125%, all no closing cost. Are those rates are good rates? Sure, they are. Those rates are almost the lowest rates since 2000. Unfortunately, I did not have enough time to get all of them closed(I am so sorry).
I watched the lenders closely since last year. And we already stopped submitting loans to this lender since beginning of July. And I hoped to close those loans asap to avoid the blow-out. Given two more days, those loans should be funded.