Sub-Prime Shakeout
Well, the lender closings continue this week with a number of banks closing up shop or halting fundings on loans that have already been approved. One that surprised me a bit was the Loan Center of California. I thought that they were primarily an A paper lender, but news this week from some colleagues indicated that they were not funding loans that had been approved and docs had been signed. That takes a really special operation to do things like that. Bottom line if you are currently seeking financing for a new purchase or a refinance loan with a “smaller” lender, you may want to double check and make sure that everything is on the up and up before you paint yourself into a corner.
tags: finance, loans, sub prime