Here is a different twist to the Adapting Mortgage Market (I refuse to call it Mortgage Meltdown Look at my previous post) Bank of Arizona is Shutting down their Wholesale Division and keeping their retail division open. Below is a email I got from them today
"Due to continued uncertain market conditions, effective as of 1 pm EDT (10am PDT) today, August 21, 2007, 1st National Bank of Arizona (FNBA) will focus on Retail originations and has suspended Wholesale and Correspondent originations.
Wholesale and Correspondent locks received prior to 1 pm EDT (10am PDT) today, August 21, 2007 will be honored.
Requests for Edits or Extensions to locks after 1 pm EDT (10 am PDT) today, August 21, 2007 will NOT be accepted.
FNBA Secondary Department "
This showe's us that Lenders are aiming to cut out the secondary market altogether and shift a little more responsibility onto the Mortgage Originator or Mortgage Broker. Quality and quality only this is the new mantra,
Sincerely Yours
Joel Silberstein
your Trusted Mortgage Planner
