CMG Mortgage, a national wholesale lender, said it is temporarily suspending production of HARP 2.0 loans through loan brokers because of problems associated with long turn times.
Company president Chris George stressed in an interview with National Mortgage News that the move is “strictly temporary” and that in time the product will be back on its wholesale menu.
In a memo that George sent out to the firm’s brokers, he said, “Service has been the calling card of CMG. Our turn times do not make us happy, you happy, or your borrowers happy. We have heard you. While we truly believe in this product, we feel the need to temporarily stop taking HARP 2.0 loans to allow us to catch up and deliver on the promise of service you have come to associate with our company.”
The move became effective Wednesday, Aug. 22. “All existing loans that were either submitted or locked on or before Tuesday 8/21 will be accepted and can continue to close,” the nonbank lender said.
Based in San Ramon, Calif., CMG is licensed in 45 states.
In general,
