Brokers Told to Take a Number by Certain Wholesalers? (More)

Late last week we blogged about how certain wholesalers are telling their loan brokers to take a number when it comes to getting approvals (and processing) on purchase money mortgages. We heard from a handful of brokers who said their wholesalers were different and from a few wholesalers who said they can move things along quickly. But we also heard from several brokers who said the ‘take a number’ stories are true. Here’s one such note: “Every  lender now is so slammed and just got more slammed with the Wells Fargo fallout. The loans don't get touched for at least 4 weeks but more like 5 or 6. I absolutely need a 60-day lock but tell the clients we should float. Don't forget the 3-day process just to review the GFE and if that gets rejected then it's another 3 days so it could take one week before I can even order an appraisal which just added another week on to the 5-6 week turn around time.”