Slowpokes to Close a Loan?

It's all about making a profit and not worrying about the customer because if the customer doesn't like it, he can go across the street where there's no longer a mortgage lender to compete against. Anyway, that's the kind of attitude some mega lenders are supposedly taking these days, and that's why it's taking them 90 to 120 days to close loans, or so I've been told. I won't name lender names, but earlier in the year I did a story about how some firms (among the top five) were taking at least 90 days to close -- with several of these players confirming that. Perhaps, that's the new mortgage reality. But recently I also interviewed such mid-sized and hungry lenders like Cornerstone Mortgage and Total Mortgage Services with their CEOs boasting (sort of) they could close a new mortgage in just a few weeks. Perhaps, there's a new world order about to take over in mortgage banking? Probably not and the reasons are these: capital, cash, risk retention, and coming regulatory changes. Discuss amongst yourselves…