We’ve been hearing complaints lately from loan brokers that some of their wholesalers have been telling them to “take a number” and wait if they bring a purchase-money mortgage to the underwriting window. The priority for these wholesalers is refinancings. One broker even reported that a certain wholesaler (no names please) told him they’ll make a funding decision by early September. (It’s now July 27.) We don’t know if these stories are exaggerated, but one thing seems certain: a wholesaler with capacity and commitment could clean up in today’s market. It also appears that retailers refuse to hire more processors and underwriters, instead opting to overwork current staff.
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