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Notice to Loan Officers/Brokers
Posted By Barry Ritholtz On August 7, 2007 @ 10:30 am In Credit,Derivatives,Psychology,Real Estate | Comments Disabled
The following comes from a major U.S. mortgage writer. It is typical of what has been going on in the mortgage business over the past few days:
As you are probably aware, the mortgage industry is going through a major disruption. In response to these market conditions and to enable ******* to continue to serve our customers; we have made changes to our loan eligibility, appraisal rates and repricing of loans in the pipeline.
Thank you for your understanding; we realize the impact this will have on you and your customers however in order to continue to stay in business we felt it necessary to make these unfortunate
Now if only this had been sent out, oh, say about 3 years ago . . .
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