Thursday, August 16, 2007

Today's Mortgage Market

Alot of stuff on the news today about the mortgage market! We had news today that a primary mortgage source went under, leaving 3 MAJOR mortgage companies in Albuquerque without ways to fund their loans. This is causing a slight nail biting within our industry today, but take some sedatives and know this - ALL IS NOT LOST! Stick with a good mortgage source and you won't have any issues. IT'S NOT ALWAYS PRICE BUT SERVICE AND RELIABILITY! Here's a word from my mortgage expert, Tony Valencia at Superior Mortage: To whom it may concern: In light of recent events I wanted to keep you informed on the state of the mortgage market in Albuquerque. First Magnus which has many smaller companies under its umbrella has shut its doors. These companies have stopped taking loan applications and funding of their loans until other resources can be located. Finding other lending resources is a tedious task and may take longer than expected to obtain. Superior Mortgage is a diversified company that offers many more than one product and investor. We don’t put all of eggs in one basket. We are here to help the Real Estate community weather this storm. Please show respect to our fellow mortgage bankers as we are all hoping for the best and keeping high hopes that the storm will not last too long. We can help your clients and will take transfers if needed. Sincerely, TONY VALENCIA SR. Loan Officer/Partner Superior Mortgage Services (505)468-1768
Post a Comment

Blog Archive