Some Shops Reporting Record Loan Production for August, Hiccups From Appraisal Delays and Underwriting Shortages
September 15, 2016
Some of the nation’s largest originators – including Quicken Loans, United Wholesale Mortgage and Freedom Mortgage – are reporting record originations for August, a boom that’s also resulting in headaches industry-wide: namely appraisal and underwriting delays. At this point, few are describing the delays as a crisis, but with September half over, certain originators fear that longer closing times will eat into profits while angering borrowers. “I have...