RECOMMEND A LENDER?

A survey done last month of more than 2,400 real estate agents by Campbell Communications shows that 40 percent of those polled have altered their lender recommendations in response to the troubled mortgage market. Most associates now recommend the lender owned by their brokerages, with Weichert Financial, Coldwell Banker Mortgage and ERA Mortgage ranking higher than such national lenders as Bank of America, Countrywide Home Loans and Washington Mutual. During the past few months, respondents noted that over 33 percent of home purchases were not finalized, with mortgage-related problems responsible in 13 percent of failed deals. Low credit scores and inadequate incomes or downpayments were the biggest problems, according to agents, some of whom complain that lenders take too much time seeking approvals on mortgages for which the borrower does not qualify.

Source: Originator Times (01/07/08)
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