02-12-2009, 11:58 PM
I have been in the mortgage business for nearly 35 years in Ohio. My recommendation, always deal with a reputable bank or Savings & Loan. Mortgage Brokers must sell their loans to various investors. These same investor appetites come and go. In my opinion, this particular mortgage broker cannot find an investor to take his clients loan even though it sounds like A+ paper. The S&L I work for has gotten involved in the middle of deals many times, and while there is a lot of pressure to close on time, someone needs to explain to the seller the problem and that while everything will be done to expedite the deal, it may be delayed. I would hope that in this market, the seller would understand that it may be better (Financially) to wait another week than lose the deal and go back on the market for who knows how long.