This Will Help You Understand What Your Lender is REALLY Dealing With

There is a tremendous amount of frustration between agents, clients and the lenders today as the mortgage mess gets worse and worse.  This will give you some insight to what your lender is dealing with today. 

When you log-on to the Countrywide website today, August 10, 2007, to check on a loan guideline or to get a rate, you get the following disclaimer:

IMPORTANT NOTE:


Due to the rapidly changing mortgage market, our product availability and lending guidelines are subject to change frequently at this time.

For the latest product and guideline adjustments, please go to Products on the Home Page of CWBC.   Please note that, while some products and guidelines may change, CWBC may not reflect those adjustments immediately.   We are working to update our automated systems as soon as possible.  

However, automated loan decisions on CWBC will not be issued a final Countrywide loan approval if the loan submission falls outside of the THEN CURRENT lending guidelines.

If you have any questions or need assistance structuring a loan transaction under the most current product and guideline set, please contact your Countrywide Account Representative.

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Now, I don't want to hammer on Countrywide alone as all of the top banks are doing the same thing but this is a company whose slogan is "no one can do what Countrywide can."

In addition, the mission statement that you can find on their website says "...reputation is predicated on devotion and determination to achieve total customer satisfaction; goals of this initiative are to build trust, strengthen relationship..."

I believe its very hard for agents and mortgage lenders to build trust and strengthen relationships with our clients when the disclaimer on the website clearly is telling us to pre-qual and then PRAY that the program still exists the day when you go for a final approval in underwriting.

The new slogan for every bank out there should be "No one can promise what we can promise. Pre-qual and pray!!"