This is a guest post written by Mike Krumholz of Fairway Mortgage:
I wanted to give you an update on where things are in the Mortgage World to date. Our market is currently very fluid, so we are getting updates all the time. These changes are not unique just to Fairway – this of course is industry wide.
Summary of how servicers impact the mortgage business and what is causing them to pause
To be very transparent the mortgage business is in a tough place currently. It’s not because of lack of business… it truly is because of a bottleneck that is forming at the servicer level. The problem arose from the fastest ever economic adjustment the world has ever seen. Here is a high level explanation of how the process works:
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