Cash out refi, 30 year, issues

[Rebecca Beam]

Is anyone else having issues doing cash out refi on 30 years right now? I have 4 properties and one was already underway in the refi process and my current lender said they have pressed pause on doing nay 30 year cash out refi right now. 

[Chris Mason]

Originally posted by @Rebecca Beam:

Yes I already had the appraisal done, the lender just is not lending on 30 year cash out refi right now. Do yall know any lenders that still are?

 A local independent mortgage broker will be signed up with a bunch of different wholesale lenders. If ABC Home Loans stops doing cash out refis, no problem, she or he just sends the file to XYZ Mortgage instead (maybe XYZ Mortgage stopped financing 2-4 unit properties, or something else, instead of stopping the cash outs... each lender is attempting to manage this differently). Typically they are paid by the lender with funds that otherwise would have been spent on marketing and middle management sales staff, not by the consumer.