Are any banks still writing loans?

Question

The lenders I have spoken with all have limited offerings and the pricing is way up.

The lender I generally work with just:

Raised rates 1.5% and 4k processing fee up from 400.

Share Ross · Answer

Three lenders that I work with are still writing loans and said 'it is up to the lender about the rates.' They have not raised theirs to my knowledge.

Eric Jubeck · Answer

There is a lot changing day to day, and certainly an increase in lender overlays being more restrictive. But, the banks are still writing...

Share Ross · Answer

Hey @Shawnette Pankey I don't think I can post their info in here? If you're looking for Florida people, let me know.

Patrice Boenzi · Answer

@Lesley Resnick the loan officers I work with are still writing and some are actually busy!

Jenny Roman · Answer

@Lesley Resnick @Share Ross  Hello there, as a hard money lender our pricing matrix has not changed during this uncertain time. We value our clients and want to set them up for success not failure. I must agree that appraisers and underwriters are swamped and turn around times are extended slightly. In lieu of  other lenders around me closing their doors, our criteria and requirements have tighten up a bit yet we are originating in FL and TX.

Share Ross · Answer

Yes, things are still moving forward here. Depends on the willingness of all parties, of course and definitely staying safe! But in the case of lenders? Just got my buyer an FHA loan with a rate of under 3%. He could have closed in 15 days if he wanted to, but he needs more time for moving reasons. :-)

This is a note from one of my lenders (they do their own underwriting) here in Southeast Florida: "My friends at Chase said they now want 20% down and a 700 credit score.A realtor called me today stating that the VA lender changed their guidelines right before closing.We are still lending with no changes.  We are still underwriting in 24-48 hours."

I hope that helps with anyone wondering about lenders.

Raymond J. Rodrigues · Answer

Rates are still great over here despite everything that’s going on. Being a seller servicer lender in these times of distress makes a big difference in what you end up with.

Lawrence Johnson · Answer

The market has changed drastically over the past few weeks, but we are still writing loans. Guidelines are changing daily so don't be surprised if what you were told could get done yesterday may be different today.

We are praying things will stabilize soon.

Shawnette Pankey · Answer

Do you mind sharing the lender's names?

Lesley Resnick · Answer

That is awesome.  I am rooting for you.

I have heard that VA, FHA and Fannie are still lending, but are slowed down by the servicing companies who need to buy the paper.

Are any banks still writing loans?

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