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caliloanguy
49 Posts |
 Posted - 07/31/2008 : 3:42:15 PM
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I'm involved in a contingent sale that requires my client use the sale proceeds of his current home to buy a new home. The buyer of my clients home is using WaMu for financing. The WaMu LO keeps evading questions from the buyers agent and buyer about closing in a timely manner (i.e., by next Wed.), yet the buyer is 100% committed to the WaMu LO and won't consider speaking to anyone elase (like me!).
Is WaMu still closing loans that are in the pipeline? This file has been with WaMu for almost 60 days.
Thanks! |
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dkendall1979
10288 Posts |
Posted - 07/31/2008 : 3:44:08 PM
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Only time will give the 100% correct answer.
Not what you wanted to hear, but the truth. |
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caliloanguy
49 Posts |
Posted - 07/31/2008 : 4:04:19 PM
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| That's interesting -- I know a few of their (former) top retail LO's and they have all left for "greener pastures". In fact, a former WaMu LO stopped by the office to speak with us about opening his own shop. According to him, WaMu was done, although he did not elaborate as to the status of loans in the pipe. |
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gcraig
150 Posts |
Posted - 07/31/2008 : 4:09:18 PM
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| I have a friend who is a LO at Wamu in Socal and he says their turn times are over 30 days (at best) with many stips... |
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Agent_Mike
375 Posts |
Posted - 07/31/2008 : 4:10:03 PM
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| WAMU stock closed at $5.33. That represents over a 50% decline from only several months ago. WAMU will be like Indymac and will soon become Washington Mutual Federal Bank. They are suffering a slow death. |
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KevLamb
501 Posts |
Posted - 07/31/2008 : 9:19:33 PM
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WaMu is still originating loans. They closed down all the mortgage only offices. All loans are originated through bank branches or one of several call centers.
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