“3 Months After Closing, Lender Can’t Selling the Mortgage”

They told me, they should not have closed the loan, as there were 4 accounts on the credit report that indicated, they were in dispute. Since this issue was not resolved prior to closing, they can’t sell the mortgage. This issue could have been resolved very quickly, but the lender never brought up the issue.

The lender that closed the loan can’t sell the loan into the secondary market and if borrower doesn’t want to cooperate, the lender has a problem. Since I do have a good working relationship with the borrower and the lender, I’ll get the problem fixed.

All lenders these days have these types of challenges. The secondary market requires all T’s crossed and I’s dotted, if not, they won’t buy the mortgage.

This is the main reason that so many mortgages take so long to close. When that underwriter signs off on any file, their A$$ is on the line and the lender risks not being able to sell the mortgage.

The sad part of all this stuff, there are so many Government regulations that lenders deal with these days, this pattern isn’t going to change anytime soon.