This post goes out to all of the people being affected by the so-called "Subprime Implosion". The effects are starting to take place. Subprime lenders are packing up and heading for the hills. I had contact with the first Subprime representative in about 3 weeks. That speaks for itself. The word from him was that many of the reps, if not close to all, are looking for new employment, some in the business, most all in other fields.
If you are an agent, and are feeling the effects, please share your experiences so far. Make sure your "pre-approvals" are coming from reputable sources, and run through the situation with the Mortgage Broker, if your are comfortable, to protect your investment into your client.
Check out this site, it is a great breakdown of why financing is a lot more difficult on our end.
Mortgage Lenders Subprime Implode
There are still a lot of good, strike that, great lenders out there, it is just a little more difficult to place borrowers with shaky credit.
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