Sellers: Will You Get Paid At Closing?

In recent weeks we’ve seen several mortgage lenders close their doors and others dramatically scale back their loan products, tighten their underwriting standards, and stop funding some closings entirely.  In this market it is especially important that you know who the underlying lender is for the loan.  While the buyer’s loan officer may still be in business, many mortgage brokers do not fund the loans themselves but rather by lenders like Countrywide.

It is worthwhile to check in with the buyer’s loan officer every week or two till closing to verify that there’s still money there when you close!