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Is the party over for mortgage lenders?

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Mortgage Professional America | 14 Apr 2013, 07:41 PM Agree 0
(Washington Post) -- JPMorgan Chase and Wells Fargo, the nation’s largest banks, reported Friday a decline in applications for home mortgages, a sign that the strength of the housing recovery may be waning.
  • Stan Brody | | 15 Apr 2013, 05:20 PM Agree 0
    When.... if ever... will the experts and media get it... today some 40% of every transaction closed is investor of REO's and short sales... bulk sales to investment groups are common... The increases being experienced in prices are not real... Today, still, over 20% of homes are still underwater... thus shadow inventory of REO's... deliberately delayed foreclosures and short sales created a shadow inventory that is far greater than the "experts" have a clue...There is no real true recovery ion the owner occupied markets... The actions of the lenders are either unwittingly or deliberatly creating the next housing bubble...
  • Chris W | | 16 Apr 2013, 10:41 AM Agree 0
    Maybe Wells Fargo & Chase's numbers are down because they both suck as lenders and more people are using local lenders and brokers since they provide far superior service. I bought with WF 11 years ago and while I don't remember exactly how many people I spoke with, it must have been at lease 5, all in different parts of the country. I had to resend the same paperwork countless times. I never worked with Chase personally, but I've heard the same thing with all of the big 5. It's one of the things that got me into the mortgage industry. I knew I could serve my clients better than that.
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