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Monday, September 15, 2008

Daily Observations - The Times They're Changing

Well I could not go tonight without commenting on what a very exciting day we all had. B of A buying Merrill with 48 hrs to make the buy decision, Lehman filing for Chapter 11, WAMU and AIG at the end of the day having their bonds downgraded to "junk" bonds, and who can forget the worst day since 09/11 for the Dow.

Now that I have your attention. It is our responsibility to keep our clients informed as to all the changes that are occurring in the financial markets, because lenders are changing their programs as fast as I can type today.

Today one lender changed a major program that they have been offering, Others are just not lending, clients should take the first deal that you can get done. Tell your clients to stop the shopping and tell them to take a loan when it is offered because tomorrow that same offer may be off the table. Try to convince your clients to get documents back to you asap, so you get the deals into underwriting, because every day a deal does not go into underwriting is another day that the lender may change their mind about the particular LOI they had offered your client.

For more good sound advice on loans visit our website at loanforbiz.

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