Well it finally happened to us...one of our lenders went under before they funded a loan a closed deal. A re-fi that closed yesterday will not fund because the lender, First Mangus, stopped funding deals. Pretty crappy if you ask me....FM should have alerted us so that there was a possibility that this could have happened. I spoke to our rep on Tues, and he never mentioned any issues....
Now we have a borrower that is a float, and we, as a firm, our out our commissions on the deal. Boy, ain't life grand....
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