Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (Sun West Mortgage Corporation)

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Rainmaker
1,289,051
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Just received an email this morning regarding another lender pulling out of the Jumbo market, Caroline Gerardo  ... this is going to get interesting ...

Gene

Apr 03, 2020 09:21 AM
Rainmaker
1,335,778
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I saw the news yesterday in Reddit about various lenders pulling out of the market.  Looks like a couple are pulling out of the Jumbo market as well.  Right now, everything is on hold so it's not impacting anything at the moment.  We'll see what happens once things get back to normal.

Apr 03, 2020 08:50 AM
Rainmaker
5,161,833
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Caroline,

I have not heard that from our clients.  And thank you for always being a problem solver.  A

Apr 03, 2020 08:46 AM
Rainmaker
3,826,569
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Regardless of loan amount, I don't think "ghosting" benefits anyone at any time except maybe that friendly guy known as Casper.  

Apr 03, 2020 08:45 AM
Rainmaker
1,115,628
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Jumbo and subprime (QM) has been put on hold across the board for over a week. There may be some Mavericks out there still offering them. So far not seeing any major VA issues and I do not have any FHA buyers...rarely do anymore.

Apr 03, 2020 10:47 AM
Rainmaker
611,292
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & OC Laguna Nigel

Our lenders are quite reliable and responsible.

Apr 03, 2020 10:02 AM
Ambassador
3,924,973
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I received notices from both my Bank of America and Wells Fargo private banking lenders and they are still doing jumbos...and their rates are great too!

I'm not sure if their counterparts who work the branches are able to offer them but, working with high net worth individuals, they have to keep the jumbos going.

Apr 03, 2020 09:53 AM
Rainmaker
1,658,355
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

I've only heard about FHA problems. I'm sure they are cherry picking as they were just before the virus.

Apr 03, 2020 08:57 AM
Rainmaker
2,589,064
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Excellent question...lets find out

Apr 03, 2020 12:57 PM
Rainmaker
1,797,461
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

That number would leave me out even if I were still active Caroline Gerardo . I don't believe there have been six million dollar sales in the history of Minot ND.

Apr 03, 2020 12:15 PM
Rainmaker
6,150,420
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

We need to anticipate many changes.

Apr 03, 2020 09:31 AM
Rainmaker
834,410
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

We will have to find alternatives. Buyers may face higher interest rates. They can refi later.

Apr 03, 2020 04:38 PM
Ambassador
2,444,254
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Got nothing here Caroline.

Apr 03, 2020 03:27 PM
Rainmaker
1,118,526
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

I imagine there will be more than appraiser required. Needing a realtor as 3rd party to validate the value.

Apr 03, 2020 11:42 AM
Rainmaker
2,945,895
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

My lender is still closing loans in 30 days or less. 

We are in some ever-changing and challenging times.  No telling what tomorrow will bring. Stay safe! 

Apr 04, 2020 08:06 AM
Rainmaker
514,661
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

The stimulus bill put mortgage payments on hold for 6 months. if you were lending your money would you wait until payments started back up or wait and see?

Apr 04, 2020 03:17 AM
Rainmaker
3,507,344
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Caroline, part of this is since their money was coming from Wall Street and now their money has evaporated, hence they are MIA...Endre

Apr 03, 2020 11:22 PM