August 21st, 2007 by jason

Just received this via email:

Due to continued uncertain market conditions, effective as of 1 pm EDT (10am PDT) today, August 21, 2007, 1st National Bank of Arizona (FNBA) will focus on Retail originations and has suspended Wholesale and Correspondent originations.
Wholesale and Correspondent locks received prior to 1 pm EDT (10am PDT) today, August 21, 2007 will be honored.
Requests for Edits or Extensions to locks after 1 pm EDT (10 am PDT) today, August 21, 2007 will NOT be accepted.

Looks like the credit crunch on Wall Street is taking its toll even with the emergency move by the FOMC to lower the FFR by 500 basis points last week.  While making money easier to access for banks, there is still the main issue of the drastic changes in underwriting guidelines by Wall Street MBS investors which translates into entire product lines being eliminated by all mortgage lenders. This will continue.

tags: closing, credit crunch, economy, first national bank of arizona, fnba, mortgage

Content Tags:Closing Credit Crunch Economy First National Bank of Arizona FNBA mortgage