Brokers: 1/3 of August loans failed to close

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We’ve got one of the first pieces of data on what happened in the real estate market in August, and it’s not good: a survey of mortgage brokers finds that a third of the loans they originated failed to close.

From the AP: ‘A third of home loans originated by mortgage brokers failed to close in August as investors shied away from riskier borrowers, a new survey says.... ‘There’s a problem with funding commitments not being honored’ by lenders, said Thomas Popik, who designed the survey for the Washington-based research firm Campbell Communications.... The survey also found that nearly half of borrowers with adjustable rate mortgages were not able to refinance their loans.’

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Hat tip: SidelinedBuyer