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Mortgage Professionals Continue to Feel the Effects of Hurricane Harvey

The natural disasters are beginning to climb to new record breaking heights. Mortgage professionals in Houston are still worried about continuous effects that arose from Hurricane Harvey.

This week, Rob Chrisman provides as much clarity as he could for small mortgage bankers who are facing a tough situation.

“Rob, what does a small mortgage banker do that has most of its production in Houston area loans and now has several loans that have funded and are on the warehouse line and now before they could be sold, many of them are flooded?” asked one of Chrisman's readers.

"That’s a tough spot but one that happens more often than we think. The best-case scenario is that your warehouse line is willing to work with you on holding the loan until repairs are finished (without increasing the rate)," said Chrisman in his weekly rundown.

"And then the investor is understanding about the aged loan when you finally can sell. Best to be very close to these borrowers and make sure they will and can repair ASAP. Worst case the warehouse will want you to buy the loans back or take a large curtailment."

Meanwhile, Chrisman also provided updates on how companies like Wells Fargo and Cornerstone Home Lending are excelling when it comes to dealing with the aftermath of Hurricane Harvey.

For more on the continuous effects of this disastrous event, click on the image above.

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