Summer Time…

July 25th, 2012

When the lending world almost grinds to a halt… (today it just might have)

Some days it seems like that. Turn around time on submissions to lenders go from 24 hours to 72 hours to… is there anyone not on vacation this week looking at deals? Appraisers taking vacation who are already up to their eyeballs trying to clear out deals that are not high priorities.

Lawyers on vacation and the list goes on.

We hit a new twist today that I’m sure has really messed up¬†literally¬†every brokers plans today. The only software (ok 95% of deals submitted) we use to communicate deals to lenders with, hiccuped on Monday and has been down all day today (Wednesday).

I would imagine there are a few new grey hairs starting today if people didn’t have deals submitted or the only information they had exists solely within this wonderful piece of software.

My how we’ve become dependent upon a single source for doing our business.

I have to wonder what the cost of having this system down for 1 day is going to be. How many last minute deals just died as a result?

We all might have to dust off our fax machines and find the lenders fax numbers. For the new brokers, wonder how many have sent a “manual” deal to a lender via fax? I know I haven’t in the last 5+ years.

We’re one of the lucky national brokerage offices. We have our own internal software system that is a backup (and today primary) system to our regular submission system. We at least have a way to determine manually if the deal works and can find ways of sending applications in.

Interesting times.

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