You've probably been reading the headlines about tumult in the mortgage industry. Nothing truly bad has happened to me (or to any of my clients), but we have had one close call. A lot of mortgage lenders are closing their doors, which gets kind of scary when you've got listings under contract and getting ready to close.
It's not as bad as the newspapers would have you believe. But it is an unpleasant situation.
I'd love to explain to you exactly what's going on, but to be perfectly frank, it's kind of hard to understand exactly how it all works, much less explain it. Fortunately, the Certified Mortgage Professionals Institute did a really good job in this article, The Saga of the U.S. Mortgage Industry.
Check it out!