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Kuranda Mortgage is a proud sponsor/advertiser for all of the televised NCAA Men's basketball games for a third straight season. Coverage of televised games cover 10 of the 15 states Kuranda Mortgage is licensed in. Good luck to both the Men's and Lady's Division 1 teams, and Go Make That Tourney!


July 12, 2010
via email

Hi Tom,

Sorry it has taken me a few days to get back to you.

I have decided not to go through with the re-fi due to the lower than expected appraisal and the resulting lowering of the Chase line limit if we were to re-finance.

We are a one income home right now and it is important to have the HELOC as a safety net for those times when we really need it. Thats the main reason I got the HELOC in the first place. It is prime minus a half for another for another 5+ years.

Please know that my decision in no way reflects any disatisfaction with your services or that of Kuranda employees--all of which have been exemplary. I will have no problem reccomending Kuranda to friends and family and Kuranda will no doubt be my first call for future mortgage related services.

Thank you so much for your time and consideration.

Sincerely,

Carl
PA


June 16, 2010

Kuranda Mortgage recognized for support of Freedom Valley YMCA Youth Sports League

View Recognition Letter


June 16, 2010
via Client Satisfaction Survey

Mark Weigle was very pleasant to work with. He was always on top of things!

We don't know of anyone to refer at this time, but would gladly refer Mark to anyone looking to buy a house or refinance.


May 13, 2010
via email

Tom,

On behalf of the Freedom Valley YMCA, I would like to thank you for your continued support and dedication to ensuring the continuation of instructional youth sports programs for the youth of our community as a league sponsor and volunteer coach. With out dedicated individuals as yourself, it would not be possible for the YMCA to have the impact it does on so many individuals.

Your contribution in Youth Sports League Sponsorships is greatly appreciated. Your tax deductible contribution can be sent to my attention at the Phoenixville branch. I will see to it that it is distributed appropriately. In addition to your companies name on all related league uniforms, you will receive 2 banners; 1 each at the Spring Valley and Phoenixville YMCA’s.

See you at Coach Pitch this Saturday,

Dan

Daniel W Babiak
Association Sports Director
Freedom Valley YMCA


April 2, 2010
via email

Tom,

Just wanted to let you know that everything went smoothly last week with our closing. Toni had everything ready to go for us. Thanks again for everything.

Andrew


March 31, 2010
via email

Dear Tom.

What an established company and great team you are blessed with. Your processors Kelly and Toni were amazing through the whole loan process. We closed all 4 rental properties, ALL jumbos, on the same day. Todd the loan officer was outstanding as well. He held our hand all the way through and convinced me the rates were better than Trident's. He was absolutely correct. As a fellow Villanova Graduate and local business owner as well, I will be sure to recommend your 2 companies to everyone who will need a mortgage.

Many Thanks

Glenn K.


March 12, 2010

Kuranda Mortgage recognized for support of UMLY Triathalon

View Recognition Letter


December 18, 2009
via email

To: Kelly Musselman
Subject: Re: FINALLY!! Appraisal is in and Attached**

**We r done!!!! Thx so so much for everything!!! U were great to deal with and the process was great!!!
Sharon**

**Sent from my Verizon Wireless BlackBerry**


September 2009
via Client Satisfaction Survey

Well above my expectations. Mark Weigle was very easy to relate with both professionally and personally. He handled my refinance in a quick, easy, enjoyable, and (most importantly) prefessional manner. Mark is a tremendous asset to your corporation.

I would not hestitate to use Kuranda Mortgage again and I enjoyed the personal service of a smaller, local company.


August 2009
via Client Satisfaction Survey

Something I would recommend for improved client satisfaction in the future would be:
It is difficult to find seomthing for Mark to improve upon. He is as informative as he is helpful and personable. It was a true pleasure to work with Mark, we will not hesitate to use him again or to refer him to anyone we know looking for a mortgage.


July 2009
via Client Satisfaction Survey

Regarding Mark
Great. Informed along the way of the status of my application. All questions answered.


July 14, 2009
via email

I have to say that Kuranda Mortgage has the best loan processor there is to offer. Toni Hill is very accurate and quick. She has great communication skills that are vital for loan officers to be as successful as they can be. It is highly recommended when in need of a mortgage, Kuranda is your #1 choice.

Respectfully,
Sean C. Viscuso
GYSGT USMC


June 10, 2009
via email

We are repeat customers. Both times we have been very happy with you service at Kuranda

Overall, I would describe my experience with Kuranda Mortgage & Mark Weigle as: Mark was efficient and kept us informed. Even when things were uncertain such as the appraisal process he gave us straight advice. Things I read in the news echoed the advice Mark gave us.

Karen and Bruce V


June 5, 2009
via Client Satisfaction Survey

Overall I felt that Mark was very helpful in providing quotes. He was a pleasure to work with. Mark was patient with running quotes for the multiple scenerios that was requested. Mark's turnaround time was impeccable considering the significant influx of business to refinance during this time. He did his best to provide the necessary information timely. Mark was also very solution-oriented and did a good job explaining what some of the terms were and overall he made the application process quite easy.


May 15, 2009
via email

comment on Kuranda title/DCA abstract co.

Thank you!

Your files are a pleasure to review! As soon as I see that the file is from you guys I relax a little cause I know it will be clean.

/*/Tom Withiam/*/
/*/Provident Funding Associates /*/
/*/11 Parkway Center/*/


May 13, 2009
via email

Dear Mr. Kuranda,

Sorry for not using your client satisfaction form. I am traveling and it is far easier to write you and describe my experience with your firm.

I am a second time client of the firm having worked with Seth French three years ago. I found Mr. French very professional and knowledgeable. It was a joy and pleasure to work with him and your firm.

This time around I asked for Mr. French and found he was not available. I hesitated to move forward with Mark; however, in a very professional sales manner he described to situation and asked if I wouldn't mind restarting the process with him. I agreed and the ball started rolling forward.

Mark is among the most knowledgeable real estate guys I know. He was quick (and thorough) in understanding my situation and goals. The underwriting process was carefully described to me including those issues that could slow down the process. In three weeks we accomplished our mission and along the way he communicated well with me. The settlement process was straightforward. It was scheduled and all documents were prepared correctly. The settlement officer at Delaware Abstract was as professional as well.

I hope this memo accomplishes your goal of understanding my satisfaction with your firm. You will continue to have great success if you surround yourself with many more Mark(s).

Thanks again, Daniel


March 17, 2009
via email

Also, I referred a few colleges to you for a refi/mortgage. I hope you get their business as well. We've been happy dealing with Kuranda and should we move ( i hope not it's too much work!), we'll definably be in touch.

Brandy


February 13, 2009
via card

Thank you so much for your help in getting my refi done. I owe you both lunch.

- Stephen Magliocco


January 17, 2009
KYW1060AM Philadelphia's top station for news

Local Expert Says Lenders Still Fear Big Mortgages
by KYW's John Ostapkovich

There's a mortgage refinancing frenzy underway but only for some homeowners. Those who owe the most money have the least chance of getting a new deal.

Thomas Kuranda, president of Kuranda Financial of Wayne, says the default problem has been toughest among jumbo mortgages, those above the magic number $417,000, so not conforming to Fannie Mae and Freddie Mac guidelines. This means lending that much money is riskier than lending less:

“The banks that used to do this, Chase, Wells Fargo, Citi, SunTrust, they don't want to do jumbo paper because there's nowhere to unload it, so if they want to sell it they're going to have to charge 1.5 points, two points over the conforming rate."

Kuranda says his firm offers a jumbo adjustable mortgage but he has to tell nine out of ten callers looking to refinance a large loan that there's nothing to do until this problem is fixed.

Click here to listen to the interview



September 24, 2008
via email

Tom,

Thank you for all your work on this property. Unfortunately, the contract did not go through. This experience did teach me that Kuranda is the best place to get our mortgage. Thanks again.

************************

Fred and Emily
Ardmore PA 9/23/08

************************


July 24, 2008

Kuranda Mortgage is voted the Best Mortgage Company of the Main Line by readers of The Suburban and Suburban Advertiser
, and presented with their Readers Choice Award.


June 24, 2008
via email

Hi Tom,

I learned today that Provident Funding sold our loan back to Wells Fargo...so funny the way things turn out!

Thank you again for all the help you and Toni provided to John and me with our refinance last month.

Best,
Debbie & John


June 12, 2008
via email

Hi Tom,

Just wanted to so thank you SO much!! Rates, as you predicted are up (are you sure you don't have a crystal ball?) - thankfully you locked us in just in time. We will definitely be recommending you to our friends.

Thanks again!

Michelle and Jeff


April 03, 2007
via email

Hi Jeff,

I’m glad every thing went well yesterday. Big pizza party at the new abode last night! Lauren and David are thrilled.

Thanks for taking care of us!

Wishing you the best, always,

Nancy

PS. Got one more sister to go!

Nancy M. Pultorak


February 21, 2007
via email

I had driven by Kuranda's storefront in Ardmore many times. When it came time to look for a lender, I contacted my present lender, the one recommended by my realtor, and Kuranda. I met personally with the owner, Tom Kuranda, and an associate from that office. From the time I first contacted them via email to the day of settlement, everyone I dealt with was professional, courteous, available, and knowledgeable. Tom and his staff met my every need, answered every question, and provided competitive rates that could not be beat. We asked a lot of them, and they complied readily with every request we made. I am not an easily satisfied person. I research decisions like this thoroughly. Tom and his staff did not once let me down, and I would recommend them without hesitation. Tom, Dave, Rich.... thanks!

Chuck Keller
Valley Forge, PA


January 23, 2007
via email

Tom...I hope this email reaches you well.Approximately one month ago I engaged with your organization to do a refinance of my current jumbo loan.I wanted to commend Patrick Augustine and your staff for handling the situation quickly and honestly.Pat answered all my questions and never quoted rates or promises he could not keep.I own a business and the rule of thumb is that when you wait or hesitate with a prospective buyer...YOU LOSE...competition ends up moving in and winning the deal.Pat never waited,earned my business by delivering results and setting my expectations on a daily basis.There are many mortgage companies/brokers to chose from for the consumer today...it's the people who make the difference.Sincerely,

Derek Amoroso
expertserviceproviders


December 30, 2006
via email

My experience with Kuranda Mortgage was exhilarating. I not only received a wonderful interest rate, but was able to go to settlement early and thus save hundreds of dollars. In addition, the rate itself will save me $8300 over ten years compared to the competition's best rate.

During the months that I sat down with several mortgage companies, Tom Kuranda gave me impartial advice, telling me what to look out for in the industry. In the end, his associate Mark Weigle's detailed explanation of the type of mortgage I sought, won me over. Not once did I ever feel I was being pressured. Rather, the negotiations were always friendly and, I felt, uncommonly honest.

I would recommend Kuranda Mortgage to anyone who seeks the best professional care in this field.

And the best interest rate.

----Red Hamer, Chester County's best known author and photographer


October 9, 2006
via email

Hi Tom, thank you very much for taking your time explaining the closing documents to me last Friday. I hope your weekend was enjoyable with your family.

Can you please email me a copy of my home appraisal?

Thank you very much again. It has been a great pleasure working with Kuranda Financial Mortgage Company.

Sandy Ko


April 19, 2006
via email

Tom - thank you so much. I appreciate it. It goes without saying that I will recommend you, as I was referred to you (Jennifer Peoples used you probably 5-6 years ago).

My brother is my realtor and my aunt and uncle are the owners of Coldwell Banker Realty Professionals, and they will be pleased to hear that you gave me a good deal. Coldwell Banker mortgage wouldn't even match your rates, and they were as high as 6.554% for a 60 day lock and don't do 45 day locks.

Thanks again, Meggan


March 10, 2006
via email

Dear Jeff,

Yes, the funds have been wired into our account. Thank you for helping us through the process. It indeed went smoothly and I credit you for that.

In 36 months if the rates are down we will definitely give you a call. We will now be able to do some of the improvements to the house that we have been planning.

It was a pleasure doing business with you.

Kathy Kovolski


March 10, 2006
via email

Hi Fred,

Thanks for all of your help. It was a pleasure doing business with you and we will be happy to pass along your name and Kuranda Mortgage to our friends who may be in the market for a mortgage.

Thanks again, Anne and Joe


March 22, 2006

Praise from Michael J. Falencki


March 10, 2006
via email

Jeff - you guys made this whole process very easy. Big thank you from Christine and I. Enjoy your weekend!

Mark


March 1, 2006

President Tom Kuranda Quoted in Philadelphia Magazine


January 11, 2006
via email

Over the last several months I've worked with Tom Gordon of your firm to refinance my house and establish a home equity line of credit.

This was hardly the first time I've been through the mortgage process, but it's the first time there were no negative surprises. His advice was good. He acted quickly and when I got to settlement there weren't hidden charges, last minute changes, or any of the other things that can make this such a sour process.

If anyone I know asks me about mortgages and where to get them I'll send them over without hesitation. Thanks.

Bruce Boyle


December 1, 2005
via email

Jeff,

I can not thank you enough for all that you did for me. You were totally awesome and I will most certainly recommend your company to everyone I know.

Ruth Harp


October 7, 2005

Dear Tom,

I wanted to bring to your attention the excellent mortgage experience I had with one of your Senior Loan Officers, Jeff Graboyes.

My wife and I used Kuranda Mortgage for the purchase of our first house, and again when we refinanced. Recently we bought our bream home. I was going to be lazy and use our realtor's mortgage company for convenience. However, die to poor service I quickly changed my mind and called your company.

My previous representative, who was very good, was not available so Jeff took my call. He was responsive, patient, courteous, and a pleasure to work with. He truly provided outstanding customer service form beginning to end.

I wish to complement you on your company and your staff. I did not think I could have had a better experience than my first two times using your company, but Jeff managed to exceed my high expectations.

Sincerely,

Webster U. Walker III

Click to View Whole Letter


September 10, 2005


COACH JAY WRIGHT, HEAD MEN'S NCAA VILLANOVA UNIVERSITY BASKETBALL COACH...to do Kuranda TV ads

Head coach of Men's basketball at Villanova University, Jay Wright, will be the "actor" in the Kuranda financial Mortgage Inc. /Kurandamortgage.com, Television ads, starting 11/1/05. Presently Kuranda runs 100 TV spots on UPN57, and CBS3 TV monthly, in which Jay Wright will be the commercial talent.

Kuranda Financial Mortgage has been a proud "official" sponsor of Villanova Athletics for 3 seasons in a row, and finalized the Jay Wright endorsement on Friday, with sports agent, ISP sports.

Villanova finished number 13 in the nation, this past season of April of 2005, per the final ESPN'S Mens NCAA basketball rankings. This preseason, Nova will be most likely ranked, top 5 in the nation.


8/2005
from note

Dear Tom,

We wanted to thank you for making a pretty difficult situation turn out smooth in the end. We understand that things did not start out well, but do appreciate you making things right for not only our family, but the Ryan family as well.

We appreciate your time and consideration

Thank you -

AnnMarie, Michael and Quinn Deeming


April 26, 2005
via email

Hello Seth,

I wanted to drop you a note to thank you for your help. We closed on the house yeserday, and it went very smoothly. Everything was exacly as you proismed.

It was very nice working with you,

Best Wishes,

Steve Wolter


May 26, 2005
via email

Howard,

Thank you for the follow up message. The Mullin's were very happy with their mortgage package and assisting my clients obtain the best rates is as important as helping them find the best home for their money.

I would be happy to recommend Kuranda to other clients.

Regards,

Charlotte Patrylak
Weichert Realtors


January 06, 2005
via email

Hi Greg,

Happy New Year and all the best in FY 2005. Settlement took place last Thursday and the funds were wired to my account yesterday. I wanted to thank you for hanging in there with us until the loan finally went through. I know it was touch and go there at the 11th hour but “alls well that ends well.” We appreciate your support throughout the process and would not hesitate to recommend Kuranda to friends and family members. Again, thanks for making this happen.

Larry Papier
OMI Executive Assistant


November 9, 2004

Mr. Thomas Kuranda
President
Kuranda Financial Mortgage, Inc.

Dear Tom,

One word describes Jennifer Bergstrom -- SUPER! I have had the pleasure during the last couple of months to work with Jennifer in securing a mortgage loan for me. From my first conversation with her, I knew we would work well together. She was very honest, guided me through the lending process with reassurance and ease, and always answered my questions flawlessly.

She’s a great asset to your company and I’m sure you already know that.

I am glad I’ve had the opportunity to work with Jennifer, and I will recommend her and your company to co-workers and friends.

Sincerely,
Charlotte Shay
507 Bassett Lane
Norristown, PA 19403


Suburban and Main Line Times readers choice award: Voted Best mortgage company of the Main Line Suburban & Wayne Publications 07/29/04


April 15 , 2001

Kuranda Mortgage
617 W. Lancaster Ave.
Wayne, PA 19087
Attn: Thomas Kuranda

Dear Tom,

I wanted to write to you to let you know how pleased our entire closing process was thanks largely in part to Dave Roomberg. We found our house back in November of 2000 and had a pre-approval letter from Cendant (PHH). At that time they had advised me against doing an 80/15/5 and paying PMI instead. I had started through the application process when I decided that doing the 80/15/5 was in my best interest. A sales person who had been specially assigned to me as "someone who will win my business" (because I had voiced my displeasure of Cendant's ability to get their act together to my Real Estate agent who was with Century 21) told me he could not get me an 80/15/5 but with some number adjusting could get us an 80/10/10 at a higher (10.5% at the time) interest rate. I had been watching Kuranda's rates through Monstermoving.com and was impressed at how low they were and had spoken to Dave very briefly when calling to find out about the fees. About the same time Dave had sent a follow-up e-mail so I called him about my issue. I told him my credit scores and he assured me that he would have no problem approving me for the loan I wanted. I have to say Dave "won my business" and he (Kuranda) will in the future and will be at the top of my recommend list. The internet can be a scary place to find something as important as this and it was extremely positive experience for us. If you ever need me as a reference please do not hesitate and give Dave the recognition he deserves and many thanks from us!!

Kind Regards,
Paul Solomon and Katharine Stopa


Joe Babiarz
Kuranda Financial Mortgage
617 West Lancaster Ave.
Strafford, PA 19087

Joe,

I want to thank you for your professionalism in handling our mortgage. Sally and I have been very impressed with how smoothly the process has gone, as well as with the rates you were able to get us.

We will be recommending you to any of our friends that are purchasing houses, and would be glad to serve as a reference.

Again, we really appreciate your professionalism; it has really helped make a complex and stressful process much easier.

Sincerely,
Tom and Sally Figueroa



To whom it may concern:

My husband and I are currently in the process of refinancing our home loan with your company. I want to highly commend your associate Holly Johnson, who is doing an outstanding job on this project. Having gone through a previous refinance a few years ago, and after contacting several different mortgage companies recently before deciding on Kuranda, we have conversed with many uncaring, smart-aleck employees who were not always forthright with us and were certainly not as helpful or responsive as they should have been.

Ms. Johnson has not only been a joy to work with, but has proven herself to be a very knowledgeable and capable professional. I have been impressed with how quickly she responds to any question and seems to genuinely have our best interests at heart. With facts and figures always at hand, she handles each task in such an efficient manner. Her enthusiasm, dedication, honesty and integrity are certainly refreshing. I would welcome the opportunity to do business with her again and will recommend her to others as well.

Sincerely,
Debbie Meek


Dear Mr. Kuranda,

I wanted to take this opportunity and let you know of the excellent job your employee, Mike Donnelly, did on my mortgage recently.

I had been informed of your company through a friend and they told me of the professionalism and expertise that Kuranda gives. To say the least, I was not disappointed. I had spoke to several mortgage agencies prior to Kuranda and none took the time to properly look at my situation and needs. Mike did an excellent job of explaining everything to my satisfaction. Had he not taken the time and suggested what he did, I don't believe we would be in the house today.

After hearing of "nightmare" mortgage experiences from friends, I would have to say that Mike made this experience easy and painless. The entire process was fully explained and there were no surprises!!

Again, I just wanted to let you know of the excellent job Mike did for my family and I and you should be proud to have him as an employee. I will not hesitate to remommend Kuranda to my family and friends in the future. Thank you.

Best regards,
Timothy Carey


Mr. Kuranda, my wife and I just finished closing on a refinance of our mortgage and we wanted to let you know what a fine job Christina did for us. At all times during the paperwork gathering and information exchange we knew exactly what was happening and what was to happen next. There was a small glitch with the appraisal but that was the appraisers problem, not Christina's. The closing went smoothly and had no surprises. This is our 4th time with a closing and it was almost a pleasure. So we just wanted to share with you that everything was handled professionally and we would recommend Kuranda Mortgage to friends and family.

Harry and Donna Rasmussen



Suburban and Main Line Times readers choice award: Voted Best mortgage company of the Main Line Suburban & Wayne Publications 07/31/03


I am writing this email to commend one of your employees in the Wayne office. I have been looking to refinance my first and second mortgages for the last couple of months. I had previously selected another lender who could not meet my lock date.

Due to decreasing rates, I began to look around again.

I placed a lot of importance not only on the best rate I could get, but also on the expertise, professionalism, and service demonstrated by the mortgage broker or banker.

It is my pleasure to commend Steven Mickus for his assistance with my mortgage refinance application. Steve personifies the qualities I was looking for as mentioned above. The application process ran smoothly and closing was expeditiously held. He was courteous, knowledgeable, and extremely helpful. His requests for information were limited due to his ability to secure all the necessary information and documentation in a limited number of contacts. In the long run, this saved both time and money for you and me, as well as eliminating the hassle of the process.

In addition, I would like to thank you for running such an efficient business. While all of my contacts were with Steve, I assume that there are others involved with the processing of this application.

Thanks again,
Michele Stahnten


Dear Mr. Kuranda:

Am closing in on the final part of my first day with your firm and wanted to thank you for the opportunity to work with what is apparently a fine organization.

Everyone has been very thoughtful and helpful, making me feel at home and appreciated.

That not only says something about their level of professionalism, it is also conveys the priorities and mindset of ownership & management.

So congratulations also, you have assembled talented people and instilled a markedly professional attitude throughout the ranks.

Best Regards,
Greg Hartigan


A LETTER OF INTENT
has been sent to the PGA from
Kuranda Financial Mortgage Inc. for the 64th Senior PGA Champoinship to be held at Aronimink Golf Club in Newtown Square, PA, June 5-8, 2003

Refi rush creates a logjam and missed locks
The San Diego Union - Tribune; San Diego, Calif.; Nov 3, 2002; Aleksandrs Rozens;

Abstract:
In many cases, mortgage refinance applications can take 90 days to process. But many lenders will not lock in a rate for longer than 60 days. The problems occur when the process exceeds 60 days, leaving the consumer without the desired rate, their refinance fee, and sometimes the loan.

[Stephen LaDue] and lenders like Thomas Kuranda, president of Kuranda Financial in Wayne, Pa., are finding that customer complaints are rising with the delays in the loan process.

David Beadle, a Milford, Mass.-based lender, agreed that the mortgage banking machine has been gummed up by these two key processes: "It can take up to 30 days to get an appraisal. It can take up to a month or more to get a loan approved by an underwriter, and another month for the title examiners to clear the title to the property at the county registry of deeds or at the town recorder's office."

Full Text:
Copyright SAN DIEGO UNION TRIBUNE PUBLISHING COMPANY Nov 3, 2002

NEW YORK -- Homeowners hoping to take advantage of rock-bottom mortgage rates to refinance their homes may be in for a rude awakening.

With so many people lined up at mortgage banking offices, the approval process has slowed down so much that some borrowers are finding that the low rates they thought they had locked in don't exist anymore.

Loan demand has soared as mortgage rates fall to historic lows, crimping the banking industry's ability to deliver rates promised by interest rate agreements that lock in the rate and can cost as much as 1 percent of the loan amount.

Lenders cannot process all of the applications on time, much less provide all borrowers with the promised mortgage rate.

In many cases, mortgage refinance applications can take 90 days to process. But many lenders will not lock in a rate for longer than 60 days. The problems occur when the process exceeds 60 days, leaving the consumer without the desired rate, their refinance fee, and sometimes the loan.

"What happens is people lose their rate. They want to get the loan closed. Consumers are complaining," said Stephen LaDue, head of Wauwatosa, Wis.-based Affiliated Mortgage Corp. "It has burned too many people because rates have continued in a low range for a long time."

LaDue and lenders like Thomas Kuranda, president of Kuranda Financial in Wayne, Pa., are finding that customer complaints are rising with the delays in the loan process.

Kuranda said borrowers who come to his company usually have been declined by another lender, or they find that the lender is not delivering the promised rate.

While much of the mortgage lending industry has been automated because of technology, two key elements of mortgage banking still require hands-on attention: property appraisal and making sure the property is clear of any liens.

Lenders require a lien search because they want to make sure a borrower who puts his or her home up as collateral has not used the home as collateral for other loans.

Also, a property's value needs to be evaluated by an appraiser before a mortgage loan is OK'd. Without such an appraisal, lenders cannot calculate how big a loan they can sign off on.

The number of appraisers that are available to help process a mortgage loan is limited because federal law requires that these specialists are licensed.

"There is an unlimited number of deals pending and there is a limited number of appraisers. Everybody is backed up," said LaDue, adding "the title issue is key. You cannot close (a loan) without a clear title."

"The appraisers I work with are seeing four times more volume and the title company is seeing twice the usual amount of volume from me. They may have to turn my business away," said Kuranda.

David Beadle, a Milford, Mass.-based lender, agreed that the mortgage banking machine has been gummed up by these two key processes: "It can take up to a month of more to get a loan approved by an underwriter, and another month for the title examiners to clear the title to the property at the county registry of deeds or at the town recorder's office."

But consumers do have recourse, Beadle said.

In some cases, "failure of the borrowers to close within the 60-day period does not relieve the lender of the obligation to honor the (rate) lock," he said.

Consumers can also dodge mortgage lenders with poor business practices by doing a little homework such as checking with state regulators on a firm's complaint record, he said.

Credit: REUTERS


Sub Title:
Start Page:
Dateline:
Personal Names:
[1,2,3 Edition]
I-16
NEW YORK
LaDue, Stephen
Kuranda, Thomas

Reproduced with permission of the copyright owner. Further reproduction or distribution is prohibited without permission.


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