What happens if a broker cannot sell your new ...

[Jack24]

...mortgage loan because of the current state of the loan industry I recently closed escrow on a new home mortgage, but because of the recent chages in the home mortgage industry, the broker cannot sell the loan to a traditional bank. They are basically stuck with the loan. Is there anything I should be concerned with?
I recently closed escrow on a new home mortgage, but because of the recent changes in the home mortgage industry, the broker cannot sell the loan to a traditional bank. In otherwords, from what I am being told by my loan officer, is that when the loan funded, the bank that was to buy the loan closed its doors. Now that brokerage is stuck with the loan... Is there anything I should be concerned with?

[loancareer]

For starters brokers don't sell the loans they write. They are middle-men who pre-arranged the loan with a lender. If your loan id closed and funded with a lender you have nothing to worry about. Worst case for the lender is that they have to service your loan until they find an investor in the secondary market willing to by it. (The secondary market being where all of the problems exist by-the-way.)

If you are currently doing business with a broker who is claimimg he can't sell your loan so it won't fund, he/she is selling you.