ASSIGNMENT:

This was a purchase transaction, and we were asked to assist the buyer with a loan assumption of an existing Freddie MAC SBL loan.  The loan had a great rate of 3.78% which was probably about 3% lower than what was currently being offered by Freddie.

CHALLENGE:

You would think that a loan assumption would be easier than a new purchase loan but that's not how this worked out. Freddie apparently had some major fraud that occurred in their pipeline and as result they were changing the processes for broker submissions which really just made the whole process ridiculous.

SOLUTION:

We just dealt with the cards that we were served and worked through the process until we successfully closed this transaction. All we can say is sure hope Freddie gets a handle on their problems because this new procedure is a deal killer and really not going to work out well for them. But we look on the bright side the transaction closed, we met a new client and helped out a couple of our VIP Real Estate brokers.