Wells: More Liquidity Issues in the Secondary Market

From a recent Wells Fargo email to brokers submitted to us from friendly Blown Mortgage commenter vicatibm: If you have any Loan in our system that is floating and not locked, you may want to consider locking it today to protect your commission. We are hearing of illiquidity in the secondary mortgage market, so there may be a new price adjuster of up to 3.00% coming on Monday to any loan locked after the implementation of a Credit Policy-related retraction or change, regardless of the status of your loan at the time of lock. Basically, we have loans in the pipeline that are in some form of approval or may even have a commitment BUT are not locked. A new price adjuster may be applied if a loan is not locked prior to the effective date of a policy change which eliminates or retracts a produ