Originally Posted by Mrwesson
Backlog means they have hundreds of thousands of applications to handle right now. Not saying you cant but good luck.
I was interested for my mortgage and was told to pound sand because of the backlog.
I've been hearing that a lot of banks are currently at or reaching capacity to process loan applications. Meaning that based on staffing numbers, there is up to a 1 year backlog to process refinance applications. Of course, I'm sure they're prioritizing new loan applications.
This is leading the banks to be a bit more choosy in the qualification requirements as well. They have little incentive to go on a hiring spree to increase the overhead in human capital in a effort to drive DOWN revenue.