Has anyone dealt with American Interbanc mortgage? They’ve had my loan docs for two weeks and won’t fund.?

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They say that the company does not have enough processors to handle the workload. They started off really friendly, got all my information for a loan approval, had me sign docs (all over the course of two months) and now they avoid me. Its been two weeks since the doc signing and they say the don’t have a timetable for funding and that a lot of people are in the same position. Should I be worried and have they broken any laws with their behavior?

Press conference and rally against foreclosure of the house of Leslie Parks in Minneapolis on November 13, 2009

1 Comment
  1. Reply
    Noneya
    April 29, 2011 at 10:50 pm

    I’ve never heard of them but that doesn’t mean much. It is possible that they are a correspondent lender which means the use warehouse lines of credit to fund their loans and then sell the loans to places like Wells and Countrywide. Once they sell off the loans they pay off the lines and start all over. If they are a correspondent lender then it’s possible that they are having issues with their lines of credit like maybe their lines were pulled or they are full and can not fund anymore loans until they pay down/off the lines.

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