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DESERET FIRST CREDIT UNION HALTS EXTENDING CREDIT TO LOAN OFFICERS
Deseret First Credit Union has halted lending for loan officers due to credit volatility. I contacted the Deseret Credit Union Loan Operations Department at 801-456-7950 and spoke with Consumer Loan Officer Spencer. And have confirmed Deseret Credit Union has suspended extending credit and financing to NMLS-licensed mortgage loan originators and realtors. No other professionals besides those in the mortgage and real estate industries are affected by not qualifying and getting approved for credit cards, auto loans, consumer loans, second mortgages, mortgages, installment loans, and other types of financing. Spencer said the suspension of extending financing to loan officers and realtors order came from upper management and the board of directors. The suspension of extending credit to loan officers and real estate agents will be in effect until the credit markets drop substantially. If you are a commissioned loan officer or realtor, I recommend checking the latest news updates or contacting any bank or credit union directly for the most current information. They may be able to provide you with details about the situation and any potential implications for borrowers and loan officers. According to Deseret First Credit Union Loan Officer Spencer, Deseret First Credit Union has suspended extending credit to all loan officers and real estate agents on commission wage earners since August 2022. I heard about Deseret First Credit Union suspending extending credit to mortgage loan originators and real estate agents through Dianne Burnett, President and CEO of Lending Network, LLC and partner of Gustan Cho Associates Mortgage Group. I had multiple associates and colleagues, including myself, verify this matter. Is this something that will continue in the coming weeks and months? Is this a sign of another 2008 financial crisis? Many commissioned mortgage and real estate wage earners have been filing for forbearance requests at an alarming rate from late 2022 into 2023. This is a wake up call of the 2008 financial crisis when banks and credit unions unions halted extending business credit lines of credit in August 2008 prior to the real estate and credit collapse. Stay tuned. I will post updated on this topic in the coming days.
Here is an informative article on understanding forbearance published on Gustan Cho Associates.
https://gustancho.com/understanding-forbearance/
gustancho.com
Understanding Forbearance During The Coronavirus Pandemic Crisis
Understanding Forbearance is important before taking up the offer with your lender. Forbearance is not forgiveness and it is due once it expires
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