Due to recent market changes, some investors have decided to pull back/eliminate TPO (Third Party Origination) business, with these changes in the market, effective Thursday 1/15/09 at 5 pm CST; the Pinehurst program will not longer be available for new locks. All loans that are currently locked under this program must close and fund within the expiration date. Extensions, Float downs, and Relocks will not be permitted under these programs.
Guaranteed Rate is searching for other options in place of the Pinehurst program, and will roll out any new program once it comes available.
Guaranteed Rate programs available: Oakmont, Grey hawk, and Torrey Pines for new locks and submissions.
Please feel free to contact your VP of Wholesale Lending or the Commitment Desk for further clarification if needed.
Thank you for your continued business!!