Released this afternoon, from Long CEO Rosey Koberlein:
“Our thoughts and good wishes go out to our colleagues at First Magnus Financial, which announced today that it would stop writing and funding real estate loans, effective immediately. We know the shut down will affect not only First Magnus employees but their many families, as well. We will be hoping for the best for them!
Long Mortgage Company has responded to the situation at First Magnus by working closely with its parent company, HomeServices of America, an affiliate of Berkshire Hathaway, to promptly arrange alternative funding sources to fund loans currently in the pipeline and to continue accepting loan applications for any Long Realty business.
Here are the steps we have taken today:
- Loans that are set to close within the next 48 hours will be our highest priority. Such loans will be funded through our alternative funding sources.
- Our alternative funding sources will also honor all current loan commitments and terms for our client’s loans now in the pipeline.
- We are reaching out to other brokers with buyers of Long Realty listings, offering to process their clients’ loans with the same care and concern as for our own buyers, if their buyers’ loans are in jeopardy.
- We are contacting other real estate companies to assure them that our own real estate transactions on their listed properties will close in a timely manner.
- Finally, we have secured a commitment from our funding sources to continue with Long Mortgage’s Real Deal 1% Off Program.
We believe taking these important steps will add much needed calm and stability to the local market.
Long Mortgage and Long Realty are very fortunate to have the strong backing and support of HomeSevices of America during this difficult period. As you may know, HomeServices is the second largest, full service independently owned residential real estate company in the nation. Rest assured, Long Mortgage will continue to provide loan services to southern Arizonans seeking to fulfill the dream of homeownership. “
