NCB Suspends New Loan Applications in United Mutual
On August 9, 2021, the United Laguna Woods Mutual Board of Directors received notification from NCB that will impact financed real estate transactions in United. Effective Sunday, August 15, at 5 p.m. (CDT), NCB will no longer be accepting loan applications until further notice. This will allow NCB to close the loans in the pipeline in United prior to the October 1 expiration of the existing insurance coverage.
This action was prompted by Fanny Mae, who in order to purchase loans from NCB, requires NCB to have full property insurance coverage for United Laguna Woods Village properties.
The United board is working expeditiously to address this issue to ensure all loans that are in process are completed and that the board determines the best approach going forward with regard to financing real estate transactions.
“Village Management Services wants to assure residents that we will be working to process all applications that are in process,” said VMS CEO Jeff Parker.
Residents with questions about loans in process should contact their realtor or escrow company.
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