SPECIAL UPDATE: TUESDAY, NOVEMBER 6, 12:00 PM EST
In spite of our very best efforts, the continuing lack of power and other services to many of our employees’ homes has delayed the restoration of full functionality to our Edison NJ Wholesale Operations Center. Many key personnel from all departments are still unable to return to work. Additionally, both our Mount Laurel and Parsippany Wholesale Underwriting Hubs remain without power.
While it was our intention to begin underwriting new wholesale submissions beginning today, current circumstances make it impossible to do so without negatively impacting our ability to review conditions on existing loans; we simply do not yet have the resources in place to effectively do both. We firmly believe that, given the choice, our customers overwhelmingly prefer that we review conditions in lieu of underwriting new loans.
Further complicating matters is the possibility of again losing power as the result of the large storm system forecast to hit New Jersey tomorrow afternoon. It is likely that many trees and telephone poles, already weakened by Sandy and Irene, will fall on power lines causing new outages.
Accordingly, we will not accept new submissions until this coming Monday (November 12). We are confident this strategy is in the best interest of our broker partners and the borrowers themselves. All of you have come to expect a level of service from REMN Wholesale that exceeds industry standards. While we regret our inability to accept new loans for the next few days, this sacrifice is necessary in order to stay true to our service credo.
We deeply appreciate your loyalty and patience as we navigate our way through these challenging times. We are quite pleased with the unexpectedly large number of submissions since the beginning of the week, and will underwrite any loan that was submitted through 5:00pm EST yesterday (Monday November 5). However, we cannot allocate the resources to underwrite any new submissions after that time. Further, due to our focus on condition clearance, we cannot promise a specific turn time for the new files submitted yesterday. Once again, we fully expect to be operating normally by the beginning of next week.
Robertson Davies said: “Extraordinary people survive under the most terrible circumstances and they become more extraordinary because of it.” We believe this also applies to extraordinary companies.