Secondary market volatility ....No funds, delays , just alarming!

[Rosie Small]

I want to share with the  BP COMMUNITY my alarming experience today, it never happened to me before .After 2 EXTENSIONS on the closing date, because the mortgage broker ( bridge loan ) keep asking for more and more pictures of the before and after of all my properties in order to proof my track record and reevaluating  the property appraisal done 4 weeks ago, finally I closed today ,  OR I THOUGH THAT I CLOSE TODAY but the title company called me later on today, saying that they are not getting the wired from the lender, the mortgage broker sent an email to me and the title company asking for a 3rd EXTENSION because they need a few days to fund the deal because they are dealing with A SECONDARY MARKET VOLATILITY and they COULDN'T SELL THE LOAN TODAY , and that on Tuesday they will know the terms under which they can sell the loan than proceed to fund the loan. Hopping that the deal will fund and under the same terms next week will be an accomplishment. Question for my lenders friends , Is this the new normal? Is Better to work with a direct lender than a mortgage broker in this new market?