This week, several high-profile companies stopped funding mortgage loans including ABC, American Home Mortgage, mTeam Financial, and HLB.

What to do if you are a home buyer:

• Call your loan officer
• Confirm that your mortgage approval is not impacted

What to do if you are a home seller under contract:

• Call your real estate agent, attorney, or whomever
• Find out if your buyer's mortgage approval is impacted

What to do if you get "bad news" that your loan won't fund:

• Work with your loan officer to find a new solution
• Be flexible -- the mortgage industry is changing and this is not your loan officer's fault
• Understand that your rate and/or fees may be higher with your new loan

What to do if you loan officer's company shut down completely:

• Remain calm.  You likely have options and there is a solution.
• Email me with a few of your purchase details including (1) purchase price, (2) the loan size, (3) the expected closing date, and (4) property address
• Give me an hour or so to get back to you.  If I can't help you in your state, I will refer you to somebody that can help you and whom I trust.

Even if your closing is this afternoon and even if you are cleared-to-close, make the call.  More than $1 billion in home loans will go unfunded today (if my math is correct).

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.