another guideline change: sub prime meltdown

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Mortgage and Lending with kandola mortgage services

Bear Stearns changed their product offerings on Friday. They suspended "No Ratio", NIVA, and "No Doc", all second home and investment loans, and their "No MI" programs.

Citi (at the risk of possibly repeating myself) is discontinuing the following programs: for Prime Lending, NIVA & NINA for Non-Agency Alt A, "Home on Time" (I guess they're going to be late...), and CRA Stated Income. Under the Expanded Lending (Non-Prime), they've discontinued Expanded Lending First Lien Stated Income Documentation Process and Expanded Lending Second Lien Programs.

Countrywide made several guideline changes, effective today. For their HELOC's they reduced the CLTV's and loan amounts, and increased minimum credit scores. Along the same lines, for their Fast & Easy, Non-conforming, Expanded, and Alt-A programs, changes included reductions in LTV and CLTV, and increases in credit scores.

Nat City Correspondent Lending has suspended all new registrations and locks under both the Standard and Select Extended Capped Rate programs until further notice.

RFC's warehouse bank is rumored to be making changes to their advance rates on 2nd liens and pay option loans to investors besides GMAC/RFC, lowering them to as low as 50%.

On Friday, Impac Mortgage pre-announced a loss of $152.5 million, and that filing of its 2Q07 10-Q has been delayed as a result of "recent volatility and disruptions in the mortgage and secondary markets and integration and analysis of the financial information from its May 2007 acquisition of certain assets and liabilities".

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