Ar_home_b_search
 

Yes to GETTING RID OF 2/28 ARM - 08/03/07 12:55 PM
Active Rain I am hyped that all of the lenders today are getting rid of the 2/28, I have never really pushed this product in the first place because what can you really do in 2 years to get a better deal? Most of the time they don't get the value anymore, credit gets worst and everything just goes down the drain. I have called everyone I know to make sure they are not on an adjustable rate mortgage.
Does anyone really see a good side to a 2/28 mortgage?
 Thanks so much!
Ben
… (11 comments)

Stated Anything Might be NO MORE - 08/03/07 12:52 PM
How many times have you had a client that just doesn't fit in the DTI going full doc but has the score to go Stated and Boom you get the deal done? Well that just might not happen anymore for alot of lenders if not all of them. I have been noticing alot of conforming lenders getting rid of the Stated income, No Doc, Stated everything. Does anyone have a good idea on what might be causing this? Is it because of the first sentence I said and that they don't really need that big of house?
Thanks so much
Ben
… (10 comments)

Bond Market 4.6%???? - 08/03/07 12:49 PM
Ladies and Gentleman it just could happen. If we reach the 4.6% in the bond 10 year market we could see the 5% fixed rate range again. I was really happy when I first started that it was down in the low 4's high 3's and you could get UNREAL Rates. Does anybody have a good website or a good blog that can give me an idea on what might happen in todays market.
 Thanks so much!
Ben
… (2 comments)

2nd Mortgages are going bust with Confroming Lenders - 08/03/07 12:45 PM
If you are anytype of a mortgage professional you would know that most if not ALL of the conforming lenders are getting away from doing 2nd Mortgages. Now I don't have the exact answer for this but my guess is the employement numbers that came out and everyone is just gearing up for what is about to happen. Here is an email from Michigan Mutual:
Announcement ........................#07-26 August 3, 2007
To: All Approved Brokers
Re: Urgent MMI Product Change Notice
Date: August 3, 2007
Second Mortgages
Due to changes in the Secondary Markets, Michigan Mutual, Inc. (MMI) is temporarily suspending the
Second Mortgage/Lien (Fixed Rate Home Equity Loan) … (4 comments)

Accredited Home Lenders - 08/03/07 12:42 PM
I just wanted to share this news cap that came over my desk about one of my favorite lenders.
Accredited Says It May Not Survive Accredited Home Lenders, San Diego, said Thursday that it may not continue to operate as a "going concern," sending its stock price down 25% to just over $6 a share. According to the Quarterly Data Report, Accredited is the nation's 18th-largest subprime funder. The company cited deteriorating conditions in the market, including rising delinquencies and early payment defaults. During the first five months of the year it repurchased $152 million in loans and paid out an additional … (3 comments)

 


Links

Archives

RSS 2.0 Feed for this blog