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NEW LENDING GUIDELINES---VERY IMPORTANT---PLEASE READ AND UNDERSTAND!!

Someone forwarded me this today. Very important new lending guidelines for everyone to understand:

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Covina Mortgage Lending, Wholesale.
Very Important- Guideline Changes Effective August 8, 2007

· All borrowers must have one blue eye and one brown eye to qualify.

· LTV > 65% SIVA requires minimum credit score of 849.

· For all LTV > 65%, 360 months of payment reserves now required.

· Borrower's must have no previous bankruptcies in their family history going back
three generations.
· A minimum of 25 years self-employment history now required for all NIV Programs
(at same location).

· Minimum Credit Score for Subprime Loans raised to 740.

· All non-arm's length transaction borrowers (mortgage, real estate professionals,
family members) will be required to provide full-documentation, subject to
criminal background checks, wire tapping, strip-searches, and a minimum of 12
hours of interrogation by the Department of Homeland Security.
Please note that these changes will go into effect within the next five minutes. So please
lock you existing loan immediately. All existing loans in your pipeline must fund by noon
tomorrow.
We apologize for the inconvenience. We realize these are tough times in the mortgage
industry for all of us. Be assured that we have a commitment to remaining strong and
weathering out the storm. We ask for your understanding and cooperation.
Sincerely,
Mark Allen
Account Executive
Covina Mortgage Lending, Inc.
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GREAT STUFF BUT NOT THAT FAR OFF!!!

Posted by Aaron Gordon, Home Loan Consultant, Las Vegas, NV on 08/09/2007 06:32 PM

Comments (12)

lending guidelines, humor

12 Comments on NEW LENDING GUIDELINES---VERY IMPORTANT---PLEASE READ AND UNDERSTAND!!

AUG

2007

Aaron -- ROFLMAO -- You forgot "Credit score less than 840 must offer up first born son" Aloha

You forgot blood sample, hair follicle and urine test!

You forgot blood sample, hair follicle and urine test! You gosh darn BANKERS don't even know your guidelines!!! LOL

Bruce--- Sorry about that! I was going to make that a prior to fund condition.

Rey--- I know! Its because we never had to learn them. We just fund and pray they meet guides.

I thought i read property must have zero inspections items to be corrected and all transactions must be personally backed with cash in the lenders bank.