An account exec from another came in and mentioned that her compay is lauching a SUBPRIME PAY OPTION ARM , she said it would be out in 3 weeks or so. Does anybody know about this? what would it be tied to the cosi/cofi or mta? Please provide your thoughts on this. Can she just be blowing smoke? Or is this a program that any of you subprime lenders have already used. I have done the pay option but only my A paper clients have qualified. I have done a couple of subprime option arms through world savings which is a portfolio lender but the maz ltv they will go is 65 % or below on a 575 mid FICO or below. Please advise!!!!!!!!!!!
Atlantic Mortgage Direct - Centreville, VA
Eddy,
On this article there are a few lenders that offer the cofi loan or better known as MTA. On the ltv they offer they should be able to get a little higher than that I know that one lender I work with the max he would probably go would be 80%. Some of your Blog posts are very interesting I find them helpful and some of them to be very true. Especialy the one about the lady refinancing who was being taken advantage of with the deposit man I have never heard of anyone doing that.
Jul 30, 2006 12:14 PM
Nationwide Funding Group - Highland Park, CA
Thanks Holly, yeah there are some sharks out there. People are getting raw deals every day.
Jul 30, 2006 03:51 PM
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