Chase, one of the leader wholesale lenders, has announced some big changes and modifications to their product line up.  

  • Here are a few of the highlights:
    • Elimination of their Alt A Products
    • Elimination of the MyCommunityMortgage Interest Only Product
    • Increase of Min Credit Scores for Non-Agency 30 and 40 year loans and Interest Only Loans
    • Elimination of 100% Combo loans - Max combined max combo loans ( 95% Agency, 90% non-Agency)
    • Elimination of all Non-Traditional Credit
    • Elimination of internal underwriting of stated income loans
    • Major changes to products in "declining markets" (which Charlotte is NOT!)

These changes are being made in light of the lack of investor confidence in the marketplace. Unfortunately, the investors pay too much attention to the mass media that seem to just enjoy touting how the sky is just falling! 

To the average person, here's what this means:

_______________________________________________

This mortgage market update is brought to you by

The Ed Nailor Mortgage Team - Home loans in Charlotte

704-651-8704 Phone or visit www.EdNailor.com

 

3 Comments on Another Underwriting Change

Ed - I keep getting a "404 Error Message" when hit that link. Maybe it's me, but thought you should know.

01/15/2008 06:41 AM by Kevin McGrath - Fredericksburg VA Real Estate (Coldwell Banker Elite - Fredericksburg/Spotsylvania)

Ed, I got the same message when I looked at the link.

01/15/2008 06:55 AM by Latonia Parks (Keller Williams Realty)

Try again... site may have been down this morning at the server level for maintenance. I just checked and worked fine. Thanks,

Ed Nailor loans Charlotte

01/15/2008 08:17 AM by Charlotte Home Loans - Your Charlotte Mortgage Lender (The Ed Nailor Mortgage Team)

Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Loan Officer: Charlotte Home Loans - Your Charlotte Mortgage Lender (The Ed Nailor Mortgage Team)
Charlotte Home Loans - Your Charlotte Mortgage Lender
Charlotte, NC
More about me…
The Ed Nailor Mortgage Team

Office Phone: (704) 926-5671
Cell Phone: (704) 651-8704
Email Me

mortgage home loans in Charlotte

EdNailor.com
Dedicated to educating, inspiring and assisting in the American Dream. Allow me to assist you through the hundreds of mortgage loans available today.

Visit my other blogs at

Get this Widget


The articles, reviews and stories written and published on this website are simply the opinions of Ed Nailor. While Ed Nailor is a mortgage professional, the information posted on this website should not be taken as personal counsel or an endorsement of anything. For mortgage related counsel or advice to be meaningful and effective, one must sit down one on one with a professional to discuss the particulars of their situation. Without the personal consultation, Ed Nailor can not be held liable for any decisions you make as a result of what you might read or infer on this website. Proud supporter of the Right to Free Speech.


Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find NC real estate agents and Charlotte real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved