Stated Loans are quickly going out of vogue folks.  Countrywide just sent out emails out to brokers notifying us to lock and close 'Fast & Easy's' asap.  Stated Loan guidelines continue to tighten.  My guess is that soon, a Stated Loan borrower will have to put 15-20% down.  Reason being, MI companies don't want to write MI coverage on Stated loans.  Just look at the stock price of Radian, for example.  MI companies are loosing money and the value of their stocks continue to drop. 

Further, most conventional/Alt-A stated loans now require a written or telephone Verification of Employment.  MI companies are now requiring that 50% of the Stated Income be derived from Self Employment. 

If anyone knows of an investor that offers True NO DOC loans, with no verification of employment...please let me know.

Somehow, everyone needs to communicate to buyers and refi borrowers that the easy - cheesy loans are pretty much gone.  People need to put some type of REAL financial investment in a property or keep some equity in it when they want to refi.