Will it ever stop? Just got an e-mail forwarded to me from my branch manager. CitiMortgage just sent out some announcements. Nothing too out of the ordinary:
Discontinued Programs:
- Alt-A Non-Agency
- NINA (No Income, No Assets)
- NIVA (No Income, Verified Assets)
- SISA restricted to primary residence and limited LTV
Most of the changes were following suit to what everyone else was going - which was eliminating or dramatically modifying their Alt-A product line. Further, the pricing on Alt-A loans has just been horrible.
However, the thing that really stuck out in my mind was that they were adding 100 basis points to the Home Possible Mortgage. Basically anything outside of their conforming product line was jumping significantly higher in pricing.
Anyone else seeing similar comments? I'm assuming this trend will be to most lenders using these product types, but some of my account executives are better than others at keeping me up to speed.
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