Don't believe the hype! If your mortgage broker or banker tells you that the new law is ending Stated Income/Reduced documentation loans just say, "FOR YOU!"
The state bill known as 1167 has severe consequences for many of the lenders that it effects. I know we have all read the ads saying that it will only effect 5% of deals in Cook County. I say to those ads "really?" How is that? And if its true why was so much money and effort put into blocking this law?
Federally chartered institutions are exempt from the bill. So if you have a borrower who is in need of a reduced documentation or stated income loan-- give us a call! We want to help those who have complicated tax returns not those who are interested in committing fraud. Theres no need to throw the baby out with the bath water! 312-208-4648 is my direct line.