1167-- Tell your mortgage broker to stop crying

Mortgage and Lending

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.

Comments (3)

Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

Thank you for this good post and getting the real message out there

Jun 05, 2008 08:33 AM
Rick Sergison
EXP Realty of Canada Inc., Brokerage - Pickering, ON
Durham Region Real Estate Blog

I just stopped by to welcome you to Active Rain. I hope that you find it a great benefit to your business and that you see the value that I have also found here. I am from Charlottesville Virginia and using Active Rain has really increased my business!

My main blog on Active Rain is here: Charlottesville Real Estate Blog, not the link at the bottom of this post. 

I hope you will look into the many groups as there are some great group both local and broad based,.... 


Jun 06, 2008 10:41 AM
Ted Mackel
Keller Williams Realty Simi Valley - Simi Valley, CA
Simi Valley Real Estate Agent

Welcome to ActiveRain. Congratulations on your first post. Get around and check out the community, you'll quickly figure out how to supercharge your blogging skills

Jun 08, 2008 04:09 AM