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• The Death of Stated Income Loans

  Published: August 16, 2007, 11:57 pm

  Tags: Mortgage News Insight, Alt, Indymac, Liar Loans, Nina, Niv, No Income Loans, Sisa, Stated Income Loans

  is quickly drawing nearer and nearer. Put another nail in the coffin; courtesy of IndyMac Bank. IndyMac released another round of massive product changes that specifically focus on making the “liar loans” stated income and no income loan products completely irrelevant to the majority of lending situations. Regardless of credit

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• Bank of America says No more garbage loans!

  Published: August 23, 2007, 7:49 pm

  Tags: Mortgage News Insight, Bank Of America, Liar Loans, Nina, Niv, Sisa, Siva, Stated Income

  Bank of America just sent out an announcement to all of their brokers stating that Friday will be the last day of any stated income loans or no income loans. This officially marks the beginning of the end of the stated income loan days - if BofA is making the change the rest can’t be far behind. From Bank of America: Expanded Criteria

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