Today's Fresh Blogs...

• 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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• Chase Eliminates Stated & No Income Alt-A Loan Types

  Published: September 14, 2007, 11:45 am

  Tags: Mortgage News Insight, Chase, Liar Loans, Nina, Sisa, Stated Income

  In another case of “what took so long?” Chase has announced the elimination of their no income and stated income ChaseFlex loan types. The change, announced yesterday, goes in to effect on the 19th. Just the latest in a long line of investors who find that secondary market buyers want to see proof of capacity to repay; something

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• Wells Fargo Considering Eliminating Stated Income

  Published: November 13, 2007, 3:47 pm

  Tags: Mortgage News Insight, Home Equity Loans, Sisa, Siva, Stated Income, Wells Fargo

  the engine give you SIVA or SISA approval. Share This

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• Impac to Report Larger-than-Expected Quarterly Loss

  Published: November 19, 2007, 12:53 pm

  Tags: Mortgage News Insight, Alt A, Alt A Loans, Impac, Impac Mortgage, Near Prime, No Doc Loans, Sisa, Siva

  Impac Mortgage company, the Irvine-based Alt-A lender who specialized in near-prime loans to people with limited income documentation, reported that it would need additional time to file its quarterly reports with the SEC due to the cessation of business activities in the mortgage origination segments of its business. From Market Watch: The

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• You Can Go Stated as Long as Your Not Industry'

  Published: January 29, 2008, 1:58 am

  Tags: Mortgage Musings, Mortgage Fraud, Sisa, Siva Loans, Stated Income, Stated Income Stated Assets

  Stated income has always been laughable to me. For the most part the way that it’s been implemented in the industry is as outright fraud - pick a number that makes the loan work and find a way to justify it to the brain-dead underwriting team that is just trying to hit their numbers. Now, I don’t need the 10 comments about what

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