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

  the “liar loans” stated income and no income loan products completely irrelevant to the majority of lending situations. Regardless of credit score. They also eliminate some of the more “affordability” type products including the 40 year amortized loans. From an IndyMac announcement to brokers: Guideline Update

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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

  but are not limited to, Stated Income/Stated Asset, Stated Income/Verified Asset, No Income/No Asset, No Ratio and 80/20. All Expanded Criteria pipeline applications must be locked by end of day Friday, August 24th. Conforming Adjustments Bank of America is also making changes to standard conforming product* adjustments for all loans

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• Blown Mortgage on Vacation: Yes, But Can You Afford It?

  Published: September 8, 2007, 2:36 pm

  Tags: Mortgage Musings, Brian Brady, Hard Money, Stated Income, Underwriting Guidelines

  mortgages (trust deeds) - no stated income. The DRE requires originators and private mortgage investors to document an ability to repay the loan. They’re pretty liberal in their guidelines. Bank statements, trailing spousal income, co-signers, and future contractual agreements are all acceptable. The income you disclose on your

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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

  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 that was minimized in favor of credit score over the last few years.

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• When people get desperate, all bets are off.

  Published: September 25, 2007, 7:24 pm

  Tags: Mortgage Musings, Liar Loans, Mortgage Fraud, Rachel Dollar, Stated Income Loans

  a mortgage broker that the stated income loan that they qualified for last time is no longer available they have to choose between losing their house and their credit rating or do something “drastic.” More and more people have been choosing “drastic” as shown by the Fraudblogger.com Fraud Index which has spiked more

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• What is No Doc and Low Doc Loans

  Published: September 29, 2007, 5:37 pm

  Tags: Nlc Loan Originating, Nlc Real Estate Buying, Nlc Real Estate Selling, Real Estate Investing, No Doc Loan, No Ratio Loan, Stated Income Loan

  no doc loans (low document, stated income, no ratio loans) are available to meet the needs of various employment and income situations. Here's a simple mortgage formula: The more documentation you provide your lender (employment, income and credit history) the lower your interest rate will be. Quite a few buyers, however, choose not to offer

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• No Doc Loan Explained in Detail

  Published: September 29, 2007, 5:45 pm

  Tags: Nlc Loan Originating, Nlc Real Estate Buying, Nlc Real Estate Selling, Real Estate Investing, Business Marketing, No Doc Loan, No Ratio Loan, Stated Income Loan

  verify your assets but not income or employment. Using this approach will require verifiable, relatively liquid assets of not less than 6 months of your PITI. Again, this bit of documentation will usually save you .125 on the rate. If your situation will allow you to verify both assets and employment, you are better served with the Stated or No

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• No Doc Loans

  Published: September 29, 2007, 5:41 pm

  Tags: Nlc Loan Originating, Nlc Real Estate Buying, Nlc Real Estate Selling, Real Estate Investing, No Doc Loan, No Ratio Loan, Stated Income Loan

  be classified into “Stated Income”, “Stated Assets”, “No Income Verification (NIV)”, “No Income / No Asset (NINA)”, “No Ratio”, etc. With “Stated Income” loan, the borrower can simply state his income on the application, and do not have to provide any documentation to

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• Mortgage Consumer Loan Oriented Products

  Published: September 30, 2007, 3:15 pm

  Tags: Nlc Loan Originators Wanted, Nlc Commercial Loans, Va Loan, No Doc Loan, No Ratio Loan, Stated Income Loan, Heloc, Jumbo Mortgage, Business Presentation

  Mortgage Consumer Loan Oriented Products Rate and Term Refinance. Debt Consolidation. 90% Cash-Out Refinance. Home Equity Line of Credit. Construction Loans. First Time Homebuyers Programs. 100% Purchase Loan. No Mortgage Insurance Mortgage Options Traditional Fixed Rate Mortgages. ARM Mortgages. (Adjustable Rate Mortgage) Interest Only Payments.

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• Learn How to Price a Loan Reading Bank Ratesheets

  Published: October 2, 2007, 11:54 am

  Tags: Nlc Loan Originating, Nlc Commercial Loans, Nlc Banks, Business Marketing, Va Loan, No Doc Loan, No Ratio Loan, Stated Income Loan, Heloc

  Many of you are blossoming in your business and growing as you gain knowledge. For those of you that are going on the lender engines and reading rate sheets, this may be helpful in regards to pricing your loan. Many lenders will display the YSP (yield spread premiums) in three diffrent ways, not only can it be confusing, but it can end up costing

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• Consumer Groups Push for Loan Freezes

  Published: October 21, 2007, 1:25 pm

  Tags: Mortgage News Insight, Foreclosure, Loan Modifications, Stated Income Loans, Subprime Adjustable Rate Mortgages, Subprime Arms

  THAT? Because people over-stated their income 50-150% on their applications to qualify for these short-term ARMs. That’s why! People can’t afford the payments at the teaser rate, because they could never afford the property. What should lenders do? Give them the home for free? If they over-stated their income on the

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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

  Wells Fargo is eliminating stated income immediately on its home equity programs and is seriously considering eliminating “borrower selected” stated income from its product mix. It appears that stated income may be still available based on risk grading via the automated underwriting engine; but otherwise will not be an option to

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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

  how banks will accept stated income from other professions of dubious repute and squirrelly income documentation but outright refuse those in the industry. Conflict of interest is right - there is no question that mortgage brokers, retail loan officers, appraisers, processors and underwriters were some of the biggest offenders when it came to

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• Banks are still fueling the fire

  Published: March 4, 2008, 12:07 pm

  Tags: Mortgage Musings, Fraudulent Loans, Liar Loans, Mortgage Fraud, Stated Income, Stated Income Loans

  - NO SCORES - JUMBO CASHOUT STATED 620 - INNER FAMILY TRANSFERS WHAT WACHOVIA'S PORTFOLIO CAN DO FOR YOU . 620 FICO STATED WAGE EARNER 80 LTV CASHOUT 620 STATED FIXED INCOME 80 LTV CASHOUT STATED OPTIONS ARMS UP TO 90 LTV PURCHASE OR RATE AND TERM ( 700 FICO ) INERFAMILY TRANSFERS 70 LTV FIXED RATE OPTION

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