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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 |
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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 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 In response to recent liquidity issues in the secondary mortgage market, we have found it necessary to make additional revisions to our program limits and guidelines:Alt A Conforming and Non-Conforming First Mortgages: No Income / No Asset and No Doc Documentation Types - The maximum LTV / CLTV is limited to 80% regardless of minimum Decision Credit Score. - The maximum LTV / CLTV is limited to 70% for Decision Credit Scores of less [ Full article ] |
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