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There would be a great demand for this product. Not a new concept this is what many portfolio lenders offered before this whole miss came about. GW and many other S&L's offered this product for years before DIT and Verifications were relaxed and they found a market with investors in secondary for these loans. We may even see the rebirth of the Option Arm, I still have clients looking for it. Keep us updated will they have a wholesale division?
Who picked Carls answer as the "Best" Answer? I demand a recount!
Well said Chris!
To use a stated loan in the mannor you are suggesting amounts to loan fraud. If the income can not be supported by tax returns you are stating a lie. If Borrower X generated $100,000 last year BUT it cost them $80,000 in expenses to get that amount, you think they should use a qualifying income of $100,000? That is exactly how we got to where we are today. If your program is not concerned with accuracy why offer stated, why not just have a no ratio program and skip all the BS? Just a thought.
"True self-employed borrowers / Investors that use all of their LEGAL deductions are absolutly penalized/discrimintaed against now when being asked for tax returns." Really?
Let's take a small business owner and transpose them into a w'2 sales position/employee paying taxes on their income minus unreimbursed business expenses. They are still ask to provide tax returns. Are they being discriminated against as well?
ST, there has never been a stated income loan without a fico score, unless it's hard money.
Carmen, sorry but he does not care your score is 820, although we are impressed, and his rate will be 8.5%, see below.
Just trying to gauge what your capacity was here. If your company comes out with it let me know.
Barry, I understand that the market is expected to drop another 15% on a national average over the next year and California is expected to drop an average of 25% in 2009.
The market rollout has not yet been outlined and remember those figures above are averages. I would expect the market conditions would determine where these products are launched. If one could predict the exact bottom of the market then there would be too much competition for this product at that time. Hence the rollout - sooner than later.It could also be a 30 year as well it is still under market testing.Again let me better clarify the origianal question - despite your market thoughts and great secondary market questions -How many loan applications could you generate over the next 30 days if this product was available today?
Thanks for seeing the value of these again.Clay, stop thinking about this as a property loan and think of this as a note. Home loans are- to large financial institutions= notes. They buy and sell notes. Notes I am speaking of have strong appraisals at a Max 75% LTV with strong assets. So they are not stupid they are quite smart. Carl you are dead on right with the S&L comparrison.
Still with Clay!Sorry- St"Think outside the box here a little bit and I think you will agree that if there is a market need, the company that fills that need will move ahead. We are talking 75% max LTV with a strong appraisal."
Last time I heard this, New Century ring a bell? Just has not been long enough for the secondary to forget the huge losses. Strong appraisal? Using an AMC? Some declining markets are, well, still declining? An Investor putting this on their books at any rate are going to sell to who??
No " Large Financial Institution " or even a small financial institution is stupid enough to loan 75% on a stated loan with no fico, UNLESS they plan to cross collateralize those verified assets along with the property.
ST, I am all about bringing the SIVA/NINA loans back. I have.....well had, a large clientelle of those borrowers. Not one was ever put into an ARM, only 30 yr fixes. They were dream files, easy, breezy. Not one single one of my borrowers has defaulted. Not one. I really wish the government would give us a list, a breakdown of all the loan types that have defaulted. I don't believe for a 2nd that the majority are these types of loans-SIVA/NINA's, I'm speaking about. What should be outlawed, in my opinion are the ARMs. How many of those adjusted to payments people couldn't afford? Ewwww, I just get so annoyed thinking about this crap. Take good programs from great borrowers.
Come on Tammy, I am just asking if there is a demand from the mortgage broker community. I am not sending out a company logo and pushing a hard money loan here. It is about finding solutions. What would you do if one of your past investor clients came to you who have 6 rental properties and their ARM is going to adjust on one of thier properties? How would you advise them? Sell??
No we are not talking 15%. I was approached by a very large financial institution that will be rolling out a Stated/Verified program; they want to know how much of a need there is for this program.For the loan officers that have less than 4 years experience will agree the subprime mess destroyed the stated loan programs. Think outside the box here a little bit and I think you will agree that if there is a market need, the company that fills that need will move ahead. We are talking 75% max LTV with a strong appraisal. I am assuming the rates would be around an 8.5 on a 3/1 arm with an IO option. This would also help the borrowers/investors you have that have more than 4 properties because this would NOT be a Fannnie or Freddie loan.
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