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2/15/08 Flagstar Wholesale modified its No Hassle Streamline Refi program effective 2/15.
They installed a minimum 12 month seasoning. They eliminated the 5% cash out option and
went to standard Agency Rate/Term guidelines. They installed and automatic AVM on every
Streamline Refi to verify that the current value is no less than 5% below the original appraisal.
2/15/08 Sidus Wholesale is incorporating the Agency Adverse Market fee into the pricing
on 60day+ locks.
2/15/08 Fifth Third Wholesale is modifying their price adjustments effective 2/19 on their
80/20s, 75/25s, Home Possible and My Community programs, their Fifth Third 100 and
extended locks.
2/13/08 Countrywide Wholesale announced that effective 2/15/08, they are discontinuing
the minimum credit scores for Fast & Easy documentation. Instead, the automated
underwriting engine will evaluate the layered risks of a loan and render a decision. True, this
means that a borrower with a middle score under 680 is potentially eligible, but if the risk
factoring within the engine has been tightened, it render a Refer anyway. We'll have to see
how it really works out.
2/13/08 Chase Wholesale tightened guidelines on their DreaMaker Opportunity products
making the dream tougher. Among the 10 changes, are increasing minimum credit score to
620 and reduction of income limit to 100% of Area Median Income.
2/11/08 Well Fargo Wholesale, effective 2/25, made quite a few changes to their condo
eligibility matrix. One of the changes is increasing from 25% to 50% the required pre-sale on
new condo construction qualifying for streamlined review.
| Ask about PAID Closing Cost Option! |
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| Where good credit is rewarded and damaged credit is rebuilt. APPLY ONLINE OR CALL NOW! Toll Free 866.452.0876 910.452.0876 Ext. 118 Ask @ PMI tax deduction! Email us |
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Inner Circle News for Real Estate Professionals