This lender was previously very competitive with 2nds, If not combined with a 1st, they are known as “stand alone 2nds”..
At this time,they are no longer offering 2nds.
This only applies to THIS one lender right now.
As the market contracts, rates will rise from those that still offer them.
These loan portfolios get sold off on Wall St., there were NO buyers for a strong package this week, so stop immediately.
The only guarantee is that there will be changes.
This is due to liquidity crunch on Wall Street for the secondary market.
Several hedge funds declaring bankruptcy this week have created a fear not seen in awhile.
Guidelines can change at any time, better or worse, but programs that were available Monday just aren’t available today.
