Broker Outpost is a good place to follow the lending trainwreck. When a lending product that used to be widely available disappears, these guys are the first to know:
The “grapevine” has some pretty knowedgeable participants, but it’s always interesting to see how little some of those people understand about their own business.
The “grapevine” has some pretty knowedgeable participants, but it’s always interesting to see how little some of those people understand about their own business.
“Well to me this is tragic…. Most consumers have an average score of 675, which where does it put them…alt a for now…
Some markets are impossible to do full doc… We work in a highly immigrant area, where you literally need to go stated or no doc or no ratio based on the way their employers pay them…
Oh well, in this case I am screwed…. Its not that I don’t have clients, I do, but without alt-a, I truly will not be able to close loans. It is 98 percent of my offices business”
based on the way their emplyers are paying them, they really have no business buying a house!
“Well to me this is tragic…. Most consumers have an average score of 675, which where does it put them…alt a for now…
Some markets are impossible to do full doc… We work in a highly immigrant area, where you literally need to go stated or no doc or no ratio based on the way their employers pay them…
Oh well, in this case I am screwed…. Its not that I don’t have clients, I do, but without alt-a, I truly will not be able to close loans. It is 98 percent of my offices business”
based on the way their emplyers are paying them, they really have no business buying a house!
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