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Snets
Nitroglycerin


Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County

The new mortgage refinance plan
PostPosted: Tue Oct 25, 2011 5:38 am Reply with quoteBack to top

Where has everyone been by the way? Ok what do y'all think - my good buddy in Cali Mark J says that sentiment seems to be building for this program - will our conduits make this available to us TPO's. What does everyone think?
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StephenF
Nitroglycerin


Joined: 08 Dec 2007
Posts: 981
Location: New Jersey

Re: The new mortgage refinance plan
PostPosted: Tue Oct 25, 2011 12:01 pm Reply with quoteBack to top

Go to NAIHP . Org and read the new tweaks...IMO this program will be worth a few loans nothing great.

The AVM feature is compelling if two things occur 1) the overlays do not change reduce the ltv/cltv & 2) Second mortgages subordinate without an appraisal and allowing for 100%+ ltv's

The LLPA's seem to change with a shorter term...I have not spoken to many who will refinance an upside down property for an equal or increased payment...others may encounter different...

Are the borrowers still required to credit score & income qualify? Sounds like a silly question...but I haven't seen it addressed in the info.

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BIGTXLENDER
Dyn-o-mite!


Joined: 22 Nov 2008
Posts: 217
Location: TEXAS

Re: The new mortgage refinance plan
PostPosted: Tue Oct 25, 2011 3:23 pm Reply with quoteBack to top

its worthless in my book not really going to help the overall housing market,

yes a few loans will get done but this is, two years to late..

if they really want to put a 'dent' in the housing woes,, bring back a form of Stated income( for highly qualified borrowers) along with this program now we are talking a few million who can benefit ...

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bdk
Wrecking crew


Joined: 24 Mar 2008
Posts: 1611
Location: Hell

Re: The new mortgage refinance plan
PostPosted: Tue Oct 25, 2011 6:52 pm Reply with quoteBack to top

hmmm didnt someone on here suggest modding peoples loans with a simple rider to their notes here? Hmmm who was that guy that had a great simple 1 page idea to stop the hemorrhaging and keep people to their word (for the notes they signed) giving them relief? Who was that crazy guy who had a simpler better solution?


http://forum.ml-implode.com/vi.....673#211673

Yea I have more to add to it I wrote up in 08 but looks like I never posted it here... wanna see it?

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MakingIt
Nitroglycerin


Joined: 04 Dec 2007
Posts: 629

Re: The new mortgage refinance plan
PostPosted: Tue Oct 25, 2011 10:18 pm Reply with quoteBack to top

This is about the election.


The reps and warrants part is what hampered any loan over 105%. The removal of this is the biggest thing in there. Now if they would only allow a person to refi a second time......
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bringit212
Cherry Bomb


Joined: 17 Nov 2007
Posts: 195
Location: At the office : )

Re: The new mortgage refinance plan
PostPosted: Fri Oct 28, 2011 4:42 pm Reply with quoteBack to top

BIGTXLENDER wrote:
its worthless in my book not really going to help the overall housing market,

yes a few loans will get done but this is, two years to late..

if they really want to put a 'dent' in the housing woes,, bring back a form of Stated income( for highly qualified borrowers) along with this program now we are talking a few million who can benefit ...


EXACTLY!!! The way things are going, maybe that won't be far behind. I mean everything the Govt. "comes up" with is just another page out of a sub-prime lenders guideline book anyway. Remember when Dodd and Frank whined and complained that it was too easy for borrowers to over encumber their homes. Well, now with this program they can over encumber their over encumbered homes even more. Good thing they passed those laws and put all of us "crooked" loan originators out of business. Evil or Very Mad Big Government at it's finest. Rolling Eyes
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MakingIt
Nitroglycerin


Joined: 04 Dec 2007
Posts: 629

Re: The new mortgage refinance plan
PostPosted: Sat Oct 29, 2011 8:41 pm Reply with quoteBack to top

BIGTXLENDER wrote:
if they really want to put a 'dent' in the housing woes,, bring back a form of Stated income( for highly qualified borrowers) along with this program now we are talking a few million who can benefit ...


It is stated already. I am doing one now at wells as a broker, 590 fico, sisa and no appraisal.
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