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 Green point...losing loans programs View next topic
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jerzey
Flash in the pan


Joined: 27 Feb 2007
Posts: 76

Green point...losing loans programs
PostPosted: Thu Mar 08, 2007 6:07 pm Reply with quoteBack to top

From my local rep here in Las Vegas:

As many of you already know there is several changes with lender guidelines and programs everyday.
Here is a breakdown of what is going on at Greenpoint:

WE WILL ONLY BE ABLE TO ACCEPT 80/20 FINANCING LOANS THAT ARE SUBMITTED AND LOCKED IN OUR PIPELINE BY FRIDAY MARCH 9TH.

ANY LOAN THAT IS LOCKED BY MARCH 9TH MUST FUND BY MARCH 30TH, NO EXCEPTIONS.

My rates are still very competitive on my NO RATIO, STATED/VERIFIED, and FULL DOC 80/20 products, if you have any of these in your pipeline that need to fund by the end of this month please get them submitted and locked in the next 2 days while the programs are still available.
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Mozo Maz
Flash in the pan


Joined: 30 Jan 2007
Posts: 29

Re: Green point...losing loans programs
PostPosted: Thu Mar 08, 2007 7:28 pm Reply with quoteBack to top

Sounds like a stampede for the exits on 100% financing and 80/20. Lenders bailing on them right and left.
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qwopzxnm
Flash in the pan


Joined: 09 Feb 2007
Posts: 95
Location: Irvine, CA

Re: Green point...losing loans programs
PostPosted: Fri Mar 09, 2007 4:16 pm Reply with quoteBack to top

Secondary market has completely collapsed for this product so most places I've seen are selling their remaining subprime pipe at well below par and either cutting out their subprime offerings all together, or dramatically decreasing that division.
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