A Paper lender, very upcoming...still offers a 95 % SISA with LPMI, MCM with LPMI and Flex100's with LPMI? As well probably one of the top lenders that still offer great Conforming rates...and is FDIC insured. Check them out at www.americansterling.com
miweiser Wrecking crew
Joined: 09 Nov 2007
Posts: 1515
Location: Central FL
That's pretty tight, mtgmn. Is getting a clear-to-close harder than Chinese math?
Seriously, folks, I've got to wonder about any lender still doing those programs... to whom are they selling them? And since I've never heard of them, my ignorance leads me to assume that they're not huge volume so they'd better be getting a pretty good price on the secondary market.
I'll look 'em up, Batman, but if I submit a loan to them I'll be nervous as a cat in a room full of rocking chairs.
_________________ "When you're going through h**l, keep going."
-Winston Churchill
I know when I worked for them they sold the paper to the same people everyone else did so I don't see how they are any different then the lenders that are imploding. They say they have a portfolio product but that isn't true they do sell it. ASB is privately owned and if I remember correctly they are out of the mid-west, their mortgage division was out of Irvine CA. Here in AZ they took all the people from the Phoenix branch of ABC after they imploded but I'm sure they are finding it a lot harder to do loans. ASB is tight when it comes to underwriting and we all know how loose ABC was when it came to underwriting so I don't thnk this is an ideal marriage.
My best advise to anyone thinking of submitting a loan to ASB is to make sure your I's are dotted and T's crossed if it doesn't fit right in the box it is dead. I don't want anyone to think I'm saying this because I'm an X employee because it isn't true, I am saying this because I battled them for over a year that I worked for them.
Does anyone remember Commerce Security Bank? Well here in AZ they had a wholesale office, ASB bought them and not long after that they closed the office and pulled out of AZ.
Guess it depends on where you may reside of course. It doesn't make any sense what you are saying, go figure you only worked there for a year... they are straight agency....A DU/LP approval is just that.. any LO knows that? It's ok to say as you may have worked for them a while back but all the brokers in my area love them and the uw's. It's relative to the quality of UW's you have....maybe your from California or the midwest somewhere but around here they are golden....tell me who has better Apaper rates right now and I'll send my business there as long as the customer service even slightly stacks up?
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