Another Underwriting Change

Chase, one of the leader wholesale lenders, has announced some big changes and modifications to their product line up.

• Here are a few of the highlights:
  • Elimination of their Alt A Products
  • Elimination of the MyCommunityMortgage Interest Only Product
  • Increase of Min Credit Scores for Non-Agency 30 and 40 year loans and Interest Only Loans
  • Elimination of 100% Combo loans - Max combined max combo loans ( 95% Agency, 90% non-Agency)
  • Elimination of all Non-Traditional Credit
  • Elimination of internal underwriting of stated income loans
  • Major changes to products in "declining markets" (which Charlotte is NOT!)

These changes are being made in light of the lack of investor confidence in the marketplace. Unfortunately, the investors pay too much attention to the mass media that seem to just enjoy touting how the sky is just falling!

To the average person, here's what this means:

_______________________________________________

This mortgage market update is brought to you by

The Ed Nailor Mortgage Team - Home loans in Charlotte

704-651-8704 Phone or visit www.EdNailor.com