Posted by cara on 8/13/07 12:26pm
Msg #205267
New Lending Guidelines
FYI: I was sent a copy of this announcement from a mortgage broker last week. I think that it explains why things has slowed down.
Covina Mortgage Lending, Wholesale
Very Important Guideline Changes Effective August 8, 2007
All borrowers must have one blue eye and one brown eye to qualify.
LTV. 65% SIVA requires minimum credit score of 849
LTV > 65%, 360 months of payment reserves now required.
Borrowers must have no previous bankruptcies in their family history going back three generations.
A minimum of 25 years self-employment history now required for all NIV Programs (at same location).
Minimum Credit Score for Subprime Loans raised to 720.
All non-arms length transaction borrowers (mortgage, real estate professionals, family members) will be required to provide full documentation, subject to criminal background checks, wire tapping, strip searches, and a minimum of 12 hours interrogation by the Department of Homeland Security.
Please note that these changes will go into effect within the next five minutes. So please lock your existing loans immediately. All existing loans in your pipeline must fund by noon tomorrow.
We apologize for the inconvenience. We realize these are tough times in the mortgage industry for all of use. Be assured that we have a commitment to remaining strong and weathering out the storm. We ask for our understanding and cooperation.
Sincerely,
Mark Allen
Account Executive
Covina Mortgage Lending, Inc.
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