Posted by LCS_CA on 8/17/07 6:56pm
Msg #206299
OT: new lending requirements
Got this from an escrow officer who got it from a realtor who got it from a lender...
This came from a lender - soooo not only does the market stink - but so do loans!!!!! Why not just laugh away the day!!!!!!
Very Important- Guideline Changes Effective August 15, 2007
• All borrowers must have one blue eye and one brown eye to qualify.
• LTV’s > 65% SISA Loans now require a minimum credit score of 849.
• For all LTV’s > 65%, 360 months of payment reserves now required.
• Borrower’s must have no previous bankruptcies in their family history going back three generations (including, but not limited to 2nd cousins twice removed).
• A minimum of 25 years self-employment history now required for all Stated Programs (at same location).
• Minimum Credit Score for Subprime Loans raised to 720.
• All non-arm’s 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, blood tests, and a minimum of 12 hours of 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 today. The vast majority of fulfillment staff is off today, so no Rush Requests will be accepted.
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