ewinits
458 Posts |
 Posted - 08/01/2007 : 10:14:43 AM
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Just got this from Nat City. They were the ones to turn to for 2nds behind other institutions neg-ams.
Due to Current market conditions National City is making the following changes effective immediately:
All Expanded Criteria Products/Alt A - No New Registrations and No New Locks
All Non Conforming Products - Allowing registration and locks on Full documentation only. All Stated income options including Home Quick are not allowed.
All Second Mortgages – Allowing registrations and locks on Piggyback, Full Documentation, CLTV <= 90%, FICO > 700. All standalone and stated options are not allowed.
Payment Option Arm - No New Registrations and No New Locks
As you have seen today from our competition, they have taken similar actions.
We will follow up with more detail soon.
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