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emg
15 Posts |
 Posted - 03/17/2008 : 09:05:09 AM
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Word on the street is that Wells and Citi are both getting rid of their SISA loans for Investment properties.
Most of my loans in the pipe are 90% SISA Investments!
Does anyone know of lenders that will still have this product?
Thank you!
Sara |
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CoralSnake
10889 Posts |
Posted - 03/17/2008 : 09:07:01 AM
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| I didnt even know that Citi still had it |
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DAMS
229 Posts |
Posted - 03/17/2008 : 09:13:24 AM
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| I believe CITI stopped that a while ago. Looking for the announcement in my email |
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RDwyer
3280 Posts |
Posted - 03/17/2008 : 09:38:09 AM
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Stated NOO with our portfolio - we'll be the only option left soon, so get familiar with what we do!!
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AGreene00
2820 Posts |
Posted - 03/17/2008 : 09:44:04 AM
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| With AmTrust any remaining SISAs in the system have to be locked by the 25th of March and fund by the 7th of May I believe. |
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dtabar
773 Posts |
Posted - 03/17/2008 : 09:46:21 AM
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| yeah were f**ked. |
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emg
15 Posts |
Posted - 03/17/2008 : 10:30:43 AM
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I just got off the phone with Wells Fargo AE. Here is what he said:
If you have any SISA primary residences they have to be registered and locked before the 27th. After the 27th the MORTGAGE EXPRESS will be gone!
He still has not had formal communication about the SISA NOO. But believes it to be discontinued as of last Friday.
Anyone else hear any news? |
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808
2616 Posts |
Posted - 03/17/2008 : 10:36:13 AM
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quote:
Originally posted by emg
I just got off the phone with Wells Fargo AE. Here is what he said:
If you have any SISA primary residences they have to be registered and locked before the 27th. After the 27th the MORTGAGE EXPRESS will be gone!
He still has not had formal communication about the SISA NOO. But believes it to be discontinued as of last Friday.
Anyone else hear any news?
actually as long as your loan was locked before the 14th they'll honor it, as far as u/w it, we all know that's a different story. They can say: 'cannot determine reasonableness of income' until the lock expires |
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