Agency SISA

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chmax7

365 Posts

Posted - 05/07/2008 : 7:49:11 PM

Are any banks still doing Agency SISA's at greater than 80% LTV? Will MI companies issue MI on these? Or can you get LPMI on these?

ZoolanderMSM

164 Posts

Posted - 05/07/2008 : 8:25:34 PM

There are SISA's w/ agency pricing, but they're not being sold to fannie / fred. Any lenders still doing these are warehouseing themselves. Try HSBC and CW.

I don't think you'll find anything with LPMI out there priced like a fannie loan. If you look at Alt-A lenders you should find some with LPMI. Probably mid to high 6's right now.

See if you have any luck with these guys...
Jake Howard
Pacific Union Financial
925 627-2731

Russ Ortega
Coast2Coast Funding Group
Alt-A 1st, purchase & refinances, Stand Alone 2nds
(949)683-6301
(877)841-5152 Toll Free

John Reiher - Wholesale Lender
First Guaranty Financial
AZ,AK,CA,CO,HI,NV,OR,MN,WA,FL,MO,ID,TN
www.johnreiher.com

PRMG
http://www.eprmg.net/

Post back up here and let us know how it goes.
Thanks,
Matt

Layne Jones

1475 Posts

Posted - 05/08/2008 : 07:29:11 AM

And there are 2nd lien holders still doing stated also. We allow up to 90%CLTV SISA but we are only doing the 80%ltv.

chmax7

365 Posts

Posted - 05/08/2008 : 6:42:21 PM

Do you guys have Agency Stated or Just alt-A stated?

I tried CW but they said they no longer are doing them.

I will try the others. Thank you

mantixmortgage

2505 Posts

Posted - 05/08/2008 : 6:45:24 PM

us bank has real agency stated

cash out to 70% in declining markets, 75% in non-declining with 730 fico

ss5547

243 Posts

Posted - 05/08/2008 : 6:47:18 PM

You can go SIVA to 80% CO with HSBC with 6 months PITI reserves and at least a 680. That exact scenario was pricing at 6.5 (.550) today, can't remember which state it was in, maybe Kentucky or Alabama.

chmax7

365 Posts

Posted - 05/08/2008 : 6:50:39 PM

So US Bank will actually still override the DO Income findings??? Any clue if you can do that above 80%?

MisterVA

5309 Posts

Posted - 05/08/2008 : 6:51:35 PM

MGIC just sent a release today that they are out of the alt A game.

mantixmortgage

2505 Posts

Posted - 05/08/2008 : 6:53:08 PM

quote:
Originally posted by chmax7

So US Bank will actually still override the DO Income findings??? Any clue if you can do that above 80%?

you just need an LP accept. it doesnt go over 80%.

chmax7

365 Posts

Posted - 05/08/2008 : 6:55:28 PM

Oh OK. So it seems like only a Verbal DO Approval or LP accept PLUS will get you MI??? Is that the case?

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