OPTION ARMS

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RickoJC

69 Posts

Posted - 05/21/2008 : 11:08:17 AM

Anyone still doing Option Arms/Pick A Pay in CA.

Wachovia isn't any more.

Thanks,

Rick.

JINGLISH

74 Posts

Posted - 05/21/2008 : 11:09:18 AM

I hope not, too many crazy LO's abusing the program

williamspeaking

4049 Posts

Posted - 05/21/2008 : 11:27:34 AM

any lo's still trying to sell option arms anywhere?

mojojojo_1

674 Posts

Posted - 05/21/2008 : 11:27:52 AM

really when did wachovia get rid of those for cali?

RickoJC

69 Posts

Posted - 05/21/2008 : 11:40:48 AM

Options ARMS are still good for certain borrowers - retired with fixed income and a huge amount of equity, hence the reason for the request. Also the fixed for 5 years would have been ideal.

Everyones a critic

JINGLISH

74 Posts

Posted - 05/21/2008 : 11:47:14 AM

quote:
Originally posted by RickoJC

Options ARMS are still good for certain borrowers - retired with fixed income and a huge amount of equity, hence the reason for the request. Also the fixed for 5 years would have been ideal.

Everyones a critic

Not a critic, that's why I said "crazy LO's" not crazy programs. No such thing as a bad program, only bad LO's abusing or misusing a good program. Anyway, if they are 62+ did you consider a reverse mortgage? Program typically good for most retired people.

rdcurry

382 Posts

Posted - 05/21/2008 : 12:06:38 PM

Rick, just sent you an email

monarchdad

1762 Posts

Posted - 05/21/2008 : 4:07:51 PM

Downey and First Federal still have them - full doc now though.

RickoJC

69 Posts

Posted - 05/21/2008 : 4:12:33 PM

Thanks all no more info needed...

re_manager

2625 Posts

Posted - 05/21/2008 : 4:25:26 PM

We are still doing the Pick-A-Pay in all our lending territory. The guidelines have changed in the past month and they are zip code dependent now.

Thanks

quote:
Originally posted by mojojojo_1

really when did wachovia get rid of those for cali?

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