Industry News - 2.3.11 Are you federally regulated? The National Mortgage Licensing Registry (NMLS) began accepting registration from federally regulated originators January 31st. The 180-day initial registration ends July 29, 2011.
Industry News - 1.27.11
More Lenders are moving to 97% LTV in California: Pinnacle Capital, Plaza Home Mortgage, Stearns Lending, Sierra Pacific, Reunion Mortgage, and Icon Residential (applicable to their portfolio product only at this time). The high-LTV option requires a 720 minimum credit score and is available for purchase and rate/term transactions. All but Sierra Pacific will allow condos up to 97% LTV. Radian is the MI company that is insuring the high LTV’s.
Industry News – 11.05.10 Big News! Pinnacle Capital announced today the return of the 97% LTV Fannie Flex program in California. Their MI partners are insuring higher LTV’s without income or geographic limitations – standard Flex requirements apply: 720 minimum credit score, borrowers must have 3% of their own funds, max debt ratios of 41%, etc.
Industry News – 10.28.10
Plaza Home Loans is now offering a High-Balance option to their Conforming Portfolio product line – Plaza refers to their portfolio product line as ‘Island Prime’.
Flagstar Bank lowered their adjustment to High-Balance products effective today: FNMA Agency Jumbo program’s new adjustment is 1.125 down from 1.500, and Freddie’s Super Conforming program’s new adjustment is 2.125, down from 2.500.