Beginning couple weeks ago, I've rec'd so many emails from lenders stating guideline changes per day. I got so overwhelmed and can't really catch up with the updates. I just rec'd this notice this afternoon, it made me laugh finally @ the office for a while.
"Very important - Guideline changes effective 8/8/07
-All borrowers must have one blue eye and one brown eye to qualify.
-LTV>65% SIVA requires min credit score of 849.
-For all LTV>65%, 360 months of payment reserves now required.
-Borrowers must have no previous bankruptcies in their family history going back three generations.
-A min of 25 yrs self-employment history now required for all NIV Programs (at same location).
-Min credit score for subprime loans raised to 720.
-All non-arm's length transaction borrowers (mtg, RE prof., family members) will be required to provide full documentation, subject to criminal background checks, wire tapping, strip-searches , and a min of 12 hrs of interrogation by the Dept of Homeland Security.
Please note that these changes will go into effect in the next five minutes. So please lock you existing loan immediately. All existing loans in your pipeline must fund by noon tomorrow."
It is a joke and it made us laugh, but the real market changes is asking conditions as unreasonable as this. Unfortunately...that is NOT a JOKE!
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