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The tightening continues. Look for an announcement later today that all agency SISA is discontinued immediately from Citi Wholesale. More as it develops.
Blowing the Lid Off the Mortgage Industry
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The tightening continues. Look for an announcement later today that all agency SISA is discontinued immediately from Citi Wholesale. More as it develops.
Its odd that the originators are cutting loans WAY back beyond what FNMA agrees too. Theoretically, once Desktop Underwriter (FNMA) approves a loan then that’s it. One only need meet FNMA stipulations. However, the investors (wholesalers) are cutting back even further.
Beginning April 1 there will be no M/I available on 90%+ loans in declining areas. For FNMA!! There is another hit comming on April 7 for credit scores under 740 on loans over 65%. Thats about 90% of the market.
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