Our market has changed drastically in the last 2 weeks. Many lenders have had to close their doors. This effects everyone..... borrowers with scores under 640 Full Doc /660 Stated will not be able to obtain an 80/20 loan. The lenders that are remaining in the market have all changed their guidelines.
It is important to explain this to your clients, many clients will be unable to get out of arms that they are in if they have little equity. To keep up to date on all the lenders that have closed their doors and others pending go to : http://www.ml-implode.com save this site and read it daily.