Forum

Replies

  • Minna Reid October 11, 2012 at 3:52am

    I know HSBC Portfolio requires no financials, but not sure if that is credit score related.

    No - doc short sales? Is that where we're at now....I guess we've really come full circle.

  • Elizabeth Ross James October 10, 2012 at 3:56am

    Hello, Bank of America just came out with a streamline short sale that does not require any financials. In most situations, this is only offered by portfolio investors (bank owned loans). Also, most co-op short sales do not require financials, but again those are bank owned loans too. Just my two cents.

    Thanks,

    Elizabeth 

  • Jeff Payne October 9, 2012 at 5:13am

    Keri, do you mean a short sale program that requires little or no docs depending on credit score?   I know that many of the BIG Lenders are talking about it but not sure of implementation

    • Keri Sweetland > Jeff Payne October 9, 2012 at 5:15am

      Yes, I just got two lenders that started doing it on two of my short sales, I've inquired via the processors & negotiators with those particular files but the bank staff is still catching up to speed.  They see it as a tag in their system but they can't give me a WHY.  I'm going to start tracking them with the investors that I track and let you know if I see a trend, but I was hoping someone would have more intel than me on it.

       

      • Kevin - Greenville, SC > Keri Sweetland October 9, 2012 at 9:20am

        New Fannie and Freddie guidelines that are effective after 11-1-12 require only limited financials if the score is 620 or below.  It remains to be seen what the Servicer's are going to do with this.

        • Keri Sweetland > Kevin - Greenville, SC October 9, 2012 at 9:24am

          Thanks Kevin, I know I could rely on you!  But Fannie & Freddie are pulling out of HAFA Dec. 31st, 2012 still right?

This reply was deleted.
********************************** like buttons ************************