countrywide on its way out?

richt · #1 (**permalink**) 04-04-2008, 01:52 PM

Countrywide recently raised it's 100% financing program from 620-680. A week and a half later they get rid of the 100% program totally. Of course I had to have a deal that I locked with the incorrect address. So of course they are not willing to fund this deal because their 100% program ended on march 31st end of business day. Have we as business people forgotten how to do business? I have a guy with a 791 beacon score that i now have to shop around because countrywide is unwilling to do him at 100%when they already approved him 3 days earlier. Sounds like they approve the address instead of the person. In any case, I would guess they are in trouble for turning a deal down such as this one.

Don't be surprised if they are on their way out!

Bacon · #2 (**permalink**) 04-08-2008, 09:03 AM

Its not CW, its the MI companies...they are driving the bus on this now.
No one is doing conforming 100% anymore.

richt · #3 (**permalink**) 04-08-2008, 09:18 AM

Ok fine. A guy with a 791 beacon score obviously pays his bills. Why would you even need MI? Home has already appraised for $10,000 more than what it's being sold for.

Greg · #4 (**permalink**) 04-08-2008, 11:02 AM

Why? Because investors are not buying uninsured 100% loans.

Because his LTV is over 80%.

The pool of loans that are 100% and were uninsured are losing money for investors. They are scared even though the credit risk is low.

Did you look into USDA?