Ohio Mortgages 2007

[Greg]

One other thing to beware of when lending in Ohio is that lenders are cutting appraisals. Several appraisals that have been done in this state are being cut.

Example: 145k MLS listing and 145k Purchase Contract. Appraised at 145k and cut to 127,900.

Several refinances have been cut.

Ohio also imposed a ban on Stated Loans originated by Mortgage Brokers. SISA, SIVA, NO Ratio, and No Doc.

5% max fees (1%YSP in addition to 5% max)

<75k No PPP Allowed.

Several changes so beware and study the senate bill.

Several lenders are deciding not to lend in Ohio.

[Erik]

Policies like this are well-intentioned but IMHO end up hurting the consumer more than helping them.

[florida man]

greg

time to simply pull a scam and get a CML so you are now classified as a 'direct lender' and can do all those loans.

why dont they just make the FICO reqirements 720 and above for these products.........THAT might cut down on their defaults........
also, max LTV 80%.

720 fico max LTV 80% -tough for a lender to classify that as a 'risk'.....

cheers

[Greg]

Home123 is a direct lender of Fannie, Freddy, FHA/VA, ALT-A, and Sub-Prime.

I offer these wholesale lines and all the way to closing with underwritting and processing right in my branch. www.newcentury.com and www.newcenturyprime.com

Then I can broker too.

I can still do Stated.

[mknight]

Floridaman you have a great point. I have always felt the same way about programs completely cut out like that. Why not just make them be available for certain borrrowers? It's one thing if a lender removes a program because it is not profitable, but these gov't bodies seem to overreact and it hurts everyone.

[shoe0808]

we're doing stated in Ohio! 100% stated starting at 620! 100% N/O/O stated! 95% stated N/O/O starting at 660!

Gregg Shoewalter
Nations Home lending
614-554-2947
FAX 815-642-8413
gshoewalter@suttonbank.com

[doublearon21]

I have experienced this first hand, 1 on a refi, appraised value 330k, which was relatively conservative, cut 15k by the lender. This is definitely been hurting the consumers.

[florida man]

Originally Posted by shoe0808

we're doing stated in Ohio! 100% stated starting at 620! 100% N/O/O stated! 95% stated N/O/O starting at 660!

Gregg Shoewalter
Nations Home lending
614-554-2947
FAX 815-642-8413
gshoewalter@suttonbank.com

hey shoe. Thats great. Not many people are willing to do ANY 100% in ohio even full doc.

question:

do you have an 'internal appraisal auditing team' ?.............



just a thought...........

I wouldnt lend 100% in ohio right now. In fact, i wouldnt lend 100% anywhere outside of seattle. It will automatically be 110% ltv by years end.

[shoe0808]

Not specifically named that but yes we review appraisals