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kenl314

Hello all- This is for the other lenders and brokers out there. A quick marketing/ research type question.
How many different/ varying mortgage loan products were in existence back in 2006, vs. today's market?
As we all know, the available products to us and our customers has declined- but I want to be able to put a number on it a bit more accurately. Anyone have a good weblink or some other data?
Thanks,

Ken L.

Guest

I have found we have just about the same number of products, but the LTV and FICO parameters have changed so much that it is practically impossible to use the programs. I think the only products I am aware of completely leaving our line- up are stated income interest-only products. The old 100% programs are still around, but they are now 95% - 97% programs. At Bank of America, we still offer some stated-income loans but must have high credit score, good reserves and a lot of money down.

jameshogg

Hi ken,

There have been lots of changes in the market ever since the credit crisis. Loans like the interest-only mortgage and option ARMs are no longer offered to those with bad credit. Above all, it's tough to get a conventional mortgage if you don't have a 650-680 credit score.

Thanks

Company	Loan Type	APR	Est. Pmt.
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mortgage products availability- question