Has anyone seen this blog post?

Asked by CJ Brasiel, San Jose, CA Sun Feb 3, 2008

A discussion about soft market and underwriting changes occurring. Thought it would be helpful. I know some Trulia buyers have brought this up as well. What % of your loans are being changed at the last minute? http://www.mercextra.com/blogs/realestate/2008/02/01/lenders…

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Stacey A. Ma…, , Westfield, MA
Sun Feb 3, 2008
Hi CJ, I have seen a lot of last minute hustling on the part of lenders, sudden demands for a 5% down payment when none was required 3 weeks ago, a client who qualifies for the best rate on a Monday and by Wednesday the underwriter has said never mind - our guidelines just changed, can't do it at all. I would say between 40 and 50% of my clients have been affected. Even seasoned mortgage brokers who have been at this for 20+ years are being caught by surprise. The blog is interesting. I hadn't really paid attention to geographic areas as being more or less affected - I thought it was the market as a whole.

It won't help stabilize this economy if folks who thought they had a home equity line that would cover additions/renovations instead of moving up find out that they are out of luck on that front as well. Thanks for the link, Stacey
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