Volume 2014 - Number 9
April 25, 2014
Non-Agency Underwriting Standards Loosening
A number of lenders have loosened their underwriting standards on non-agency products in recent months in an effort to boost originations as demand for refinances plummets. One of the boldest moves was taken by TD Bank, which this week announced a portfolio loan that has a downpayment requirement as low as 3 percent. The loan is part of the lenderís Right Step mortgage program which features low downpayment loans without private mortgage insurance ...
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