Just like the people in the picture, I am very excited about the tightening of the mortgage markets!! PHH Mortgage never got into the subprime arena and now we are doing great while many lenders that dived into this market for the profits while holding their noses are losing their shirts! So far, according to the implodeometer at http://ml-implode.com there have been 116 companies that have 'imploded' meaning that they are in serious trouble and probably going out of business. Donald Trump's mortgage company has recently joined the ranks of the imploded...
PHH Mortgage is not immune to the changes in the wind and we have tightened up many programs and many are currently suspended but we are going to be okay with our aquistion in the works with Blackstone, the world's largest acquistion company with plenty of cash that is positioning us to be a bigger player in the market. With all of the changes coming about, it shows now why Blackstone quickly gobbled us up because they knew this was coming and they knew we were ripe for picking with our strong brand relationship in the real estate market.
So far, we have suspended our No Income, No Asset, No employment program but only tightened the stated programs now requiring 90% for Stated Income, Stated Asset with a 720 FICO and 80% LTV with a 680 FICO for a Stated Income, Full Doc Asset both requiring 4 months reserves and only 80% LTV if the borrower is salaried.
Yes, it is going to get though for a few months but in the end, only the strong will survive and I plan on being there when the dust settles.
So, call me if I can help you with your borrowers! The sooner you get them registered with a good lender into a loan, the sooner you are protected. With us, we have a 90-day protection program that does not require a property address to lock in to so call me as soon as you can.
Sam Thompson, PHH Mortgage, Senior Advisor - Licensed in all 50 states for your buyers!
843-230-7929
Great Pinehurst Links:
Pinehurst Real Estate - www.pinehurstrealestatenc.com
Pinehurst Luxury Homes - www.pinehurstluxuryhomesnc.com
North Carolina Horse Farms - www.southernpineshorsefarmsnc.com
Fort Bragg Real Estate - www.fortbragghomesnc.com
