Month Bank Statement News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Bank Statement Loans are The HOLY GRAIL in the Non-QM mortgage loan space.

There’s a splendid joke about the definition of an economist being someone who “will know tomorrow why the things they predicted yesterday didn't happen today.” Everyone’s warning everyone about everything these days: Recessions, plagues, housing collapses, overnight rates near 5 percent. The bigger the prediction, the bigger the headlines. No one has a crystal ball, but one thing for sure is that with the increase in both short and long-term rates, independent mortgage banks are seeing even less revenue. For example, their warehouse line costs have gone up....

The mortgage talk here in Cleveland is how, “Tough times never last but tough people do.” Many estimates have residential production hitting $4.8 trillion in 2021, so is there anyone left to refinance? Of course there is, and in many conversations with lenders, rate & term refis have been replaced by cash out. Black Knight, a mortgage technology and data provider, says there are still 3.8 million people who would benefit from refinancing (30-year fixed-rate mortgage holder with a maximum 80% loan-to-value ratio, a credit score of 720 or more, and a likelihood of reduc...

W.C. Fields said, “Money will not buy happiness, but it will let you be unhappy in nice places.” Unfortunately, many people have much less of it, and here’s a quiz to start the week. What are -68 percent, -66 percent, -60 percent, -40 percent, -13 percent, and -2 percent? They are all the stock performance since their initial public offering, or SPAC merger, of well-known companies in the residential mortgage business. And the numbers aren’t even the decline from their price highs, which would look much worse. In order of a hit taken: Hom...

Today, a good majority of originators know what a bank statement loan is and which lenders to use to place these files. However, what happens when the 12 or 24-month bank statement loan does not work?  Our 3-Month Bank Statement program is used as a fail-safe product for these clients. Though the commercial market has been in disarray over the past 18 months, we are now accepting files on subjects with mixed-use characteristics. Adult Care Facilities and Vacation Rental Properties have been hard to place, and we will now look at lending on these subjects.