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| Stand alone second mortgages and jumbo loans were removed from the program menus of two wholesale lenders last week.
Effective Wednesday, Eagle Funding stopped accepting applications on stand alone second mortgages, according to a message sent to brokers that day. The Kirkland, Wash.-based company said it would not offer piggy-back seconds on first mortgages sourced through other lenders. Simultaneous seconds had to close with a first mortgage from Eagle. In addition to its corporate office, Eagle has two locations in Oregon, and its other two offices are in Arizona and Nevada. Flagstar Bank notified brokers it stopped taking new registrations Thursday for its jumbo fixed- and adjustable-rate mortgage program, and was “temporarily suspending” it starting Friday. All loans had to be locked by noon Eastern Standard Time on Friday. Locks could not exceed 30 days and extensions would not be granted, Flagstar said in a memo to brokers. Extensions on pipeline loans also had to done by noon on Friday and could not exceed 15 days, the Troy, Mich.-based lender said. All loans had to be submitted to underwriting by Jan. 25 and close and disburse no later than Feb. 8, the memo read. The halt on the jumbo program followed the Jan. 9 suspension of stated-income documentation loans in Maine, Massachusetts and North Carolina, according to a separate e-mail statement from Flagstar. “Flagstar Bank is suspending stated income documentation types from all loan programs,” on property located in the three states, the lender said in the statement. |
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Coco Salazar is an associate editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com
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