Indeed, in 1995, just as he was getting into the thick of the spread of low-doc
loans, he founded Headlands Foundation, a nonprofit charity, in order, he said, to do things right.
In both cases, the share of low-doc
loans increased over the years, as shown in Figure 6.
Competition for subprime loan clients induced lenders to relax underwriting criteria and offer low-doc
Can this risk be mitigated in the absence of basic due diligence (eg, no-doc, low-doc
loans) and under the pressure of predatory lending practices?
If you need a little more--say, $20,000-$100,000--check into bank loans, credit lines from banks, the SBA Low-Doc
program, strategic partners and other sources.
With a simplified application process, a loan for as little as $500 can be acquired through OWBO's low-doc
But homeownership demand and household growth rates remain strong despite the collapse of no-down, low-doc
products, and our FHA tools enable lenders to identify the markets where opportunities relating to the dramatic increase in demand for FHA loan products exist.
At the NEMBC in Newport, Steven Cofsky, chief director of examinations, Massachusetts Division of Banks, Boston, said his department is "finding that a lot of fraud and predatory lending is not happening in stated-income or no- or low-doc
This report firstly analyzes the growth of the entire mortgage market and then looks at both the low-doc
and non-conforming markets.
At the Subprime Lending Symposium, Scott Samlin, executive director of residential mortgage compliance for Morgan Stanley, New York, said he would "like to see specific programs [developed] around a reasonableness test" when it comes to no-doc or low-doc
With a mix of prime, nonprime, home equity, interest-only, low-doc
and no-doc loans, it is important for GMACM to have delinquency and default management integrated into its core servicing system.
GreenSource is an all-online, low-doc
broker program that provides loan decisions in less than two minutes.