Earlier this month PMI started to tighten up their guidelines even further. Effective 6/1/2008 most companies are discontinuing insurance for all Cash Out refinances and any Conforming loan receiving a level loan approval.
Last year I had a vision of what 2008 would hold for the industry. I felt that Conforming lending would tighten up so much that Government financing would take over most of the market.
Sure looks like the vision was fairly accurate. However, can the Government financing avenues continue to stay where they are with guidelines and absorb the Conforming fall out? We will see what the investors allow in the upcoming months.
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