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#166428 - 03/04/04 06:57 PM No cost loans - jumbos only
Lavender Offline
Gold Star
Lavender
Joined: Jun 2003
Posts: 335
Can we safely (fair lending) offer a "No Closing Cost" loan for all loans over $336,000 (jumbos)?

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#166429 - 03/04/04 07:20 PM Re: No cost loans - jumbos only
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,658
Florida
It is usually easier to underwrite larger loans.

The bad part from a fair lending standpoint is that loans that size usually exclude low-moderate income individuals and are not usually found in minority census tracts.

There may be reasons to offer them, but at the same time consider some tangable marketing incentives for the other end of the spectrum.
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