CAMB 2007 Convention

NAMB West
NAMB West

Stated Loans: Comments from CAMB

Colorado Mortgage Professionals and Interested Parties:

In the past couple days it has come to CAMB's attention through phone calls and emails from members and other interested individuals that some funding lenders may stop offering products associated with reduced or "stated" documentation.

CAMB is actively investigating details about the issue. We will provide updates as we determine fact-based answers to these questions.

Clearly, the passage of multiple bills focused on the mortgage industry may cause some confusion. The new bills may even lead some investors to reconsider their product mix.

CAMB is unaware of any prohibition against "stated" or "low-doc" loans in any of the bills passed earlier this month. Regardless, each investor will make its own determination based on its interpretation of the new bills.

We encourage everyone who is affected by such actions to:

1) Review the bills which are, as they have been since their signing, available for reading and downloading on the CAMB Web site; and

2) Contact us at memberservcies@camb.org and let us know what you have heard, including the source, date and contact information so we can follow up.

CAMB is one of the members of the rule making task force that will be working diligently throughout the summer to assist in providing recommendations to the Division of Real Estate regarding the rules to implement the new laws. Your input is cordially invited.