Oct 7, 2009

Provident discontinues 3 year ARM in IL

According to an official release Provident Funding has discontinued Adjustable Rate Mortgage (ARM) loan products with an initial fixed period of 3 years or less for properties located in the state of Illinois. All affected loans currently locked will be honored, but must fund by the original lock expiration date.

All brokers working on these kinds of loans, please advise your borrowers appropriately or switch to another lender. PrivoCorp does not have any such loans in our pipeline at the current time.

PrivoCorp is one of the fastest processors of Conventional and FHA mortgage loans in the state of IL supporting several brokers in the greater Chicago area.

1 comment:

John Salerno said...

Unless there is a large volume of FHA ARM loans, these are difficult to pkg and send out... Disclosure requirements and hedging become problematic... Not to mention Public Perception... beging the catalyst for the stead decline in interest