Mortgage qualifications typically follow Fannie Mae guideline suggestions.
While Yun is hopeful that slightly looser mortgage qualifications will bring more first-time buyers into the market, he is concerned about how long it could take.
As long as the co-borrower and applicant qualify on their debts and income for the mortgage qualifications, they usually get the house, she said.
So when mortgage pre-qualification became a sales tool for mortgage reps, there was no uniform process for determining and issuing these coveted golden tickets.
Back in the day (1980s, early to mid-1990s) there was mortgage pre-qualification and it was done by real estate agents.
Page A20 New York BANK AND 19 EX-EMPLOYEES CHARGED WITH FRAUD A small bank with a major presence in New York City's Chinese community, and 19 of its former employees, have been charged with inflating the qualifications of mortgage applicants.
An article on Friday about the indictment of Abacus Federal Savings Bank, a small bank with a major presence in New York City's Chinese community, and 19 of its former employees in a scheme to inflate the qualifications of mortgage applicants misidentified a lawyer representing a defendant, Yiu Wah Wong, and a correction in this space on Saturday misstated part of that defendant's name.
NEW YORK An article on Friday about the indictment of Abacus Federal Savings Bank, a small bank with a major presence in New York City's Chinese community, and 19 of its former employees in a scheme to inflate the qualifications of mortgage applicants misidentified a lawyer representing a defendant, Yuh Wah Wong.
NEW YORK An article on Friday about the indictment of Abacus Federal Savings Bank, a small bank with a major presence in New York City's Chinese community, and 19 of its former employees in a scheme to inflate the qualifications of mortgage applicants misidentified a lawyer representing a defendant, Yiu Wah Wong, and a correction in this space on Saturday misstated part of that defendant's name.
