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Sunday, 25-Aug-2013 17:48 Email | Share | Bookmark
Red Rock Mortgages Revises Low Doc Loans for Self Employed Perso








The Lowdown on Low-Doc Loans





Apparently, the company management and finance experts are determined to make sure no self employed person looking for low doc home loans for property transfers or purchases in Australia or refinances with the benefit of unlimited equity release are left out. It is evident from their product basket too. Besides a number of other mortgage finance schemes, Red Rock Mortgages has been offering low doc loans for a long time now. With self-certification or self-declaration of income backed by an accountants letter or bank statement, it is now possible for any self employed individual to easily get a Red Rock Mortgages low doc loan approved within no time and the company even offers one to one guidance to aspiring borrowers. The complete loan approval procedure, compared to scores of other complicated loan schemes is not just easy but competitive too. The official representative of the company disclosed that recently revised low doc loans will http://commercial123.springnote.com/ prove extremely useful to self employed people who want financing in the $250,000 - $2.5million range. Our low doc loans are not for self employed persons only. Yes, they are ones who normally apply for such products. <br>For the original version including any supplementary images or video, visit content









This year they represent more than 16 percent of all new home loans, according to Inside Mortgage Finance, a Bethesda trade publication. Wall Street rating agency Standard and Poor's says volume jumped by 50 percent from mid-2005 to mid-2006, based on mortgage securities pools it analyzed and rated. Unlike in earlier periods, however, today's low-doc borrowers are much more likely to be people who could, but choose not to, document their income with W-2 forms or pay stubs. According to a comprehensive survey sponsored by Inside Mortgage Finance and conducted by Campbell Communications, 39 percent of all low-doc borrowers this year are salaried wage-earners, the same percentage as self-employed borrowers. Why do they prefer to go the low-doc route? Survey designer Geosegment Systems of Nashua, N.H., asked a representative national sample of 2,140 mortgage brokers active in the limited documentation field this question and came up with some eye-opening answers. While 63 percent of brokers said they knew their self-employed clients had "unreported income" that they wanted to keep off the record, 71 percent said their borrowers' applications were dependent on additional income "from a household member with poor credit." For example, say a married couple earns $10,000 a month, but one spouse had filed for bankruptcy or lost a house in a previous marriage. Most lenders would want to know about that in order to underwrite the new mortgage and charge an interest rate high enough to cover the added risk. With a low-doc or no-doc loan application, only the spouse with good credit scores would count as the borrower of record. <br>For the original version including any supplementary images or video, visit >http://www.washingtonpost.com/wp-dyn/content/article/2006/11/24/AR2006112400503.html/article/2006/11/24/AR2006112400503.html]content





Low taxpayer risk with low-doc loans





"Can't claim it is risk free, but we claim our approach minimises the exposure to taxpayer," Australian Office of Financial Management (AOFM) chief executive Rob Nicholl told a parliamentary committee in Canberra on Friday. Mr Nicholl said the AOFM had no sub-prime loans among the mortgages underpinning the residential mortgage-backed securities (RMBS) in its portfolios. The parliamentary inquiry was examining the Australian banking sector in the aftermath of the global financial crisis. The collapse of the US sub-prime mortgage market in 2007 was the precursor to the global financial crisis. Mr Nicholls said the AOFM`s mortgages with at least 30-day arrears were just 1.1 per cent of its portfolio. He said this was less than that for full document and broader prime loans. The AOFM's investment in RMBS was $11.1 billion as at August 31, with the mortgage pools backing these investments being $25 billion, Mr Nicholls. Of these, less than two per cent, or just over $400 million, were low-documentation loans, a type of loan usually given to people who did not gain approval for mortgages from more traditional sources. Liberal senator David Bushby acknowledged the Labor government was right in boosting the RMBS market following the global financial crisis. <br>For the original version including any supplementary images or video, visit http://news.brisbanetimes.com.au/breaking-news-business/low-taxpayer-risk-with-lowdoc-loans-20120921-26bdg.html



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