AB440: The Scoop on Stated Income Loans in Nevada
Sep 29th, 2007 by Forrest
The word is out. “There are no more stated income loans being written in Nevada”! This is just not true!! However, Assembly Bill 440 from the 2007 Legislative Session has had an impact on a wide variety of low documentation loans. Even news articles that have some of the facts correct can be scary to read. For example, take a moment to read today’s Las Vegas Review Journal article on this subject:
MORTGAGE MELTDOWN: New law tightens lending
I whole heartedly agree with Bill Ochs’ (owner of Nevada Mortgage) viewpoint that the marketplace, rather than legislation, could better solve this problem. What’s currently taking place in the mortgage lending business certainly is evidence that the marketplace has already taken great strides in resolving the agressive, liberal lending practices of the previous two years.
But . . . enough of my viewpoint! Rocky Finseth (Principal at Carrara Nevada) and Jenny Welsh (Government Affairs Director) have followed this legislative item since it’s inception. They have written an article which clarifies the implementation and impact of AB440. Rocky and Jenny briefly explain how this legislation came about and share the guidelines that are currently in use by lenders. This article is certainly worth reading and offers insights that should dispel the misinformation that many of us are receiving. Please check out:
Now that you have the most up-to-date information on this issue, there is an even better resource for the best information on available loan programs. Just contact one of our MJM Home Loans Representatives! Their contact information can be found at:
