Aloha from Hawaii,
The title of my question is really what I am trying to find, however,
I will be content with some National statistics or a partial answer
that helps to solve this problem. I am a loan officer in Hawaii and
we have many people that request loans with "alternate documentation".
These types of loan products are called under these common names:
"Full Documenation" or "Full Doc", "Stated Income", "No Ratio", "No
Income No Asset" also know as "NINA" and "True No Doc".
The closest I have found to what I was looking for was contained in
the annual report for Fannie Mae. Freddie Mac's may still contain
something of value. That annual report simply told me they purchase
loans of various types and charge a fee depending on the loan type.
However, they didn't tell me what the percentage of these loans were.
The reason I am searching for this data is more homebuyers require
these types of loans in Hawaii and my home office in Michigan doesn't
understand that we have to offer these programs.
My particular interest is focused on "NINA" and "True No Doc" loans in
Hawaii. You may very well find that the percentage purchased by
Freddie Mac and Fannie Mae for these types of loans is Zero. While
this isn't what I want to find, it is at least an answer to part of
what I'm looking for.
However, in electing to answer this question, I will not accept a
simple answer of yes they do or no they don't purchase NINA and True
No Doc. I'm still searching for the percentages of loans they
purchase by loan type.
Note: I did find already references to percentage by type of
property, and type of occupancy, and percentage of long-term fixed
versus ARM. I don't need that information. |