The no documentation mortgage (No Doc) has no supporting evidence of a borrower’s income. Instead, the loan realizes based on a declaration confirming the borrower can afford the loan payments. These mortgages are unregulated and do not meet the consumer credit protection act requirement to verify the borrower’s financials reasonably.
A Low Doc’ home loan is simply a term used to describe the amount and type of income documentation you’re able to provide for a home loan application. At Pepper, we don’t offer Low Doc loans. Instead we offer alternative documentation loans (Alt Doc).
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Prior to the crisis, there were a large number of Alt-A lenders and subprime banks that offered "No Doc" mortgages, but pretty much all of them shut down as a result of the downturn. No-Doc Loans Are More Expensive Because They’re Riskier. No doc loans are more expensive; Than fully underwritten home loans; Because the unknowns = more risk
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From the DOJ: In 2005, a WMC quality control manager described his department as a “toothless tiger” with inadequate resources and no authority to prevent the approval or sale of loans his department.
However unlike the No Doc Loans, the Low Doc Loan does require the lender to disclose earnings, usually for two years, and might need to show tax returns and bank statements. Fix And Flip Loans Fix and Flip Loans are short term loans for real estate investors and are sometimes called bridge loans.
No income verification mortgage definition from the mortgage glossary at QuickenLoans.com. Learn mortgage terms and jargon with the Quicken Loans.
No Income Verification Required – No Doc HELOC Loans and No Doc Equity Loan [mortgageapproved.blogspot.com] Question by : Anyone know a good no doc mortgage lender in nyc? Best answer for Anyone know a good no doc mortgage lender in nyc?. Answer by Rick B Not anymore! You are not likely to find it these days.
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In a no-doc loan, though, borrowers, in the simplest of cases, do not have to send their lenders any documents to verify their incomes. lenders simply approve a no-doc loan based on borrowers.