October 2nd, 2012 11:39 AM by Eric Fang
Charles Schwab just transferred the servicing rightsto Quicken Loans. And Quicken loans will complete there-subordination if you want to refinance the first.
But Quicken loan changed the CLTV requirement:
1)The maximum allowable CLTV is 75%2)$100K in assets up to 80% CLTV3)$500K in assets up to 85% CLTV
But we have one borrower's line reduced to CLTV 80%even though we showed the lender of $500k assets.
So be careful when you decide to choose the 2ndheloc lender. It might affect the maximum loanlimit you are going to have.