Mortgage Blog

Please read if you have Schwab HELOC before

October 2nd, 2012 11:39 AM by Eric Fang

Charles Schwab just transferred the servicing rights
to Quicken Loans. And Quicken loans will complete the
re-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% CLTV
3)$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 2nd
heloc lender. It might affect the maximum loan
limit you are going to have.

Posted in:General
Posted by Eric Fang on October 2nd, 2012 11:39 AM



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