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发帖数: 29576 | 1 高端房不好贷款了。
Home values may fall as jumbo loans vanish
Act fast if you are thinking of getting a jumbo loan. Lenders still offering
them might get spooked by the next piece of news related to the coronavirus
and put their cold, hard cash on ice.
Soon enough, jumbo mortgages will be as hard to get as Charmin and Purell.
Just a few weeks ago, the entire private label jumbo mortgage channel
stopped.
Jumbos are mortgages greater than the “conforming” amount that can be sold
to mortgage giants Fannie Mae and Freddie Mac, or loans totaling over $765,
600 in Los Angeles and Orange counties and over $510,400 in Riverside and
San Bernardino counties.
Private label jumbos are those typically funded by non-bank lenders.
Non-bank lenders fund 20% of the jumbo market while depositories (banks and
credit unions) fund the other 80%, according to Guy Cecala, CEO and
publisher of Inside Mortgage Finance. Nationally, jumbo mortgages
represented 17% of the $2.3 trillion originated in 2019.
So what? We still have depository banks funding jumbos.
Not so much.
While Citibank and Chase continue to buy jumbos from other lenders, Wells
Fargo Bank temporarily suspended the purchase of jumbo loans from other
lenders last week. The nation’s largest mortgage servicer also is limiting
jumbo refinance applications to existing customers who already have deposits
or other asset accounts valued at $250,000 or more.
Bank of America stopped purchasing jumbo loans from other lenders in 2011. B
of A and Chase still are providing jumbos to their clients, however.
https://www.ocregister.com/2020/04/09/home-values-may-fall-as-jumbo-loans-
vanish/ |
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