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Wells Fargo Relaxes Standards for Jumbo Loans Wells Fargo has relaxed its standards for jumbo loans in response to a nationwide drop in mortgage volume, Reuters reported Aug. 6. Jumbo loans are those too large to qualify for a government guarantee. In July, the bank decreased the minimum credit score necessary for borrowers to qualify for fixed.
NEW YORK (Reuters) – Wells Fargo & Co (NYSE:WFC – News) has relaxed its standards for loans for some high-priced homes as the largest U.S. mortgage lender tries to combat an industry-wide drop in.
The press doesn’t know the difference between retail and correspondent, so make sure you remember the business channel that is impacted by any story titled, "Wells Fargo Loosens Standards for Jumbo Loans." Turning to the markets, everyone wants "private money’ to come back to the MBS market.
Chase has been jostling for market share with Bank of America and Wells Fargo, among other large mortgage lenders that have already loosened their standards on jumbo products, according to a report in the Wall Street Journal. Wednesday’s move, however, is the most aggressive by a big bank so far to capture the business of wealthier borrowers.
The lower requirements for jumbo loans are the latest effort by Wells and other banks to loosen mortgage criteria that are still tight by historical standards, Reuters said. TheStreet Ratings team.
Wells Fargo has reduced some of its standards for high-priced home loans in order to combat the industry-wide plummet in mortgage volumes, according to an artilce in Reuters. The bank has eased.
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By Peter Rudegeair NEW YORK (Reuters) – Wells Fargo & Co has relaxed its standards for loans for some high-priced homes as the largest U.S. mortgage lender tries to combat an industry-wide drop in.
Assets under management (AUM): For jumbo loans, you may qualify for a rate discount based on the value of your eligible deposit and/or investment assets at Wells Fargo Bank, N.A. and/or Wells Fargo Clearing Services, LLC. These assets are known as your assets under management (AUM).
Historically high rates for jumbo mortgage rates are lower nowadays, and lenders are easing the stricter requirements.. Wells Fargo ; Get Advice.. lenders are loosening standards.