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Home Loan Q - Jumbo Loans
Posted on 4/3/20 at 10:43 am
Posted on 4/3/20 at 10:43 am
Anyone have insight on what’s happening with this segment right now?
Was told by my current lender that many banks are on hold as far as jumbo mortgages go right now?
They indicated that the only major group handling them right now is Chase, does that line up with what others are hearing?
Was told by my current lender that many banks are on hold as far as jumbo mortgages go right now?
They indicated that the only major group handling them right now is Chase, does that line up with what others are hearing?
Posted on 4/3/20 at 10:45 am to tide06
quote:
They indicated that the only major group handling them right now is Chase, does that line up with what others are hearing?
Yes. A few others are doing them. Axos Bank is one of them
Full doc, low ltv, super high fico
Posted on 4/3/20 at 11:07 am to SDVTiger
quote:
Full doc, low ltv, super high fico
I second this. A majority of investors have completely backed out of Jumbo and Govt.(Low Credit Score) loans right now.
Posted on 4/3/20 at 5:58 pm to HowboutthemTigers
Wells Fargo pulled out of funding all Jumbo loans effective today. Jumbo and non-QM loan products are going to be extremely difficult to find because investors are running away from purchasing them right now.
Look for some major non-bank lenders who also service loans to go out of business over the next 45-60 days if these loan foreclosure moratoriums aren't lifted. Quicken, loanDepot, Freedom Mortgage, Mr. Cooper are all in deep trouble right now as they don't have sufficient capital reserves and they are still responsible to pay the investors their money. Non-bank lending and mortgage brokerages are about to see another 2008 coming very quickly unfortunately.
Look for some major non-bank lenders who also service loans to go out of business over the next 45-60 days if these loan foreclosure moratoriums aren't lifted. Quicken, loanDepot, Freedom Mortgage, Mr. Cooper are all in deep trouble right now as they don't have sufficient capital reserves and they are still responsible to pay the investors their money. Non-bank lending and mortgage brokerages are about to see another 2008 coming very quickly unfortunately.
This post was edited on 4/3/20 at 6:00 pm
Posted on 4/3/20 at 7:08 pm to MrLSU
Would it be possible to refinance a Jumbo Loan if you already have one?
Posted on 4/3/20 at 8:30 pm to disco tiger
I mean it is still possible but doubt you would get better than what you currently have. Chase and a few of the mid sized banks that focus on mortgages and have their own portfolio like mine are still doing them but not many options. What are you currently at with your rate?
Posted on 4/3/20 at 8:59 pm to HYDRebs
Its Puerto Rico so when I got it no US bank would touch it so its at 5.375% with the bank that financed the project. All my US accounts are with Chase so going to take a swing at it again.
Posted on 4/4/20 at 9:49 am to disco tiger
quote:
Its Puerto Rico so when I got it no US bank would touch it so its at 5.375% with the bank that financed the project. All my US accounts are with Chase so going to take a swing at it again.
Yup going to be real tough to find options with US institutions that will touch that particularly if it is not primary.
Chase is probably your best bet. Their 30 yr. jumbo for primary was around the 4.5% range friday. 10/1 ARM jumbo was priced well for them at around 3.75%. Not sure what their adjustments would be for the property being in puerto rico as well as another adjustment on top of that if it isn't your primary.
May be able to get a preferred rate with them depending on how much you keep with them. It seems good jumbo rates are tough to get right now unless you hold a significant amount of liqiud assets at that institution. My portfolio still has decent jumbo rates but restricted on states and many mortgage banks have just done away or priced out the jumbo product right now. Too risky in this environment. Poised to take big losses if real estate starts going the same way as the rest of the market.
Posted on 4/4/20 at 4:28 pm to HYDRebs
Thanks. Last question. Does the property valuation come into play? It was worth 3X what I owed earlier this year. Probably worth less now.
Posted on 4/4/20 at 5:11 pm to disco tiger
yes it will, but I doubt valuation has gone down much if that’s what it was worth earlier this year. I would think depending where it’s located in PR trailing sales from the last 6-12mo have been more affected by the past hurricane that hit the island rather than the current market conditions.
Posted on 4/5/20 at 9:45 am to tide06
I work for a mid-size Bank in Houston. We have portfolio jumbo. 15 fixed mid 3’s and 10/1 and 7/1 arms. 30 fixed available on one-time close around 4.
Secondary market dried up. Can confirm Wells sent out a memo saying they were shutting jumbo for now - Cap Fed shut down a week ago.
Secondary market dried up. Can confirm Wells sent out a memo saying they were shutting jumbo for now - Cap Fed shut down a week ago.
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