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Exclusive: Wells Fargo loosens standards for jumbo mortgages
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2014 Aug 6, 3:02am 1,278 views 1 comment
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gsr
2014 Aug 6, 3:34am
Do you think it has anything to do with this?
Of course! Remember, majority of these mortgages will be doled out to people on the West Coast.
Here we go again.
(Reuters) - Wells Fargo & Co (WFC.N) 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 mortgage volumes.
The bank has eased its lending standards on mortgages it acquires from other banks, said spokesman Tom Goyda, for "jumbo" loans that are too large to receive a guarantee from government-backed mortgage companies.
In late July, the San Francisco-based bank lowered the minimum credit score on these fixed-rate jumbo mortgages to 700 from 720, Goyda said. Credit scores range from 300 to 850, and levels below 640 are often considered subprime.
Read more at : http://www.reuters.com/article/2014/08/06/us-wells-far-mortgages-idUSKBN0G614520140806
#housing