Wells Fargo loosens jumbo mortgage standards

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Wells Fargo & Co(WFC.N. as will the $650 billion in adjustable-rate mortgages whose payments are slated to rise through 2008, analysts say. Rising delinquencies on ARMs made under loose lending.

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Lenders have more flexibility to change criteria for jumbo mortgages, Wells Fargo last year cut the minimum down payment it requires to.

At the time, Wells Fargo and other banks were loosening mortgage criteria that were. Chase adjusted its jumbo loan requirements to make the.

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Wells ceo tim sloan has a tough job, even by the standards of big bank. in the OCC’s decision to loosen existing restrictions on the bank. Waters has suggested that regulators should revoke Wells.

In June, Bank of America began allowing first-time home buyers, which it defines as people who haven’t owned a home for at least three years, to make 15% down payments for jumbo mortgages of up to $1 million. 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.

Wells Fargo Home Mortgage 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 mortgage volumes. The bank has eased its lending standards on mortgages it acquires from other banks, said spokesman Tom Goyda

Wells Fargo loosens jumbo mortgage standards Brena Swanson is formerly the Digital Reporter for HousingWire. Brena joined the HousingWire news team in February 2013, also serving in the roles of.

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It seems that a few boutique mortgage lenders are playing a little fast and loose with the rules they. J.P. Morgan Chase Co., Citigroup Inc. and Wells Fargo Co. each failed to meet at least one of.

Wells Fargo’s standards for mortgages it buys from other lenders remained more conservative than those it offers directly to consumers via its branches and online, Goyda said. The minimum credit score on those jumbo mortgages is 680.