21 Jan Prime Jumbo Mortgage Lending By Nonbanks Set To Grow In 2021
In this National Mortgage News story, CEO Steven Schwalb discusses how the pandemic and growth trends have shaped the prime jumbo mortgage market and leveraged nonbanks’ position this year.
By, Brad Finklestein (Read The Full Article)
“The prime jumbo mortgage business is likely to benefit from the Consumer Financial Protection Bureau’s recent revisions to the Qualified Mortgage and Ability-to-Repay rules, which loosen certain standards established after the financial crisis. But those offering jumbo products will have to compete against conforming lenders whose loan limit is now $544,250. The new high-cost area limit of $822,375 for both conforming and the Federal Housing Administration loans, though it applies to a much smaller group of borrowers, could alsoincrease competition.”