Jumbo lending increased by 22.5% in the second quarter but the sector lost market share as borrowers flocked to refinance agency mortgages. Wells Fargo remained the top-ranked jumbo lender by a small margin. (Includes data chart.)
Servicing balance for jumbo mortgages fell in 2Q20 among a group of 30 servicers tracked by this newsletter, including the top three in the industry. (Includes data chart.)
Non-agency forbearance increases; prices for luxury homes fluctuate; PCMA sees strong interest in new non-QMs; Angel Oak and Citadel offer loans underwritten with 12 months of bank statements; former Redwood Trust president moves on to rent-to-own provider.
The REIT’s aggregation of non-agency mortgages typically dwarfs its business-purpose lending activity, but that wasn’t the case in the second quarter of 2020.
Overall, 14.6% of applications for jumbo mortgages were denied in 2019. Among the top 10 lenders, denial rates ranged from 1.1% to 41.5%. (Includes data chart.)
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