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Jumbo loans, loan not completed after rate lock

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Jumbo loans, loan not completed after rate lock

I have locked rate for a 7/1 ARM, completed appraisal recert for a refii, heard back from my loan officer that the lender has decided not to process jumbo loans. How are things with other jumbo loan refii applications?


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Re: Jumbo loans, loan not completed after rate lock


@FICOlearner123 wrote:

I have locked rate for a 7/1 ARM, completed appraisal recert for a refii, heard back from my loan officer that the lender has decided not to process jumbo loans. How are things with other jumbo loan refii applications?


Who was the lender in this case?

 

I'd go ask some of the big banks usually they're competitive on jumbos anyway and if anyone is doing them it'd be them.




        
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Re: Jumbo loans, loan not completed after rate lock


@FICOlearner123 wrote:

I have locked rate for a 7/1 ARM, completed appraisal recert for a refii, heard back from my loan officer that the lender has decided not to process jumbo loans. How are things with other jumbo loan refii applications?


Unfortunately we are starting to see some of the same stuff that happened in 2007 -2008 on the lending side. Non QM lenders have stopped taking new loans or reduced the allowable loan to value tiers. Some jumbo lenders have stopped taking new loans & I know of one investor that has increased their score requirements for FHA, VA & USDA to 680+.

Credit is tightening up &, if this is anything like 07/08, underwriters are going to start killing loans that are marginal (but but still eligible).

 

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Re: Jumbo loans, loan not completed after rate lock

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Re: Jumbo loans, loan not completed after rate lock


@FICOlearner123 wrote:

Loan Depot


Ask the big banks (Chase, BOFA, Wells et al.) if anyone is still doing jumbos it'll be them and frankly in the jumbo case that's who I typically would suggest talking to there.

 

Conventional loans they generally dump that onto others, usually.




        
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