General World News

Mortgage lenders are loosening standards on jumbos

Banks moved to ease lending standards for most mortgage loan products during the second quarter, according to a loan officer opinion survey published this week by the Federal Reserve Board.

The quarterly survey found that banks loosened their underwriting standards most notably for jumbo products, including qualified mortgages (QM), jumbo mortgages and non-QM jumbo mortgages.

Two exceptions to the trend were for government-sponsored enterprise (GSE) eligible loans, where standards were unchanged on net, and for subprime mortgages, the report said.

In 2020, as the COVID-19 pandemic took hold and fears of economic instability rose, banks details ⇒

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