Wells Fargo Requiring $1 million in Balances on New Client Jumbo Refi | Seattle Real Estate Podcast

Wells Fargo slows their jumbo mortgage lending business by requiring new customers to have $1 million in accounts before refinancing a jumbo mortgage.

Join Sean Reynolds, host of the Seattle Real Estate Podcast as he discusses new changes with Wells Fargo Jumbo Lending.

Wells Fargo is now requiring new customers to bring at least $1 million in balances if they want to refinance a jumbo mortgage, up from a previous level of $250,000.

The change came in a July 1 overhaul of lending guidelines that broadly lowered barriers to the product for existing customers, while making it far harder for new ones to qualify.

“They don’t want to take somebody else’s balance sheet and put it in on theirs,” said one of the sources. “We’re very busy and they wanted to slow down the number of loans coming in.”

The bank also tightened lending standards in its mortgage business in the July 1 overhaul, which impacts everyone applying for a home loan, not just jumbo refinancings, according to one of the people. For primary and secondary home mortgages, the bank lowered by 5% the size of loans it would approve relative to a property’s value.

#wellsfargo #refinance

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