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Chase wholesale eliminates jumbo home loans

Started by morganb · 11 months ago

Chase wholesale eliminated jumbo home loans today (thanks for the tip S!) - citing the lack of a secondary market, poor loan performance and decreased volume.  The lift on the federal loan limit, declining property values and the elimination of stated income, stated asset loan products are all reasons that the jumbo market has dried [...] ... Continue reading »

3 comments

  • toby

    11 months ago

    This product was eliminated long ago with the pricing. Non-agency rates were ridiculous and they made few to none. No real story here. They are still doing GSE loans which are competetive, but still to high for his market.
    reply
  • lars

    11 months ago

    As a layman (ie not a mortgage broker), I would have thought this is bad news for anyone trying to sell a $1,000,000 plus home. These sales generally need a jumbo loan and there is now one less place to find the money. High priced neighborhoods are going to be effected.
    reply
  • Fielding Mellish

    11 months ago

    As recently as 4-5 months ago Chase on the correspondent side had pricing that was approximately 2-4 discount points better than any other investor. On a non-coforming 30 year fixed, they would be at 6.625% @ 99.4, when the market was 7.375% @ 99.4 (all-in). Now they're exiting the business. Surprise surprise. If I ever suffer serious brain damage I hope I find my "note to self" reminding me to get a job in secondary at a big bank.
    reply

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