The Traderszone Network

Published in TZ Latest News 6 August, 2014 by The TZ Newswire Staff

Wells Fargo loosens standards for jumbo mortgages

Wells Fargo & Co (WFC.N) has relaxed its standards for loans for some high-priced homes as the largest U.S. mortgage lender tries to combat an industry-wide drop in mortgage volumes. The bank has eased its lending standards on mortgages it acquires from other banks, said spokesman Tom Goyda, for “jumbo” loans that are too large to receive a guarantee from government-backed mortgage companies. In late July, the San Francisco-based bank lowered the minimum credit score on these fixed-rate jumbo mortgages to 700 from 720, Goyda said.

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