DEC 11, 2013 11:44am ET

Toll Brothers Sees Further Loosening in the Jumbo Market

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Lenders are loosening when it comes to credit scores and loan-to-value ratios, especially in the jumbo market, according to Toll Brothers’ top mortgage executive.

“We just announced for the first time in a very long time a 90% LTV true jumbo product” of up to $1 million, says Donald Salmon, president and chief executive of TBI Mortgage.

He noted some lenders that purchase TBI loans have tightened their debt-income-income ratios in anticipation of the qualified mortgage rule going into effect Jan. 10.  But Salmon doesn’t expect the QM rule will have a “material impact” on Toll Brothers.

“We do have two major banks that have committed to funding non-QM loans for us.  We are very excited about that,” the mortgage CEO said.

Salmon spoke Tuesday during a conference call on the luxury homebuilder’s fourth-quarter fiscal year earnings.

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