Mortgage bankers funded $40.8 billion worth of jumbo mortgages in the third quarter, a handsome 63% gain from the same period a year ago, according to exclusive survey figures compiled by National Mortgage News and the Alternative Products Quarterly Data Report.
As reported by NMN recently,
In many cases, jumbos are interest-only loans that mature in seven years—though more firms are offering 30-year products as well.
In 3Q the top funders of jumbos include Wells Fargo ($7 billion in originations), Bank of America ($5.5 billion), PHH Mortgage ($5.4 billion), Chase ($4.2 billion) and CitiMortgage ($2.5 billion).
Wells’ figure, however, is an estimate. The bank released an overall production number for the quarter and declined to provide specifics on jumbos, but it’s well known that the company (29% origination market share overall) is a key player in the sector.
Among the top 10 jumbo producers, U.S. Bank Home Mortgage had the highest growth rate at 112%. U.S. Bank ranked sixth overall.
