Mortgage bankers increased their jumbo loan production by almost 60% in the second quarter, according to a sample of lending figures compiled by National Mortgage News.
Although final rankings will be available in a week, based on interviews conducted with lenders, it appears that the activity is heavily based on refinancings, which is not surprising.
A sample of 10 active jumbo producers showed that fundings increased at these firms to $6.8 billion in 2Q compared to $4.4 billion in the comparable period last year.
In the wholesale area, sources of jumbo financing are still hard to come by.
Wells Fargo Home Mortgage and Bank of America, once again, appear to be the market leaders.
However, other large bank-owned mortgage companies, including U.S. Bank Home Mortgage, Bloomington, Minn., and TD Banknorth Mortgage, Falmouth, Me., showed strong gains with jumbo production up 57% and 22%, respectively. (The figures are available in NMN's Quarterly Data Report.)
In surveying these firms, NMN asked lenders to provide their non-GSE jumbo volume.
