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
“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.
