Wells Fargo scales back on jumbo loan refinancing - WSJ [Seeking Alpha]
Wells Fargo & Company (WFC)
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FinancialsWells Fargo scales back on jumbo loan refinancing - WSJApr. 4, 2020 9:30 PM ET|Wells Fargo & Company (WFC)Liz KiescheReflecting turmoil in the mortgage market, Wells Fargo (NYSE:will only refinanceWall Street JournalIn other words, a customer how already has a jumbo loan with Wells Fargo can't refinance to take advantage of lower rates unless they keep their funds at the bank.Its policies for loans that are used to buy properties haven't changed.Jumbo loans are considered too large to be sold to government-sponsored enterprises such as Fannie or Freddie; this year, that means more then $510,400 in most markets, but that can run to larger than $756,600 in pricier ones.Wells Fargo is the largest lender for jumbo loans, extending some $70B of them last year.Conventional loans guaranteed by Fannie or Freddie are still widely available, but loans without government backing have become harder to get as market volatility makes investors warier about buying such big loans.Unlike
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- WFC's page on the SEC website