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National Mortgage News – Jumbo Production Off Like a Rocket in Third Quarter – Daily Briefing Article

December 13, 2012

Jumbo Production Off Like a Rocket in Third Quarter

          As reported by NMN recently, interest in jumbo securitizations is increasing and more banks are holding the paper on their books, earning a nice spread over their cost of funds.

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.

via National Mortgage News – Jumbo Production Off Like a Rocket in Third Quarter – Daily Briefing Article.

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