Reuters reports that Wells Fargo, the largest U.S. mortgage lender, has eased up on its requirements on some high-end mortgages. The new lax rules affect only the fixed-rate “jumbo” mortgages that Wells Fargo acquires from other banks.
In late July, Wells Fargo lowered its minimum credit score requirement for these loans from 720 to 700.
The hope is that these new, more relaxed rules with help combat the nation-wide drop in mortgage volumes.
Image via Pixaby/193584
(Visited 74 times, 1 visits today)