Toll Brothers Sees Further Loosening in the Jumbo Market

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 doesnt expect the QM rule will have a material impact on Toll Brothers.

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 homebuilders fourth-quarter fiscal year earnings.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Toll-Brothers-Sees-Further-Loosening-in-Jumbo-Market-1040228-1.html

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