I often blog about how jumbo rates are as much as 1% LOWER than conforming rates and explain why too.
This recent blog is just one example.
Our Jumbo Niche
I obsess with jumbo financing not only because it offers astoundingly low rates, but also because it comprises as much as 75% of all financing in many of the markets we serve.
The problem with jumbo financing though is that it is harder to qualify for and it takes longer to close – until now.
Out of necessity, we have been forced to hone our jumbo skills over the last ten years – and I now honestly believe that no lender on the planet matches our combination of low rates, speed, and skill.
Our jumbo rates are so low in fact that I often get emails from loan officers outside of JVM, asking if they can submit their clients to JVM for jumbo loan approvals.
Stepped Up Our Game – To Help Clients Get Offers Accepted
Because inventory is so tight, we recently stepped up our jumbo game to help our clients get their offers accepted.
We now do complete “Address-To-Be-Determined” (TBD) Underwrites so our clients can:
- CLOSE IN 17 CALENDAR DAYS!
- MAKE OFFERS WITH NO LOAN CONTINGENCY
What this means for the many agents we work with is: (1) more offers accepted; and (2) happier clients.
Why Doesn’t Every Lender Offer This?
- Too Expensive. It is very costly to pre-underwrite every jumbo loan because of the manhours required.
- Lack Of Skill. Jumbo financing requires an immense amount of training and skill because it is so much more difficult.
- Lenders Hate Jumbo. Many lenders hate jumbo financing because of the extra work and risk.
- Lack Of Systems. Very few lenders have the systems in place that allow them to close jumbo loans quickly.
- High Rates. Most mortgage banks have much higher jumbo rates because they have much higher (commission-based) cost structures or they keep rates artificially high to discourage jumbo lending altogether. Some big commercial banks can match our rates, but they of course can’t touch our service or speed. And – those poor loan officers in the broker channel got nothin’ when it comes to jumbo.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167