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Article: Calif. Lender Plans Funding Of Broker-Originated Jumbos.(Mortgages)(CMG Mortgage, Wells Fargo & Co. and Bank of America Corp.'s mortgage services)
- Article from:
- American Banker
- Article date:
- September 9, 2009
- Author:
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Byline: Paul Muolo
In a few weeks CMG Mortgage in San Ramon, Calif., will bestow a gift on loan brokers in five western states: It will begin accepting their submissions for a new jumbo product with balances as high as $2.5 million.
Because jumbos can no longer be readily securitized, mortgage brokers that rely on wholesale funding have been hard-pressed to find any reliable jumbo funding sources outside of the nation's two megalenders, Wells Fargo & Co. and Bank of America Corp.
"This gives brokers a new product they can sell," said CMG president Chris George.
Don't misunderstand George, though. CMG is not being altruistic toward ...