Jumbo lending continues to develop in Q1
However, according to the report, the sector is still well below pre-COVID levels. In 2019, jumbo loans accounted for 16.9% of total production.
The headwinds caused by the pandemic also prompted top lenders like Wells Fargo to put their agency-independent jumbo loans on hold. The bank was the leading jumbo lender throughout 2020, driven by volume in the first half of the year. However, during the March COVID outbreak, Wells scaled back its jumbo loans. This enabled Chase to take the top spot in the third quarter.