Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings
Wells Fargo is raising the bar for new customers to get a popular mortgage product, CNBC has learned exclusively.
The bank is now requiring new clients to bring at least $1 million in balances if they want to refinance a jumbo mortgage, up from a previous level of $250,000, according to people with knowledge of the policy.
The change came in a July 1 overhaul of lending guidelines that broadly…
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