Big changes are coming to jumbo mortgages. Wealthy home buyers signed up for these loans in droves last year because of their low rates and flexible repayment options. The total dollar amount of originated private jumbo mortgages—which exceed $417,000 in most parts of the country and $625,500 in pricey housing markets such as New York and San Francisco—was on track to be the highest since 2007. But the jumbo-mortgage landscape is shifting this year. New mortgage rules from the Consumer Financial … [Read more...]