Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

HousingWire Annual Virtual Summit

LAST CHANCE! Join us TODAY for a virtual recap of HousingWire Annual 2021! We will be streaming sessions and demos from our in-person event! Register now for content on all things housing!

Keep Up With the Latest Third Party Origination News

Want to stay up to date with the latest on the third party origination front? We designed a specific news hub with lenders and brokers in mind, with Rocket Pro TPO leading the discussion.

How to increase minority homeownership?

Today’s HousingWire Daily features a roundtable discussion from HousingWire’s Lunch & Learn series that looks at “Unpacking the lender’s vital role in increasing minority homeownership.”

Sponsored ContentMortgage

The jumbo market for brokers is back in a huge way

How Rocket Pro TPO is responding to new updates to the QM rule

With intense demand for homes on the higher end of the pricing spectrum, new updates to the QM rule that went into effect on March 1 and growing investor interest in jumbo mortgages – this is the perfect time for the broker community to support their clients with speed and ease.

In response, Rocket Pro TPO introduced Jumbo Smart, a new QM jumbo product that is changing the game for brokers and their clients.

The new offering has an immediate focus on streamlining processes by aligning with Fannie Mae guidelines and having the ability to run it through DU. That means faster approvals, easier applications and only one appraisal. All of these provide significant benefits to the broker community during the beginning of what will surely be a hot spring and summer homebuying season.

“The second we knew the QM rule changes were coming, we immediately went to work with the goal of delivering the strongest jumbo product in America to support the broker community,” said Austin Niemiec, executive vice president of Rocket Pro TPO. “Speed and ease were at the top of our mind when creating this program.  We knew that closing these loans fast in a hot purchase market, while providing incredible pricing and client access, was key to helping brokers dominate the jumbo space.  We were proud to be the first major lender to launch, and with our most recent enhancements, we are excited to raise the bar even higher for our partners – and we are only getting started.”

Rocket Pro TPO’s product is open to loan amounts up to $2.5 million, the LTV cap is 89.99%, DTI limit is 45% and eligible FICOs can be as low as 680. All of this combines to make a strong option that will help brokers win more business.

While purchase is obviously a huge focus heading into the spring and summer, jumbo refinances are often being left out of the discussion and Niemiec explains that Jumbo Smart is a solution.

“Refi volume in 2020 was off the charts, but the bulk of jumbo clients stayed on the sidelines because of the lack of a great product,” said Niemiec. “Jumbo Smart ensures brokers can help those clients get back in the game while rates are still low. With the pricing and flexibility in LTV, our partners are now winning at record levels when going head-to-head against big banks and other competition.”

Rocket Pro TPO believes in true partnerships. That means providing brokers with the products they need and taking their feedback to heart. Be on the lookout for more updates and enhanced offerings from the second largest lender in the broker community.

Most Popular Articles

Climate migration driving more buyers to Burlington, VT

An influx of buyers from California, Colorado, Florida and the tristate area are looking to buy in Burlington, Vermont. There’s just one problem: there’s hardly any inventory.

Oct 21, 2021 By

Latest Articles

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy. HW+ Premium Content

Oct 25, 2021 By and
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please