Key Takeaways:
– Rocket Pro TPO, the wholesale arm of Rocket Mortgage, announced a promotion related to the loan level pricing adjustment (LLPA) on agency mortgages for non-owner-occupied homes.
– Brokers will receive a credit of 25 basis points for non-owner-occupied agency loans on new locks as of Nov. 20.
– This promotion is beneficial for brokers with clients looking for second homes, investment properties, or wanting to take cash out of their properties.
– Rocket Pro TPO is launching an initiative called “December to Remember” on Dec. 1 to support broker partners and help them finish the year strong.
– Rocket Pro TPO is the second-largest wholesale lender in the country.
– Parent company Rocket Companies reported a significant increase in production through its TPO channel in the third quarter of 2023.
– Rocket TPO raised agency conforming loan limits to $750,000 in early October, ahead of the Federal Housing Finance Agency’s decision expected in late November.
– Competitors such as Guaranteed Rate and United Wholesale Mortgage also made similar moves.
HousingWire:
Rocket Pro TPO, the wholesale arm of Rocket Mortgage, announced Monday a promotion related to the loan level pricing adjustment (LLPA) on agency mortgages for non-owner-occupied homes.
The announcement, made via social media by Mike Fawaz, executive vice president at Rocket Pro TPO, states that for new locks as of Nov. 20, brokers will see a credit of 25 basis points for non-owner-occupied agency loans.
“This is a huge win for any brokers who have clients shopping for a second home or an investment property or even those who want to take some cash out of one of their properties that has grown in value over the last few years,” Fawaz said in an emailed response to HousingWire.
According to Fawaz, Rocket Pro TPO is kicking off an initiative on Dec. 1 called “December to Remember,” with offerings for broker partners to help them “finish the year strong.”
Rocket TPO is the second-largest wholesale lender in the country, per Inside Mortgage Finance estimates.
Parent entity Rocket Companies reported it produced $10.3 billion through its TPO channel in the third quarter of 2023, up from $9.5 billion in the previous quarter. This channel is the company’s conduit to brokers and historically a more potent source of purchase loans.
Amid fiercer competition, in early October, Rocket TPO raised agency conforming loan limits to $750,000, ahead of the Federal Housing Finance Agency’s (FHFA) decision expected in late November.
The company was followed by rivals Guaranteed Rate, United Wholesale Mortgage and others.
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Property Chomp’s Take:
In recent news, Rocket Pro TPO, the wholesale arm of Rocket Mortgage, has announced a promotion related to the loan level pricing adjustment (LLPA) on agency mortgages for non-owner-occupied homes. This announcement was made by Mike Fawaz, the executive vice president at Rocket Pro TPO, through social media. According to the announcement, brokers will now receive a credit of 25 basis points for non-owner-occupied agency loans locked in on or after November 20.
Fawaz expressed his excitement about this promotion, stating that it is a significant win for brokers who have clients looking for a second home, investment property, or those who want to take equity out of their properties. This promotion provides an opportunity for brokers to offer better terms to their clients and potentially close more deals before the end of the year.
Rocket Pro TPO has also announced an initiative called “December to Remember,” which will be launched on December 1. This initiative aims to provide additional offerings for broker partners to help them finish the year strong.
Rocket TPO is currently the second-largest wholesale lender in the country, according to estimates from Inside Mortgage Finance. In the third quarter of 2023, the parent company, Rocket Companies, reported producing $10.3 billion through its TPO channel, which is an increase from $9.5 billion in the previous quarter. The TPO channel serves as a conduit between Rocket Companies and brokers, and historically, it has been a significant source of purchase loans.
In response to fierce competition, Rocket TPO recently raised agency conforming loan limits to $750,000, ahead of the expected decision from the Federal Housing Finance Agency (FHFA) in late November. Other competitors, such as Guaranteed Rate and United Wholesale Mortgage, have also raised their loan limits in anticipation of the FHFA decision.
In conclusion, the
