Rocket Pro TPOthe wholesale arm of Rocket mortgageannounced on Monday an action related to the Loan Level Pricing Adjustment (LLPA) for agency mortgages for non-owner occupied homes.
The announcement via social media from Mike Fawaz, Executive Vice President at Rocket Pro TPO, said that effective November 20, brokers will receive a 25 basis point credit on non-owner-occupied agency loans for new locks.
“This is a big win for all agents whose clients are buying a second home or investment property, or even for those who want to get some money out of one of their properties that has increased in value in recent years,” Fawaz said in an email response to HousingWire.
According to Fawaz, on December 1, Rocket Pro TPO is launching an initiative called “December to Remember” with offers for broker partners to help them “close out the year successfully.”
Rocket TPO is the second largest wholesale lender in the country Insider Mortgage Financing Estimates.
Parent company Rocket Companies reported that 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 channel to brokers and has historically been a more effective source of purchase credit.
In response to increased competition, Rocket TPO increased agency-compliant loan limits to $750,000 in early October Federal Agency for Housing FinancingThe FHFA’s decision is expected at the end of November.
Competitors followed the company Guaranteed price, United Wholesale Mortgage and other.
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2023-11-21 22:16:32
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