The return of jumbo

Today Rocket Companies announced a jumbo program, strategically offered to brokers through its Rocket Pro TPO channel.

Good afternoon —   As the number of refis looks to cool off later this year, we're definitely seeing more lenders ramp up their non-QM offerings. Self-employed borrowers and real estate investors had a tough time when non-QM products got shelved last spring. However, those products have come back online in a big way and now we're seeing upgraded programs and even new players looking to woo those out-of-the-box borrowers.   Acra Lending (the rebrand of Citadel) has a range of programs, including bank statement loans and a debt service coverage ratio program, which looks at a borrower's rental income versus the property's expenses, for investment properties.   Angel Oak also offers a range of products and touts its vertically integrated business model for helping it to close loans quickly, making it easier to accommodate self-employed borrowers.   And jumbo is once again in fashion: Today Rocket Companies announced a jumbo program, strategically offered to brokers through its Rocket Pro TPO channel, with loan amounts up to $2 million for primary homes, secondary homes and investment properties. Rocket claims these loans will be easier to process than traditional jumbo loans, needing just one appraisal and less documentation.   Rocket's jumbo is a clear shot across the bow of UWM for broker business, although UWM is expected to release a jumbo product of its own this month. Will a Rocket jumbo program be enough to bring brokers over to what they consider the dark side?   We'll see, but in the meantime, borrowers — especially those who are self-employed — look to be the real winners of the non-QM revival.   Until tomorrow —   Sarah Wheeler HousingWire Editor in Chief   P.S. The traders on the subreddit Wall Street Bets took an interest in Rocket stock today...read about that here. This is how to coach originators in a volatile market    In this HousingWire Daily episode, Finance of America Mortgage's Gino Fronti and Don Goettling discuss how to best coach originators in a volatile market, sharing some of the best advice they've been given on how to help home shoppers. Listen now Compass losing money, gaining market share    Compass' S-1 doesn't disappoint: it breaks down everything from prices on specific acquisitions, to agent productivity. Your eClose Advantage with SimpleNexus With single-sign-on convenience for borrowers, full LOS integration preserving lender workflows, and enhanced title collaboration tools, SimpleNexus delivers a streamlined eClose solution for a seamless experience for all parties involved at closing. Learn More! Sponsor Content Rocket Mortgage unveils new jumbo product for brokers    Rocket Pro TPO is jumping into jumbo – it's offering loans up to $2M, including investment properties. Borrowers can do 45% DTI and 80% LTV. Should lenders look to non-QM when the refi boom slows?   HousingWire recently sat down with Tom Hutchens, Angel Oak EVP of production, who shared how non-QM lending could be an effective way for lenders to replace lost business in the event of a refi boom slowdown. Presented by Angel Oak HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039, (469) 893-1480 Unsubscribe Manage preferences

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