A Magic 8 Ball for conforming limits

Last week I noted how unusual it was for lenders to publicly announce that they were raising their conforming loan limits ahead of the FHFA announcement in November, as PennyMac and UWM recently did.

Was this newsletter forwarded to you? Sign up here. Good afternoon —   Last week I noted how unusual it was for lenders to publicly announce that they were raising their conforming loan limits ahead of the FHFA announcement in November, as PennyMac and UWM recently did. I wondered whether other lenders would follow suit and the answer is an emphatic yes as Rocket Mortgage and Homepoint did just that.   All of the lenders have raised their conforming limit to $625,000 for a one-unit property, which is $75,000 above the current FHFA limit of $548,000.   What Magic 8 Ball was consulted to arrive at this particular amount? Bill Banfield, EVP of capital markets at Rocket Mortgage, said the loan limit is in "recognition that home prices have been going up quite a bit." And Banfield thinks the FHFA limit will be at least $625,000 and could go even higher, depending on third-quarter results. Is the FHFA happy that lenders are running out ahead of the agency by raising their limits? The Magic 8 Ball says: Don't count on it.   Until tomorrow —   Sarah Wheeler HousingWire Editor in Chief eXp's Stacey Onnen and Fee Gentry talk diversity initiatives    Today's episode features an interview with eXp's Stacey Onnen and Fee Gentry as they discuss the company's growth and inclusivity efforts. Listen now Lenders are courting self-employed borrowers again    Much of the growth in mortgage credit availability in September came from loans that cater to self-employed borrowers, who were left in the cold by most lenders during the pandemic. Rent payment history available with Finicity MVS reports More first-time applicants could be approved if their rent history is considered. Provide the data needed for rent payment history with Finicity's Mortgage Verification Service (MVS) and close more loans. Learn more today and get started. Sponsored by Finicity PNC Bank breached COVID-19 payment deferral agreement: suit    PNC Bank allegedly breached Fannie Mae's COVID-19 payment deferral agreement by continuing to charge homeowners who opted for the home retention option for past-due monthly principal and interest payments. Non-QM misperceptions hinder originators' volume potential and health of the mortgage industry   There's a great deal of false information floating around regarding non-QM loans. That's why Angel Oak strives to educate originators on the power of non-QM. Presented by Angel Oak Homebot is changing the way lenders engage and retain clients The award winning client-for-life portal is helping tens of thousands of lenders foster meaningful relationships with their clients. See how lenders across the nation are maximizing their repeat and referral business. Hear from lenders using Homebot. Sponsored by Homebot HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039, (469) 893-1480 Manage preferences

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