PennyMac and UWM are raising theirconforming loan limits to $625,000, blowing past the FHFA's current conforming loan limit of $548,250 for purchase by Fannie and Freddie. With rising home prices across the country, the FHFA is expected to raise their conforming limits next month, but no one knows by exactly how much.
The new limit announced by the two lenders is almost 14% over the current limit. In the past three years, the FHFA increased the limit by 6.9% for 2019, 5.4% for 2020 and 7.4% for 2021, so a raise to $625,000 would be almost twice the increase of past years, but skyrocketing home prices could push it there.
It will also be interesting to see what limits the FHFA sets for high-cost areas. At 150% of the typical areas, could we see limits in the mid $900s?? UWM already announced that for specific areas in Hawaii and Alaska their baseline loan limit is now $937,500. Stay tuned!
During the episode, Walden discusses Black Knight's most recent Mortgage Monitor report and their finding that despite improvements in equity positions among forbearance participants, homeowner equity alone is not enough to prevent foreclosure starts.
With mortgage rates hitting above 3% last week for the first time since June, it's a good time to revisit what we should expect next for mortgage rates. HW+ Premium Content
The secondary market for MSRs has been heating up recently, but the specter of Ginnie's proposed risk-based capital rules could throw sand in the gears. HW+ Premium Content
Black Knight's social media platform manages all compliance obligations, so loan officers can maximize their returns and cut costs. Presented by Black Knight
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
EmoticonEmoticon