The No. 1 trending story on Housingwire.com over the last week has been the article on PennyMac and UWM raising their limit for conforming loans — our audience is clearly very interested in those actions.
Although it's normal for companies to start quietly raising their limits ahead of when the FHFA announces the new conforming limits in November, several industry experts I talked to said it was unusual, maybe unprecedented, for companies to announce they were raising their limits, especially by such a wide margin.
It points to a confidence that 1. The FHFA will be raising their limits, in this case by a lot, and 2. The company feels they won't be closing the loans too far ahead of that limit, or feel comfortable holding onto those loans if needed. Even so, my sources thought it was a bold move. Rising home prices in the last year make it a safe bet that the FHFA will raise the conforming limit for loans Fannie and Freddie can buy, it's a matter of how much that still remains to be seen.
Will we see other companies come out with blatant announcements, or will they quietly start raising that limit, as they normally do? We're keeping our eyes peeled and will let you know.
The former marketing director at RealFi filed a civil lawsuit against a group of top male executives at the lender, alleging that they engaged in "severe and pervasive patterns of mentally and physically abusive conduct."
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