Closing loans in 15 days?

Needing a strong pipeline of purchase business, Rocket Pro TPO has been pretty aggressive in courting mortgage brokers over the last year.

Good afternoon! Was this newsletter forwarded to you? Sign up here. Hello, LOs! Needing a strong pipeline of purchase business, Rocket Pro TPO has been pretty aggressive in courting mortgage brokers over the last year. They've rolled out "Crews," a program that matches brokers with dedicated operations teams of underwriters, closing specialists and purchase title coordinators. They also launched a program to connect brokers with real estate agents through its Rocket Homes real estate listing platform.    Rocket's latest push could have a bigger impact, if a temporary one: they're guaranteeing loan closings within 15 days from the submission of a complete loan file for mortgage broker partners. That puts them much closer to wholesale top dog United Wholesale Mortgage, which often closes loans in about 15 days, and has touted its ability to close loans faster than its competitors.   The promotion will also run until the end of the month. If Rocket can't meet the 15-day deadline, it will award borrowers with a $2,500 lender credit. Government, FHA, and VA loans do not apply and the program is not available in 16 states, including New York, Massachusetts, and Rhode Island.     Rocket said its wholesale turn times in February and March were its best ever, but wouldn't disclose how many days it took to achieve clear-to-close.    I remember that back in 2020, when lenders were still frantically building capacity to process loans, many couldn't close loans in 60 days. By the latest count, the average was 43 days.    LOs, who has the fastest turn times on purchase loans these days? Who's slower than you'd like? Share with me anonymously at james@hwmedia.com.    James Kleimann Managing Editor, HousingWire Movement Mortgage lays off 170 employees Mortgage, HW+ Exclusive Content Retail lender Movement Mortgage laid off between 165 and 170 employees in March, sources told HousingWire. It's the latest lender to start paring back staff as origination volume falls. The Updated Qualia Homebuyer Sentiment Index How do homebuyers find and evaluate their lenders? How can lenders ensure that they meet their borrowers' changing expectations in the year ahead? Find out in the Qualia Homebuyer Sentiment Index. Sponsored by Qualia Lenders need to start paying attention to the appraisal process now, more than ever Presented by Reggora In this day and age where borrowers put speed and efficiency over anything, a slow process could reflect negatively on the lender and cause strain with the borrower. Learn how automation of the appraisal process can improve borrower experience and create customers for life. Redfin closes $138M deal for mortgage lender Mortgage, Agent, Real Estate Redfin completed its acquisition of Bay Equity Home Loans, paying $137.8 million for the mortgage lending operation in its quest to provide customers "a one-stop shop" where they can buy, sell, rent and finance a home. How to get accurate and affordable property valuations in seconds ClearAVM™ allows you to accelerate the valuation process and make smarter decisions with access to 139+ million properties nationwide, including non-disclosure states. Identify risks and get reliable valuations delivered at speed. Try it for free today! Sponsored by Clear Capital The UWM broker war Legal, Mortgage, Podcast This episode features an in-depth look at United Wholesale Mortgage's broker war with Rocket Mortgage and Fairway Independent Mortgage. HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039 Manage preferences

Share this

Share on FacebookPlus on Google+