With intense demand for homes on the higher end of the pricing spectrum, new updates to the QM rule that went into effect on March 1 and growing investor interest in jumbo mortgages – this is the perfect time for the broker community to support their clients with speed and ease.
In response, Rocket Pro TPO introduced Jumbo Smart, a new QM jumbo product that is changing the game for brokers and their clients.
The new offering has an immediate focus on streamlining processes by aligning with Fannie Mae guidelines and having the ability to run it through DU. That means faster approvals, easier applications and only one appraisal. All of these provide significant benefits to the broker community during the beginning of what will surely be a hot spring and summer homebuying season.
“The second we knew the QM rule changes were coming, we immediately went to work with the goal of delivering the strongest jumbo product in America to support the broker community,” said Austin Niemiec, executive vice president of Rocket Pro TPO. “Speed and ease were at the top of our mind when creating this program. We knew that closing these loans fast in a hot purchase market, while providing incredible pricing and client access, was key to helping brokers dominate the jumbo space. We were proud to be the first major lender to launch, and with our most recent enhancements, we are excited to raise the bar even higher for our partners – and we are only getting started.”
Rocket Pro TPO’s product is open to loan amounts up to $2.5 million, the LTV cap is 89.99%, DTI limit is 45% and eligible FICOs can be as low as 680. All of this combines to make a strong option that will help brokers win more business.
While purchase is obviously a huge focus heading into the spring and summer, jumbo refinances are often being left out of the discussion and Niemiec explains that Jumbo Smart is a solution.
“Refi volume in 2020 was off the charts, but the bulk of jumbo clients stayed on the sidelines because of the lack of a great product,” said Niemiec. “Jumbo Smart ensures brokers can help those clients get back in the game while rates are still low. With the pricing and flexibility in LTV, our partners are now winning at record levels when going head-to-head against big banks and other competition.”
Rocket Pro TPO believes in true partnerships. That means providing brokers with the products they need and taking their feedback to heart. Be on the lookout for more updates and enhanced offerings from the second largest lender in the broker community.
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