Rocket Mortgage has announced a new Jumbo Smart product, spurred by the excision of Appendix Q from the qualified mortgage rulebook. The new product, according to an announcement from Quicken Loans Executive Vice President of Lending Austin Niemiec, closely mirrors Desktop Underwriter (DU) guidelines with “just a few small overlays” to gain fast approval when run through DU. The product only requires one appraisal, and per Niemiec, needs “significantly less” self-employment documentation. The program is available for loan amounts up to $2 million and is available on primary homes, second homes and investment properties. Eligibility runs up to 45% DTI and 80% LTV.
United Wholesale Mortgage (UWM) has announced the relaunch of its Prime Jumbo program, which re-debuts March 17. According to UWM CEO Mat Ishbia, the new, simplified version of the product, which includes LTVs up to 89.99, has been streamlined to cut down on the jumbo application process.
MAXEX has announced the launch of two new lending programs to support the growth of green energy home improvements, MAXEX Sustainable and MAXEX Sustainable Express. Developed in collaboration with J.P. Morgan, the programs further expand MAXEX’s new Environmental, Social and Corporate Governance (ESG) business line. Via the new programs, borrowers will be provided pricing incentives and allowed to finance green energy improvements into their mortgage balance at the time of purchase or refinance. This allows homeowners to amortize the cost of these green energy home improvements over a 30-year term at a below market interest rate. The programs are available for loan amounts ranging from $400,000 to $3,000,000.
CoStar Group, Inc., has announced that it has withdrawn its bid to acquire CoreLogic and has terminated any further acquisition discussions. According to a statement from CoStar , “now is not the time for [CoStar] to aggressively buy into the residential mortgage market,” citing rising interest rates and significant declines in valuations for residential property technology companies. The move leaves Stone Point and Insight Partners as the successful bid to acquire CoreLogic.