Newrez added an upgrade to its Smart Series nonqualified mortgage (non-QM) product lineup with the launch of its 40-year fixed-rate interest-only (IO) option. The product is designed to increase purchasing power for homebuyers by offering a 40-year loan term with interest-only payments for the first 10 years, allowing borrowers to have more affordable monthly payments by offering a longer loan term. The 40-Year IO option applies to all Smart Series non-QM products and is now available across each of the company’s lending channels (retail, wholesale, correspondent, joint venture and direct-to-consumer).
Rocket Pro TPO, Rocket Mortgage’s wholesale division, announced the increase of agency loan limits to the anticipated 2023 maximum loan amounts before the Federal Housing Finance Agency’s expected November announcement to raise the cap. The maximum conforming loan limit for conventional loans at Rocket will now be $715,000, up more than 10% from the current ceiling of $647,200.
United Wholesale Mortgage (UWM) announced that it will honor the anticipated 2023 conforming loan limits ahead of the FHFA announcement. The maximum conforming loan limit for regular, one-unit properties will be $715,000. For special statutory provisions, including Alaska and Hawaii, the baseline loan limit will be $1,073,000 for regular, one-unit conventional loans.
Nations Lending announced the opening of its newest Arizona branch in Scottsdale. The company hired Stacey Gross, a 13-year lending industry veteran, as branch manager.
Champions Funding announced the launch of a new business-purpose loan product, Accelerator X. The new offering is aimed at real estate investors with higher FICO scores who are looking to tap into the equity that has built up in their rental properties, as well as those looking to purchase and grow their investment portfolio. An added benefit of the Accelerator X loan product is its Community Development Financial Institution (CDFI) eligibility, which allows for pricing improvements through a U.S. Department of Treasury program targeted at generating economic growth in distressed communities.