Better has announced the launch of its FHA Streamline Refinance program. This fully digital refinance option is designed to streamline the process for qualified borrowers with an existing Federal Housing Administration (FHA) loan. Eligibility for the FHA Streamline Refinance program requires that the existing FHA loan is current, and insured, and the property is a primary residence that is not listed for sale.
United Wholesale Mortgage (UWM) has announced the launch of KEEP, which utilizes AI to send pre-validated refinance opportunities as soon as a borrower is able to obtain meaningful savings on their monthly payment. The KEEP system continuously checks and validates multiple borrower data points on previously closed loans to identify which borrowers across the country are eligible for impactful savings on their monthly mortgage payment. Once the system identifies that a borrower can save, it will automatically communicate these savings to them through an email that provides a link to an easy-to-complete application. If borrowers have specific questions regarding rates or loan terms, they will be connected with their mortgage broker who can walk them through additional options.
Rate has announced that the company has surpassed 10,000 mortgage applications submitted through its Spanish-language digital platform, marking a major milestone for its Language Access Program, launched in 2022. Over that same timeframe, the number of Latino loan officers at the company has also grown from 80 to more than 245. Notably, Rate noted that 50% of the 10,000 loan applications are from English-speaking loan officers; according to Rate, this shows that “the technology is helping all Rate loan officers better service Spanish-speaking customers.”
Rocket Pro TPO has announced that it is increasing its conforming loan limit from $766,550 to $802,650 in most states (and to $1.204 million in Alaska and Hawaii). Rocket’s limit adjustment comes months ahead of the Federal Housing Finance Agency’s usual November announcement of national conforming loan limits increasing for 2025, signaling that the mortgage giant expects the ceiling to rise by at least 4.7% next year. It’s the third year that Rocket has adjusted its own loan limits far ahead of the national announcement; Rocket shifted its limits upward in September in 2022 and in October last year.
