Umpqua Bank announced the expansion of its commercial real estate division into Colorado with the hiring of Todd Grover as senior vice president and market leader. Grover will lead and build the bank’s Denver-based commercial team.
United Wholesale Mortgage (UWM) announced the debut of two home equity line of credit (HELOC) products along with an increase to its VA jumbo loan limit to $4 million, up from $2 million. Effective immediately, UWM is now providing both stand-alone and piggyback HELOCs, creating additional flexibility and convenience for independent mortgage brokers and their borrowers. Standalone HELOCs offer homeowners a way of tapping into their home’s equity, particularly when a cash-out refinance doesn’t make sense due to having a low interest rate on their current mortgage. Piggyback HELOCs, on the other hand, allow qualified conventional borrowers to secure a new mortgage on the home while simultaneously opening a home equity line of credit.
Homepoint announced that it is lowering the price of its conforming conventional loans by 75 basis points to increase consumer awareness of the benefit of working with independent mortgage brokers. The pricing bonus is available to homebuyers in specific zip codes in 20 states, places where Homepoint identified a high percentage of loans that were originated to people earning less than the area median income. Eligible zip codes are located in Alabama, Connecticut, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Nebraska, New York, Ohio, Oklahoma, Pennsylvania, Texas and Virginia. Borrowers are eligible for the 75 bps pricing bonus at no additional cost by getting a loan through mortgage brokers who are approved Homepoint partners.