"We're doing it way sooner than we typically do, which is a pretty big deal," said Mike Fawaz, executive vice president at Rocket Pro TPO, highlighting their proactive approach. He added that Rocket's liquidity enables them to hold these loans longer than others.
Fawaz mentioned the significance of the new limits: "if you have a client today that's looking to purchase and they fall between these two limits, instead of getting a jumbo loan, you can now do a conventional loan."
With this increased conforming loan limit, Fawaz observes that it will assist broker partners in reaching a larger pool of potential homebuyers who had previously been deterred due to the lower limits.
The confidence in implementing higher loan limits reflects Rocket's anticipation of the FHFA's forthcoming announcement, which is expected to confirm the rise in conforming loan limits driven by home price increases.
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