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An opportunity for self-employed borrowers who are frustrated by the lack of mortgage options and could not take advantage of the low rates because of numerous red tape, and limited jumbo products, a new jumbo mortgage is offered by Rocket Pro TPO.
When the Consumer Financial Protection Bureau retired the much-maligned Appendix Q patch, and with a wave of COVID-19 virus vaccinations it should boost the bottom lines of small businesses.
Clients are offered a new jumbo product, called “Jumbo Smart” by Rocket Pro TPO broker partners from Tuesday.
Addressing the brokers, Austin Niemiec Rocket Pro TPO Vice President said, The Jumbo Smart mirrors desktop underwriter guidelines and requirements with just a few small overlays, so it gives them instant findings and approval.
Compared to the traditional jumbo the new product would allow significantly more borrowers to qualify, the loans go up to $2 million.
And borrowers can use them for primary, secondary homes and also for investment properties said, Niemiec
Many lenders avoid doing loans for self-employed because it takes a lot of time, and the document requirements are also heavy.
But this new loan easier to process and close than the typical jumbo Niemiec claimed.
These loans just require one appraisal and have a wide bucket of 45% DTI and 80% LTV. And so are the pricing which are more competitive than the typical jumbo.
Rocket Mortgage is not alone in recognizing good business opportunities with self-employed borrowers.
United Wholesale Mortgage and other non-QM specialists have been active to come out with new products over the last few months.
Depository banks that had tightened lending standards during the pandemic, have indicated that they will soon loosen underwriting requirements in the non-conforming space.
Reference Source: Housingwire
