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UWM, a leading American wholesaler and mortgage lender based in Detroit, said it will increase its lending capacity pending the Federal Reserve Bank (FHFA) 2023 guidance that will be announced in November.
A day after the UWM announcement, Crosstown rival Rocket made the same decision.
Rocket increased its loanable amount to $715,000 on Tuesday, a 10% increase from the current $647,200 limit required by the FHFA.
At the time, Rocket said the increased cap could give partners and customers an edge over competitors.
UWM announced today that it would increase its maximum loan for a typical building to $715,000 and said it isn’t any time soon.
UWM also said the loan limit for certain jurisdictions, including Alaska and Hawaii, would be $1,073,000 for a single-term loan.
“UWM is focused on lending entrepreneurs to generate revenue in the mortgage industry,” the company said in a press release.
Rackett said employees can now apply under the new restrictions, but the restrictions won’t take effect until November. Traditional loans are often more attractive to sellers than jumbo loans.
The UWM loan increase announcement follows other recent announcements about single and double mortgage (HELOC) limits and temporary purchases.
Reference Source: National Mortgage Professional
