Warning: Undefined variable $custom_content in /home4/comcompare/public_html/mortgagenews/wp-content/plugins/code-snippets/php/snippet-ops.php(582) : eval()'d code on line 10
Rocket Pro TPO, a division of Rocket Mortgage, launched a new toolkit this week for unaccredited correspondents.
The program allows homebuyers to register, submit documents and sign electronically using Rocket Pro TPO’s digital customer portal.
Rocket then generates credit reports, closing information, and final closing documents for customers through the portal.
This new option is similar to the process mortgage brokers use with Rocket Pro TPO, which lenders say eliminates costs, streamlines processes, and speeds loan acquisition for their lenders.
Even if lenders choose the “flexible letter” option, Rocket still handles all aspects of loan accrual.
However, the lender handles the transaction from start to finish, including drafting the opening and closing documents, Rocket said.
“Rocket has always supported the choice of mortgage brokers and their customers. We now offer our correspondents an additional option to take out loans,” said Austin Niemiek, vice president of Rocket Pro TPO. “We look forward to mobilizing industry-leading technical support teams and partners to help telecom lenders better serve their customers.
We will continue to invest in our platform to provide our partners with world-class speed and security.”
The platform allows Rocket correspondents to obtain information about Qualified Mortgage (QM) testing and loan processing. Partners also get a dedicated support team.
Rocket says it provides liquidity to volatile markets by buying loans from correspondents within three to five days of the closing date.
Lenders in all three channels underperformed last quarter, but that channel outperformed the others.
According to Inside Mortgage Finance, the channel’s production in the second quarter was $162 billion, down 1.8% from the previous quarter. Wholesale production fell 16.1% to $94.1 billion, and retail sales fell 12.1% to $394 billion.
Rocket, the nation’s largest mortgage lender, recently took steps to increase production in its PTO sector.
In September, it became the first lender to increase its brokerage and correspondent credit limits to $715,000. It has also launched a buy-to-let scheme for homebuyers.
Detroit lenders continue to face major challenges after two years of unusually low-interest rates and millions of borrowers refinancing.
The amount of recycling that Rocket was able to achieve by far has largely disappeared, and lenders are losing their position as mortgage leaders.
Rocket originated $34.5 billion in mortgage loans in the second quarter, narrowly topping Wells Fargo’s $34.1 billion.
According to the lender’s earnings report, $19.53 billion in loans came through direct-to-consumer channels and $13.58 billion came through TPO channels. Rocket posted a profit of $60 million in the second quarter, up from $1 billion in the same quarter.
In the earnings call, management said it would focus on controlling costs. Third-quarter sales are expected to be between $23 billion and $28 billion, with margins between 2.50 and 2.80 percent.
Reference Source: Housing Wire
