By KIMBERLEY HAAS
Leaders at Rocket Pro TPO are extending their promotion on 30-year conventional purchase loans at or under $200,000 as they gear up to be more competitive in that market this year.
During an IGNITE: Live! webinar on Monday, Executive Vice President Mike Fawaz announced that they are continuing their 37.5 BPS credit on these loans.
Fawaz said they want to make sure that they listen to their broker partners and their feedback.
“This is something we have been extending every single month since December. And the feedback continues to be incredible and positive and broker partners want it,” Fawaz said.
Fawaz explained the philosophy behind the promotion.
“When you think about it, we are very competitive when…
The nephew of a New York real estate mogul has pleaded guilty to a misdemeanor charge in a mortgage fraud case involving $167 million. Kevin Morgan, former vice president of Morgan Management and Morgan Communities, pleaded guilty to bank larceny on Tuesday. Morgan admitted to submitting false documents to ESL Federal Credit Union for a construction loan. The charge carries a fine of $100,000 and one year in prison, though Morgan will serve no jail time due to his plea deal. It is expected he will be sentenced on Oct. 20. Morgan had previously pleaded guilty to felony conspiracy to commit bank fraud. The new plea is a lesser charge and supersedes his original admission. It is the result of…
December 2021 saw a record annual surge in US home value, the largest gain seen in any December since at least 2001, according to a new analysis of Redfin’s Housing Value Index. U.S. home value rose 18.6% year-over-year (YOY) to $38.6 trillion. Austin, TX, saw home values double that, jumping 39.2% YOY. That shakes out to $365.9 billion, roughly the 2020 GDP of Ecuador and the biggest gain of any metro tracked by Redfin. December marked the 17th consecutive month of double-digit price gains as inventory shrank to a record low. Cape Coral, FL, saw the second-highest gains (36.9%), followed by Grand Rapids, MI (33.1%), Phoenix (32.8%), and Boise, ID (32.8%). Cape Coral and Phoenix have consistently made the list…
