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With the qualified mortgage appendix Q gone, Rocket Pro TPO launched its Jumbo Smart product. Rocket Pro TPO claims that broker partners now have the ability to offer their clients a jumbo product with the same simplicity, speed and certainty as if they were receiving a Fannie Mae-backed loan.
In the company’s latest Rocket Release video, executive vice president Autin Neimic goes over some of the quick points of the product, including the fact that it mirrors DU requirements and can yield instant approvals. The product can be used for primary homes, secondary homes and investment properties.
“As you know, jumbo refi clients, a lot of them have been sitting on the fence not taking advantage of these low rates because of the red tape and the limited jumbo product,” said Neimic.
According to the company, only one appraisal is required and the guidelines for self-employed clients aren’t as arduous, with a limited amount of self-employed documentation necessary. This product is available for loan amounts up to $2 million, 45 DTI or less and 80% LTV.
Many homeowners have sat on the sidelines, not saving money with a refinance – or they dreaded the buying process – because they felt the jumbo loan process was too cumbersome, according to Rocket Pro TPO. Now, brokers’ clients can use a process similar to the conventional loans that LOs work with regularly.