Skip to main content

Rocket Pro TPO Takes the Lead With Early Loan Limit Increase

Christine Stuart
Oct 02, 2023

EVP Mike Fawaz underscores the move's competitive edge, marking the firm's second consecutive year ahead of FHFA's anticipated adjustments.

Rocket Pro TPO said it would increase its conforming loan limits to $750,000 Monday before the Federal Housing Finance Agency (FHFA) in November. 

Rocket Pro TPO Executive Vice President Mike Fawaz said they are the first company for the second year in a row to apply the new conforming loan limits. 

“It’s all about the inches,” Fawaz said. “And in my opinion this gives the brokers another inch and another edge to compete in this market.” 

Fawaz said raising the limit would give its partners and clients a huge advantage over their competitors. 

The current limit on conventional loans is $726,200, so partners and clients of Rocket will have an advantage over their competitors, Fawaz said.

Rocket had said that brokers could start sending in applications following the new limits now.

“We did it last year and it was a big hit with the broker community,” Fawaz added. “It felt good to be the first company to do it.” 

Conventional loans are typically more attractive to a seller compared to jumbo loans, offering borrowers better interest rates, lower monthly mortgage payments, and faster loan closings.

Last year, United Wholesale Mortgage (UWM) made a similar announcement one day after Rocket Pro TPO

Rocket increased its conventional loan limits to $750,000 on Monday, a 3% jump ahead of the FHFA’s anticipated 2024 increase on the current conventional loan limit of $726,200. At the time, Rocket said raising the limit would give its partners and clients a huge advantage over their competitors.

“This year is even more important than ever because of what the market is and what’s happening,” Fawaz said. 

Oct 02, 2023
Helping the H.E.L.P.E.R.s

Federal bill poised to open up market to more teachers, first responders

Dec 01, 2023
Fidelity National Financial Hit By Cyberattack

Industry-leading provider of title insurance and settlement services radio silent on reported breach.

Nov 28, 2023
Citizens Bank Bids Farewell To Wholesale Mortgage Channel

In a strategic pivot, the Providence-based banking giant will stop accepting new wholesale mortgage submissions.

Nov 16, 2023
Surprising Surge In Mortgage Customer Satisfaction, J.D. Power Study Reveals

Study found first-time homebuyers were harder to satisfy, customers don't just shop rates.

Nov 16, 2023
Women Continue To Defy Homebuying Challenges, Representing 22% Of The Market, Survey Finds

Young, educated, diverse, and increasingly savvy, women homebuyers navigate homeownership hurdles with determination.

Nov 15, 2023 Stays Bullish On Industry Disruption Amid Q3 Losses

Despite a $340 million Q3 loss,'s leadership emphasizes cost reductions, automation, and investment in technology.

Nov 15, 2023