Rocket Pro TPO launches Jumbo Smart product – NMP
Schedule Q of qualified mortgages having disappeared, Rocket Pro TPO launched its Jumbo Smart product. Rocket Pro TPO claims that partner brokers now have the ability to offer their clients a jumbo product with the same simplicity, speed and certainty as if they received a loan guaranteed by Fannie Mae.
In the company’s latest Rocket Release video, Executive Vice President Autin Neimic goes over some of the product’s quick points, including how it reflects DU requirements and can give instant approvals. The product can be used for primary residences, secondary residences and investment properties.
“As you know, refi jumbo clients, a lot of them have been sitting on the fence not taking advantage of these low rates due to bureaucracy and limited jumbo proceeds,” Neimic said.
According to the company, only one assessment is required and the guidelines for independent clients are not as difficult, with a limited amount of independent documentation required. This product is available for loan amounts up to $ 2 million, 45 DTI or less, and 80% LTV.
Many homeowners sat on the sidelines, not saving money with a refinance – or dreaded the buying process – because they thought the jumbo loan process was too cumbersome, according to Rocket Pro TPO. . Now, brokerage clients can use a process similar to conventional loans that LOs work with on a regular basis.