Deephaven Mortgage has announced a new Jumbo Prime loan product to help bankers and brokers compete for high-net-worth borrowers whose needs exceed 2022 conforming loan limits. Deephaven is now providing loans of up to $3 million for primary residences, second homes and investment properties (such as two- to four-unit homes) with terms that include maximum LTVs of 89.99% for loans up to $2 million and 80% for mortgages above that amount, with no PMI. Deephaven will provide these full documentation loans to individuals with DTIs of up to 43% and credit scores down to 660.
Rocket Pro TPO has announced Crews, a new initiative aimed at simplifying the wholesale mortgage process by teaming brokers with a team of dedicated mortgage experts with knowledge of each individual broker’s business as well as their geographic market. The team will be made up of underwriters, closing specialists and purchase title coordinators, led by a Crew director, so that brokers can work with the same consistent operations and leadership team throughout their interactions with Rocket.
United Wholesale Mortgage (UWM) has announced that until March 31, it will credit borrowers up to $600 for appraisal costs, available on all primary purchases, including jumbos. The announcement follows the September launch of UWM’s Appraisal Direct, which gave the company the ability to handle the appraisal process directly as the lender and no longer required broker clients to utilize an appraisal management company.
Tomo has announced that it has doubled its mortgage footprint after expanding into Florida, Connecticut and Colorado, , less than a year after Tomo first launched its home-buying technology platform in Washington and Texas. The company also added jumbo loans to its product portfolio, offering 15- and 30-year terms in amounts up to $3 million for qualified buyers.
Incenter has launched Incenter Tax Solutions, offering complimentary reviews of property tax assessments with a network of real estate attorneys and appraisers covering the country’s 19,495 municipalities. If they determine that an owner’s assessment is excessive, they will offer to prepare and file the appeal free of charge, except for an initial appraisal (which clients then own). Incenter Tax Solutions only gets paid a one-time contingency fee if an appeal is successful. Per Incenter, principals of Incenter Tax Solutions have achieved a 93% success rate for residential appeals in pilot engagements, saving clients an average of $2,000. In the commercial sector, they have a 98% success rate, with higher savings.
New Western has announced the opening of its first office in South Carolina, located in Greenville. This latest expansion brings the total number of New Western offices nationwide to 41 across 17 states. Timothy Malley will be the general manager of the new office, which is located at 355 South Main Street.
Planet Home Lending has a new team in San Antonio, led by Aldo Del Giudice. This is Planet Home Lending’s sixth team in Texas.