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March 10, 2021

HUGE NEWS, Important message from Austin Niemiec.

I Highly Recommend You Watch This Video From Rocket Mortgage To Us Partners.

Important message from Austin Niemiec.

Austin Niemiec works at Rocket Mortgage Headquarters and is delivering the facts that normally only Brokers get to hear. Hear straight talk about the value of competition in our industry and how brokers have the top superpower: choice. Get the facts because freedom is on the line. You CAN continue to have access to optionality for your clients. Check out the video and learn more about broker freedom.

March 9, 2021

Redesigned Residential Mortgage Application Form 1003 now required for all new loans

 The redesigned Form 1003 and Desktop Underwriter® (DU®) MISMO v3.4 file must be used for all new loans started on or after March 1, 2021. This transition marks the culmination of an industry-wide effort to update the form for a better borrower and lender experience and to support the industry’s move toward digitizing the loan origination process.

Not much really changed, the residential mortgage application still needs serious improvements. It lacks pertinent questions and asks for duplicate information on the same form. That's why I still use my enhanced version on my website, it has all that they require, it does not ask for duplicate information and it includes all that they are missing. 

It is my professional opinion that whoever is responsible for creating and regulating lending applications and disclosures is evil and corrupt. These forms are absolutely absurd and embarrassing. I have often contemplated quitting my job because I'm embarrassed that my job requires me to provide disclosures that mean nothing to the borrower because they are always wrong and use applications that lack extremely pertinent information that would make the process so much easier for both the borrower and the lender. But there is no escape, so I will try to be a regulator one day, that is the goal. 

The only way you could suck this bad at creating forms is if you are paid to suck and you are doing it on purpose. I think first graders with zero lending experience could create better lending forms blindfolded. They must have put an effort into making forms that simply won't do anyone any favors, in fact, do the opposite. 

Or, it's for job creation, if they allowed the forms to be efficient and make sense, people would be out of work. Clients wouldn't need to spend as much time on the phone or on their PC and neither would their loan officers. Making fewer jobs. If you believe job creation is a good thing, you are the reason I still have to work 20+ hours a week for a living. 

March 8, 2021

Rocket Pro TPO finally reveals broker origination volume

 Rocket says it's grown its broker business over 400% since July 2017

Basically if left with the choice of choosing UWM or Rocket, hands down Rocket every time, there is no way I would choose UWM over ROCKET. 
- Michael James Hansen

March 8, 2021, 10:45 am By James Kleimann

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For the first time in its history, Rocket Mortgage has revealed the amount of business it does in the broker space.

The disclosure comes just days after United Wholesale Mortgage issued an ultimatum to mortgage brokers, telling them that they could not partner with Rocket or Fairway Independent Mortgage Corp. and continue to do business with UWM.

The figures provided by Rocket — which are based on Inside Mortgage Finance securitization data — show that the Detroit-based lender closed roughly $97 billion in mortgages through its broker partners in 2020.

That’s good enough to make Rocket the second-largest wholesale lender in the country. It’s still far behind UWM — Mat Ishbia’s firm originated over $182 billion in mortgages in 2020, and is easily the largest player in wholesale — but Rocket Pro TPO is rapidly gaining market share, the released figures show.

(Rocket declined to provide details on gain-on-sale margins or net income for its broker operations, which are just one part of its partner channel; the other being a referral business with Charles Schwab, State Farm, Morgan Stanley and others.)

“We’ve had brokers call in left and right, clearly upset about this mandate from UWM,” Austin Niemiec, vice president of Rocket Pro TPO, told HousingWire in an interview Sunday night.