The deal is expected to close in the second half of this year. It would make Pennymac the second-largest mortgage servicer in the country and one the largest subservicers, the company said
The $26,250 increase in Fannie and Freddie’s baseline single-family conforming loan limit is the smallest since 2020, but pushes the ceiling in high-cost markets to $1.25M
The 2.4% increase ahead of an official announcement in November surpasses more cautious 1.5% increases adopted last month by UWM, Pennymac, CrossCountry and Rate
UWM and Pennymac are pricing jumbo loans of up to $819K as if they were conforming, ahead of an official announcement by Fannie and Freddie's federal regulator in November
A major player in correspondent lending, Pennymac is looking to provide more loans directly to consumers through a strategic partnership and investment in mortgage software provider Vesta
CrossCountry Mortgage joins Rocket, Pennymac, UWM and Rate in raising conforming loan limit above current $766,550 cap for Fannie Mae and Freddie Mac ahead of an official announcement
With prices rising, it's becoming standard operating procedure for big lenders like Rocket to help homebuyers avoid jumbo loan pricing by getting a jump on FHFA's official announcement
Lenders have gotten into the habit of helping some homebuyers avoid jumbo loans by raising their limits before an official announcement by Fannie Mae and Freddie Mac's federal regulator
Moody's Investors Service upgrades credit rating of 'powerhouse in mortgage servicing' as it restructures some of the debt it's used to fund growth by issuing $1B in unsecured notes at 7.125%
PennyMac is putting a positive spin on the arbitrator's ruling, saying the decision allows it to continue to use the disputed loan servicing software 'free and clear of any restrictions'
Soaring mortgage rates, slagging sales, thousands and thousands of layoffs: The past 12 months have offered a jarring reminder that what goes up must come down
Rocket Mortgage rolls out 'Inflation Buster' mortgage, which provides a lower rate for 1 year, as it battles rival United Wholesale Mortgage for homebuyer market share
Moves by Rocket and United Wholesale Mortgage could help borrowers get better rates and make smaller down payments when taking out loans that were previously classified as jumbo
While real estate industry layoffs largely began with companies that provide mortgages and mortgage-related services, everyone from Adwerx to Zumper has been impacted by the downturn
Rocket Mortgage and Amrock, Rocket’s title and settlement company, are offering buyouts to 8% of its workforce while Wells Fargo confirmed with Inman that it laid off employees last week