Rocket Pro TPO, the wholesale arm of Rocket Mortgage, announced Monday a promotion related to the loan level pricing adjustment (LLPA) on agency mortgages for non-owner-occupied homes.
The announcement, made via social media by Mike Fawaz, executive vice president at Rocket Pro TPO, states that for new locks as of Nov. 20, brokers will see a credit of 25 basis points for non-owner-occupied agency loans.
“This is a huge win for any brokers who have clients shopping for a second home or an investment property or even those who want to take some cash out of one of their properties that has grown in value over the last few years,” Fawaz said in an emailed response to HousingWire.
According to Fawaz, Rocket Pro TPO is kicking off an initiative on Dec. 1 called “December to Remember,” with offerings for broker partners to help them “finish the year strong.”
Rocket TPO is the second-largest wholesale lender in the country, per Inside Mortgage Finance estimates.
Parent entity Rocket Companies reported it produced $10.3 billion through its TPO channel in the third quarter of 2023, up from $9.5 billion in the previous quarter. This channel is the company’s conduit to brokers and historically a more potent source of purchase loans.
Amid fiercer competition, in early October, Rocket TPO raised agency conforming loan limits to $750,000, ahead of the Federal Housing Finance Agency’s (FHFA) decision expected in late November.
The company was followed by rivals Guaranteed Rate, United Wholesale Mortgage and others.