Phil Crescenzo, the Southeast division vice president for Nation One Mortgage Corp., says that the new directive is “too narrow” to impact homebuyers since it’s only targeting conventional loans via the government-sponsored enterprises (GSEs). “If a borrower already has stocks or retirement accounts, an underwriter may not even factor in the crypto,” Crescenzo said. Alternative
United Wholesale Mortgage is bringing back a conventional purchase mortgage in which the borrower only has to come up with a 1% down payment. A previous version of the product was last offered in May 2024. With this iteration, the mortgage is available up to the conforming loan limit for buyers at or below 80%
The agreed-to merger between Rocket and Mr. Cooper is the first large domino to fall in what is shaping up to be another year of consolidation. Mortgage lenders are still dealing with overcapacity, and in the fourth quarter, swung back to losses on production. On a pro forma basis, Monday’s deal would create an originator