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UWM Launches KEEP to Recapture Prior Mortgage Clients for Its Broker Partners
I’ve said for a while that the mortgage recapture game was going to ramp up and get more aggressive.Customer retention has always been a big thing in every industry, but thanks to new technology and “AI,” companies are getting better at it.Many of the largest mortgage companies have also been growing their mortgage servicing portfolios for this very reason.Instead of handing off their borrowers to third-party companies, they’re retaining servicing rights so they can mine their database of homeowners for future offers.And with mortgage rates finally showing some real promise, there could be a lot of opportunity going forward.The Refi Boom Is, Apparently, HereUWM just proclaimed that “the refi boom is officially here,” and wants to make sure its mortgage broker partners are “ready for it.”To help give them a boost, they have launched a new initiative called KEEP, which leverages artificial intelligence (AI) to help brokers stay in front of their old clients.The way it works is fairly simple. It continuously scans the data from UWM’s portfolio and identifies borrowers “who will benefit from a mortgage refinance.”Once a match is found, it automatically sends an email to the customer with a pre-validated offer, including the contact information of the originating broker.Borrowers will see their current monthly payment, estimated new payment, and estimated monthly savings.It will also include disclosures such as the loan type, loan-to-value ratio (LTV), amount of discount points required, and APR.It’s unclear what the threshold is for an offer to be generated, but UWM says these offers will be sent to borrowers “as soon as a borrower is able to obtain meaningful savings on their monthly payment.”From there, all a borrower has to do is review and submit a pre-populated loan application, which then winds up in the broker’s pipeline.It appears to be the next iteration of what may have been the old process, a manual outreach campaign once brokers found possible refinance candidates.Now they might not have to do a thing other than log on to the UWM dashboard and check to see if any new loans dropped into their pipeline. Talk about a nice surprise!Good News for Brokers, But Borrowers Should Still Shop AroundWhile this new initiative will likely be great for both UWM, the nation’s #1 mortgage lender, and its broker partners, borrowers still need to be diligent.Sure, it’s convenient and easy to get emailed a mortgage refinance offer and simply respond and submit the pre-populated application.But it’s not always about easy, especially if we’re talking about saving money. Sure, you can hear the broker out and discuss the offer.At the same time, you might want to speak with other banks, brokers, retail lenders, credit unions, etc. to see what they can offer. Maybe they can beat the rate/fees.As I’ve mentioned time and time again, you need to compare mortgage brokers too, as their pricing and service can vary widely as well.Many of them work with different wholesale lenders and have distinct compensation structures. That can affect mortgage rate pricing a lot.Now there’s nothing wrong with loyalty, especially if you enjoyed the prior experience with your broker, but you also have to ensure they still offer competitive pricing.One month lender X offers the lowest mortgage rates, and the next month lender Y is the price leader.So as I’ve said before, when a lender reaches out, reach out to other lenders.This is especially true when we’re talking about a rate and term refinance, which actually needs to save you money to be worthwhile.A week ago, UWM also launched Refi75, a 75-basis point pricing incentive for conventional, FHA and USDA rate and term refinances, as well as for FHA Streamlines and VA IRRRLs.Be sure to look at the big picture, including the final interest rate and all closing costs, to effectively compare offers. Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.Latest posts by Colin Robertson (see all)
Rocket Pro TPO first to raise conforming loan limits
Wholesale giant Rocket Pro TPO has raised its conforming loan limits, claiming to be the first mortgage player to do so for the third year in a row.The lender as of Friday is offering a conforming threshold for single-unit loans of $802,650, from $766,550, it said. As home prices continue to climb, Rocket is stretching its limit for a 4-unit conforming loan to $1,543,900 in the lower 48 states, and up to $2,315,850 for such properties in Alaska and Hawaii. "Our ultimate goal is to show broker partners that don't do business with us some of the benefits and some of the things that we can do because of our size and our liquidity," said Mike Fawaz, executive vice president of Rocket Pro TPO. The Federal Housing Finance Agency regularly announces its conforming loan limit in late November. Lending competitors often get ahead of that with new conforming limits weeks and months prior. After United Wholesale Mortgage and Pennymac jumped the gun in 2021, Rocket Pro TPO in 2022 announced new conforming limits immediately after Labor Day.Rocket can hold the loans until the new year because of the company's "fortress-like" balance sheet, it said. The publicly traded firm has a warchest well into the billions of dollars and so far this year has recorded nine-figure quarterly profits. The move comes on the heels of their announcement of a lender-funded buydown product and an investor day Tuesday where Rocket leadership described growth goals. Rocket Companies and Rocket Mortgage CEO Varun Krishna said the lender in the next three years wants to double its purchase market share from 4% to 8%, and expand its refinance market share from 12% to 20%, according to reporting by S&P Global.In the second quarter, Rocket Pro TPO produced $11.5 billion in loan volume, alongside the firm's direct-to-consumer arm originating $13.1 billion in mortgage volume. The company is only eclipsed in wholesale by UWM's production in recent years.Fawaz said Rocket has seen an increase in refinance activity, although volume hasn't hit a "boom" yet. The TPO leader also touted Rocket's home equity origination activity, after the company said that product hit a record-high in the spring. Rocket's third-party origination business also last week named former Sagent CEO Dan Sogorka as general manager. The mortgage technology veteran told National Mortgage News he wants to leverage Rocket's tech to help brokers speed up the homebuying process.
ATLX prepares to issue $536.8 million in resi MBS
A pool of 3,598 first lien seasoned performing loans and reperforming loans, primarily peak-vintage, and almost all of which have a prior modification, will secure $536.8 million in residential mortgage-backed notes.Resi IA is sponsor of the deal, ATLX 2024-RPL1 Trust, which will issue the notes to investors through about 14 tranches, according to ratings analysts at Fitch Ratings. This includes a risk retention piece. All of the notes have a final maturity date of April 2024, Fitch said. The notes have credit enhancement levels ranging from 32.1% on the AAA, A1 rated notes to 3.5%, not rated, on the B4 notes.All notes, from A1 through B2 have a stable outlook, the rating agency said. Pricing talk includes yields ranging from 4.9% on the AAA, class A1 notes; 5.7% on the AA, class A2 notes; and 6.2% on the AA M1 notes. All the notes will be priced on the three-month, interpolated yield curve, Fitch said.Atlas SP Securities is lead underwriter on the deal, the rating agency said. Deutsche Bank National and Computershare Trust Co., are custodians, Fitch said.Select Portfolio Servicing, NewRez, Selene Finance and Nationstar Mortgage, are servicers on the deal, according to the rating agency.On average, the loans have a balance of $149,200. On a weighted average (WA) basis the deals have an original loan-to-value ratio of 84.6% and a model FICO score of 655.About 49.8% of the portfolio assets are considered clean current, while 33.3% are dirty current, the rating agency said.Almost all the loans, 90.6% have had modifications, while just 36.9% are being used for a purchase and 46.6% of the loans are for a cashout.Fitch assigns AAA to the A1 notes; AA to the A2 notes; A to the M1 notes; BBB to the M2 and M notes; BB to the B1 notes; and B to the B2 notes, according to Fitch.
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