So why release yet another preliminary figure? “Today’s announcement was made in connection with financial disclosures the company was required to provide to bondholders,” Rocket said in a statement. The bonds, however, are privately held.
Meanwhile, the tightening bug is loose again. The broker division of PennyMac Financial Services just told its outside loan officers, “Effective for all conventional loans with applications received on or after August 14, 2020, PennyMac is limiting self-employed borrowers to a maximum of 70% LTV/CLTV for all transactions”…
A new 50-basis-point fee on GSE refis caught the mortgage industry off guard this week. A big deal or much ado about nothing? Either way, lenders are not happy.