The non-agency product has gone from a niche offering to mainstream, with Rocket becoming the latest prominent lender to offer DSCR loans.

Refi activity at United Wholesale Mortgage and Rocket Mortgage in the third quarter overshadowed any competing lenders.

Rocket Mortgage claims it had no authority to correct the alleged discriminatory appraisal connected to a refinance application. The lender said it expects to be vindicated.

PennyMac, the largest correspondent lender in the industry, will begin offering non-qualified mortgages later this month. The move could be a major boost for the sector.

Impairment rate on securitized non-QMs rises in May; Rocket offering bridge loans; architecture firm to acquire non-QM lender; Chimera unit aggregating HEIs for securitization.

The lawsuit accuses Rocket Homes of steering customers to its affiliated companies for mortgage loans and closing services.

The CFPB alleges that Rocket Homes provided real estate brokers incentives for steering homebuyers to Rocket Mortgage.

An estimated $60.00 billion of ARMs were originated in the third quarter, a 1.7% increase from the previous three-month period.

The lender contended that recent HUD guidance on appraisal reviews is contradictory to government mandates of appraiser independence.

UWM and Rocket believe they saw a preview of future origination trends during September’s brief rate-decline window.