Rocket Fuel Newsletter – 02/25/23
Everything old is new again, and that could mean cash in your pocket! An unopened first-generation iPhone recently sold for over $64k at an auction!
This week, we look at housing cost reductions, Gen Z homeownership goals and more!
Fuel Up! 🚀
FHA Announces Mortgage Insurance Premium Cut
The Federal Housing Administration (FHA) has announced a 30 basis point (0.3%) reduction to mortgage insurance premiums (MIPs). This cut aims to benefit lower-income buyers, estimated to save 850,000 borrowers an average of $800 a year!
2023 Economy Starts Out Strong
GDP remains solid, and initial jobless claims are down, indicating signs of a strong start to 2023. The Bureau of Economic Analysis reported real gross domestic product (GDP) increased 2.7% in 2022 Q4. Meanwhile, the Department of Labor reported a decrease of 3,000 initial jobless claims from the previous week.
Lightly Used Castle – Free To A Good Home
Have you dreamed of running off to live out your days in a castle far, far away? Good news! This castle is free to anyone who is willing to move it.
The roughly 400 square foot palace is up for grabs in Wichita, Kansas. The new landowners want it off their property – and their loss could be your gain!
Tune into IGNITE Live on Monday, March 6, at 2:00 p.m. ET for hot topics that can make a difference for your business! This month’s will feature a tech update that will help all of our partners get where you want, faster. And we’ll have a big experience drop with a primetime feature for anyone in business. Save your seat!
Hey Fawaz, 👋 Can you tell me about the new FHA changes?
Edgar Llanes, Rabbi Mortgage, Inc.
- 1. Tell us about the beginning of your career? What got you started?
I have been a loan officer for some years now and I know I can serve more if I can control some of the variables, especially the business practice. I started Rabbi Mortgage, Inc. in December of 2021 with a goal of serving more of the community. Rabbi means a protector of scriptures, a teacher, an ethical person and a role model—we apply the same principles to our business, and these traits have been my value preposition from the beginning.
- 2. What is one thing you wish you knew when you got started?
The licensing process is much more difficult on a company level. I underestimated the amount of work and investment requirements.
- 3. What’s your favorite thing about being in this industry?strong>
I have learned to enjoy everything about the business; I can only go far in the mortgage industry if I can enjoy both the ups and downs and the pressure. But most of all, seeing the smiles and reviews of the people that I work with.
- 4. What is one thing you want to learn this year?
I would like to learn how to use AI (artificial intelligence) to improve business efficiency.
- 5. How would you describe your brand?
Fair, honest, skilled, and reliable.
- 6. What do you feel would take your business to the next level?
Just time. I am very confident that we will get to the next level with time.
- 7. Why Rocket ProSM TPO?
Rocket understands brokers. Brokers like freedom and control and not the other way around.
Rocket Mortgage recently surveyed 2,000 members of Generation Z regarding their future homeownership goals, and the results were clear: Gen Z is ready and eager to buy homes, but misconceptions and a lack of education on the mortgage process and how to qualify for a loan stand in their way.
Impact the outcome and help bridge the gap between perception and truth for the newest wave of home buyers!
72% Of Gen Zers Plan To Buy A Home In Under 6 Years, But How Are They Preparing?
While others celebrate Mardi Gras, here in Detroit we celebrate Paczki Day! The Rocket Pro TPO office was fully stocked on Tuesday with the fruit- or crème-filled confections to honor the city’s rich Polish heritage.
- Minutes Of The Federal Open Market Committee
- CoreLogic 2022 Mortgage Market Review
- The U.S. Housing Market Sees Their Biggest Drop Since 2008
- Fact Sheet: On How HUD Is Making Housing More Affordable
- Residential Construction Data For January 2023
Last chance to pass along big savings on conventional purchase loans and VA purchase loans. Ends March 5!
- 37.5 bps credit on 30-year conventional purchase loans $200K or less1
- 50 bps LLPA credit on all VA purchase loans2
John F (40 seconds) narrowly beat Zach A (42 seconds) on last week’s puzzle to claim the top spot. Congrats to all the solvers – keep up the good work!
This week’s presidential-themed puzzle for Presidents’ Day gets 2 Rockets out of 5. Click here to solve!
1Client will receive 37.5 bps off current pricing on loans locked through the Rocket Pro TPO portal during the Client will receive 37.5 bps off current pricing on loans locked through the Rocket Pro TPO portal during the promotional period. Offer valid from December 28, 2022, at 10:00 a.m. ET to March 5, 2023, at 11:59 p.m. ET. Offer only valid on qualified conventional 30-year purchase loans (excluding BorrowSmart), primary residences only, for loan amounts of $200,000 and lower, 30-day commitments or shorter. This offer cannot be retroactively applied to previously closed loans or previously locked loans. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Offer may not be redeemed for cash or credit and no change will be given if the discount amount exceeds costs otherwise due. Offer is nontransferable. Offer is valid with other discounts or promotions. This is not a commitment to lend.
2Client will receive a 50 bps credit as a LLPA on any VA purchase loans locked through the Rocket Pro TPO portal during the promotional period. Offer valid from February 6, 2023, at 10:00 a.m. ET to March 5, 2023, at 11:59 p.m. ET. Offer only valid on qualified VA purchase loans. This offer cannot be retroactively applied to previously closed loans or previously locked loans. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Offer may not be redeemed for cash or credit and no change will be given if the discount amount exceeds costs otherwise due. Offer is nontransferable. Not valid with any other discounts or promotions. This is not a commitment to lend.