Rocket Fuel Newsletter – 03/04/23

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Wondering what to do with all of those pictures and videos of your pet?! 

Now’s the time to become a petfluencer in a brand-new home! 

Fuel Up! 🚀

2023 Winter Words has released some new words that are being used thus far in 2023! A few highlights from the release: - Petfluencer: noun. a person who gains a large following on social media by posting entertaining images or videos of their cat, dog or other pet.

Cakeism: noun. the false belief that one can enjoy the benefits of two choices that are in fact mutually exclusive or have it both ways.Click here for the full list 🧾 – and best of luck petfluencing!

New Home Sales Are On The Rise

New homes are becoming more enticing because the price of financing and fixing an older home is rising. 

As a result, new home sales hit a 10-month high! 🏡 Please note, these metrics are on a national level with some regions seeing a decline in these stats. 

Peter Buchsbaum, Good Cents Financial Inc.

  1. What is one thing you wish you knew when you got started?
    Mortgage brokers have a greater flexibility than your traditional bankers. We have multiple outlets to find the right fit for the borrower. Brokers are geared more toward finding solutions than your typical mortgage banker. As a broker, I feel like I am fitting the lender into the box I want for my borrower instead of always fitting my borrower into the lender's box. 
  2. How do you want to grow your business? 
    Organically through relationships. I began my career as a real estate agent, and I believe those relationships are the most valuable. Building those relationships through speed, accuracy and efficiency helps build bonds with like-minded people who in turn are helping people find their way to their home. 
  3. What is something you are incredibly proud of within your business?
    Putting people first. Through my partnership with Rocket, I was able to help borrowers navigate a tough situation with their property taxes not being correct. We were able to escrow based off the higher future taxes and avoid a potential escrow shortage later. Buying a home can be a bit overwhelming, and I believe we were able to untangle that knot for a lot of buyers in a market with a lot of disruption. 
  4. How would you describe your brand? 
    People before properties! It is all about tailoring the right loan to the borrower. We are trusted professionals that want to provide options and opportunities. We are always listening. At Good Cents, we believe that your mortgage should be viewed through the lens of both your financial and lifestyle goals. By taking a holistic approach that goes beyond numbers, we find the solution path to help you meet your short-term and long-term goals.
  5. What is your Why?
    Home buyers are looking for guidance, yet at the same time, they need to be better informed to make an educated decision. As every mortgage needs to be tailored to the individual needs, I strive to provide buyer(s) with the practical knowledge and solutions that they need to make their own choices. I think that the moment you stop seeing your mortgage as an expense and see it as a vehicle to building your personal wealth, you are richer. It all starts with a strategy.

Dial It Up with Mike Fawaz – latest episode with the powerful Bill Emerson!

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  1. Pending Home Sales Are On The Rise
  2. Mortgage Demand Drops To A 28-Year Low
  3. HUD Awards $5.6 Billion In Annual Grants For Affordable Housing
  4. Threat Of Global Housing Slide Looms Amid Rising Rates

The recently-announced FHFA loan-level pricing adjustment updates are effective for new locks on or after March 6, 2023. These updates apply to Fannie Mae and Freddie Mac products for purchases, rate-term refinances and cash-out refinances. 

What's the TL;DR on MIP reductions?

Paired with the new GSE LLPAs, the reductions to MIP have made FHA pricing competitive in buckets that have historically been dominated by conventional products. 

How should we think about the FHA MIP cuts and the GSE LLPA changes when it comes to what product makes the most sense for clients?

Affordable Products: There is a new FICO® Score cut off when comparing HomePossible®/Home Ready® versus FHA. Historically we have seen FHA more attractive under 680 and GSEs above 680. The MIP cut has made FHA start to look attractive up to 700 and even into the low 700s, depending on the situation. 

Purchase Over 80 AMI: FHA could cut into what used to be a no-brainer GSE business. FHA will become attractive all the way up to 740. Even when LTVs are under 80. 

Cash-Out: With the large hits to conventional pricing on cash-out transactions, FHA will likely be the best option for clients looking to tap into their equity. 

Connect with your Account Executive to walk through scenarios and discuss opportunities for first-time buyers and clients with affordable lending needs. 

Last chance to sign up for IGNITE Live!
Monday, March 6 at 2:00 p.m. ET
Learn more about Crews, your dedicated operations team, and how you can get the most out of those relationships. 

Save your seat!

Three solvers finished last week's puzzle in under 30 seconds: Bryan C. at 26 seconds, D.S.S. at 23 seconds and our winner, Josh Wescott, at 20 seconds. Congrats to the other five solvers who completed the puzzle in less than a minute! 

This puzzle gets 2 Rockets out of 5. Click here to solve!