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UWM's move follows an announcement on Tuesday from competitor Rocket Pro TPO, which was first out of the gate this year in raising conforming loan limits on agency-eligible properties to $715,000.
The company is acting nearly a month earlier than its competitors did in 2021, the first shot in this year's "loan limits wars."
Rocket Pro TPO continues to adapt its strategy as the market changes. While some major players in the industry are struggling to keep up, leading them to shut down business or pull out of wholesale, Rocket is getting ahead of the game by rolling out some unique offers.
Rocket Mortgage is the first out of the gate with 2023 conforming loan limits. Its wholesale arm on Tuesday raised limits for brokers to a baseline of $715,000.
Rocket Pro TPO will be offering home equity loans to brokers in mid-September amid increased competition in the wholesale channel.