Conforming Loan Limit Increase for 2021

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We are the leader in the mobility industry and the only globally integrated mobility service solutions company.

Meet Sirva: Your Full-Service Mobility Solution

Sirva is recognized as the preeminent leader in the mobility industry and the only globally integrated mobility service solutions company. Our worldwide team of mobility experts offers the most comprehensive portfolio of value-added services and technology solutions to HR and Mobility leaders and mobile employees. We help guide employees through the relocation process to ensure a seamless experience, providing the perfect blend of self-service and personalized support. Whether you are relocating a key executive for the first time or an entire team of engineers overseas, Sirva enables you to fully outsource your program or design a customized solution.

Sirva at a Glance

Sirva has an impressive global reach, supported by a vast worldwide partner network. We serve clients across many industry sectors and geographies. Our team, consisting of thousands of dedicated employees who speak a multitude of languages and represent diverse nationalities, is the cornerstone of our success. We are proud to hold a significant market share in the industry and continuously set new standards of excellence and innovation. Sirva's is committed to delivering outstanding service and is dedicated to excellence and continuous improvement.

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Setting the Standard

Sirva’s scope of services is unmatched in the mobility industry, allowing us to offer you truly strategic solutions and customized service options. We are the only company to integrate globally delivered services for relocation, moving, mortgage and more, along with internal expertise in cultural training, immigration, and destination support.

As the recognized leader in our industry, we pride ourselves in raising the bar by offering our clients and customers next-level services and support.

EXCEPTIONAL CUSTOMER EXPERIENCE

Our delivery model is comprised of dedicated consultants, 24/7 global support, and omnichannel access, allowing consultants to focus on meaningful interactions.

COST OPTIMIZATION

Sirva offers innovative cost optimization solutions including RiskGuard®, the industry’s only fixed fee U.S. home sale program, which simplifies budgeting, eliminates home inventory, and avoids home sale management.

FINANCIAL SERVICES EXPERTISE

Our in-house global financial experts offer consultative expertise, managing all financial services and specializing in accounting, relocation tax, compensation, and payroll.

LEADING DIGITAL SOLUTIONS

An API integration, with leading HRIS platforms and secure data management for reporting and analytics, enhances the mobility process.

BROAD IN-HOUSE RESOURCES

Our destination, immigration, home sale, and household goods teams work closely with our supply chain to continuously drive improvements and innovation.

SUPPLY CHAIN STRENGTH

Professionally managed and integrated direct delivery model ensures an optimal balance of performance, cost, and flexibility.

An Inspired Approach

As the world of work continues to change, organizations are exploring new ways to meet today’s growing business demands. We identified four key principals that were most important to our customers, and we use these elements as core values that guide every action we take. Our dedication to global mobility and talent management is underpinned by our collective desire to deliver an exceptional move experience from start to finish. We’re passionate about what we do and deliberate in how we do it.

We are guided by four key principles that underscore our ongoing commitment to delivering an exceptional client and customer experience:

Smart.

Technology and data are at the forefront of every move. Before we react, we check the research.

HELPFUL

Everything we do is done with the intent of solving a problem, being supportive, or showing that we care.

HUMAN

We embrace all people, experiences, and perspectives, acting with courage, honesty, and integrity.

RESPONSIBLE

Our goal is to serve as a positive change agent in society and contribute to the sustainability of our planet.

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Our Approach

Sirva's-dedicated-relocation-leadership-team

Meet Sirva's Executive Leadership Team

Our management team is driven by an ongoing commitment to deliver an exceptional experience for you and the employees you move. As the world of work continues to evolve, you can rest assured that we are focused on meeting and exceeding your needs with flexibility, cutting-edge technology, and seamless processes. Our passion for improving lives shows with every decision we make.

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Let Us Help You

Sirva can provide you with the resources, guidance, and support you need to achieve the best possible mobility experience for your talent and your organization. We bring together personalized program solutions, expansive global reach, innovative technology, and an unmatched supply chain to transform your business. We can help empower your talent moving to their next opportunity and deliver an exceptional experience.

If you would like to know more about how we can help you meet your evolving talent needs and ensure that your mobility program remains agile and competitive for the future, please contact us now.

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*Please note that this is an updated version for 2022. The original blog was post on January 8th, 2021.

What You Need to Know About the Conforming Loan Limit Increase for 2022

In November of 2021, the Federal Housing Finance Agency (FHFA) announced that the conforming loan limit for Fannie Mae and Freddie Mac will increase from $548,250 to $647,200 in 2022. This marks the sixth consecutive year of an increase.

What is the Conforming Loan Limit?

The conforming loan limit is the maximum loan amount for one-unit properties that can be guaranteed and purchased by Fannie Mae and Freddie Mac. A loan amount higher than the conforming loan limit is considered a jumbo loan.

How is the Conforming Limit Determined?

The Housing and Economic Recovery Act of 2008 (HERA) requires that the conforming loan limit be adjusted each year to reflect the change in the national average U.S. home price. According to FHFA, home prices increased 18.05% on average between 2020 and 2021, so the conforming loan limit will increase by the same percentage. This is the largest increase since 2008.

What Does this Mean for Transferees?

This is good news for organizations with U.S. transferees or assignees who are hoping to purchase a home in the United States. An increase in the conforming loan limit means employees can borrow an additional $98,950 without requiring a jumbo loan, which is typically more difficult to qualify for and requires more documentation than a conforming loan.

How Does This Impact High-Cost Areas?

A high-cost area is a location in which 115% of the local median home value exceeds the conforming loan limit. In these high-cost areas, the conforming loan limit can go up to a ceiling of $970,800 (150% of $647,200).

In any given year, there are roughly 150-200 counties in the U.S. that are considered high-cost areas, and many employers need to entice employees to relocate to these locations. Some examples include areas in the vicinity of New York City, the San Francisco Bay Area, as well as Washington D.C. and surrounding counties. The increase of the conforming loan limit may put these areas within reach for some employees through easier-to-obtain financing.

Whatever the financing needs of your transferees may be, SIRVA Mortgage is here to help. With over 25 years of focus and expertise in relocation mortgage lending, we understand the important role home financing plays in the relocation process. Please visit our mortgage website to learn more, or contact us, at MortgageClientServices@sirva.com.

Notice and Disclaimer:

SIRVA Mortgage, Inc. (NMLS Unique Identifier# 2240) is engaged in the business of originating residential mortgage loans. We are licensed or authorized to conduct mortgage loan origination in all 50 states plus the District of Columbia. SIRVA Mortgage is not a depository institution and does not act as or represent itself a full service bank. Reference to the term “mortgage banker” is a common, accepted industry term referring to companies engaged only in the business of making mortgage loans. Various state laws and regulations and our individual license in various states refer to us as a mortgage lender, mortgage banker or mortgage broker. For our Privacy Policy and Affiliated business relationships please visit https://mortgage.sirva.com/about/about-sirva-mortgage. Call 800-531-3837 for more information. SIRVA Mortgage, Inc. is licensed by (among others): Arizona Licensed Mortgage Banker, License #BK-901430; Licensed by the Department Corporations under the California Residential Mortgage Lending Act, Lender License #413-0944; Georgia Residential Mortgage Licensee #6221; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company, License # SL.0000368; Massachusetts Mortgage Lender, License #ML1341; Licensed by the Mississippi Department of Banking and Consumer Finance, Mississippi Licensed Mortgage Company #369/2009; Missouri Residential Mortgage Licensee; Montana Mortgage Lender License #39706, Licensed by the New Hampshire Banking Department; Licensed by the New Jersey Department of Banking and Insurance; New York Licensed Mortgage Banker by the N.Y. State Banking Department; Ohio Mortgage Broker License #MB.803887.000; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; Texas Mortgage Lender, License # 44605; Licensed as a Mortgage Lender by the Virginia State Corporation Commission, license #MC-310. This is not an offer of credit or an offer to enter an interest rate lock-in agreement nor is this notice of loan approval. Main Office of SIRVA Mortgage, Inc.; 6200 Oak Tree Blvd., Ste 300, Independence, OH 44131; Telephone: 1-800-531-3837.

Contributors:

Cheryl Pfaffenberger, Director, Client Services

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