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HELOC, Manufactured, Technology, Marketing, and Digital Tools; Central Banks and Inflation

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HELOC, Manufactured, Technology, Marketing, and Digital Tools; Central Banks and Inflation

By:
Rob Chrisman

7 Hours, 56 Min ago

If you want something sobering, almost mesmerizing, here’s a short drone video of the flood damage in Libya (at the 15 second mark you can see how it tore through the city). Fortunately not so sobering are some stats out of the United States. The U.S. homeownership rate in 2022 was even higher than before the COVID-19 pandemic at 65.8 percent compared to 64.6 percent in 2019. That rebound was driven largely by those aged 44 and younger. And who says Millennials aren’t buying homes? Homeownership continued to climb from the foreclosure crisis (2004) and Great Recession (2008), when rates dipped as low as 63.4 percent in 2016. Homeownership rates recovered approximately half of the 5.6 percent decrease from 2004 to 2016. In Hawai’i the homeownership rate is 59 percent, I bring up the Aloha State because American Savings Bank, First Hawaiian Bank, and Central Pacific Bank joined Hawaiʻi Community Lending, a Hawaiʻi-based nonprofit community development financial institution, in pledging to provide mortgage forbearances to Maui families impacted by the recent wildfires. (Today’s podcast can be found here and this week’s is sponsored by the Trade-In Mortgage powered by Calque. Homeowners can buy before they sell, make non-contingent offers, and tap their home equity to fund the down payment on their next home. Lenders can help their clients negotiate a lower purchase price, reduce their interest payments, and eliminate PMI. Today’s podcast features Greg Korn and Ben Petit in an interview from the New England Mortgage Bankers Conference.)

Lender and Broker Software, Products, and Services

In an era defined by technological advancements, Dark Matter Technologies LLC emerges as a transformative force in the mortgage origination landscape, marking its evolution from Black Knight Origination Technologies. Under the Perseus Operating Group of Constellation Software Inc., Dark Matter Technologies remains steadfast in its commitment to pioneering innovation. CEO Rich Gagliano aptly sums up the company’s vision: “Dark Matter Technologies is on a mission to revolutionize the mortgage origination business by supporting, growing, and aggressively innovating new and existing products.” With over 1,300 dedicated mortgage technology experts and a portfolio that includes Empower, AIVA, Exchange, and more, Dark Matter Technologies is poised to lead the industry into a new era of unparalleled transformation. Learn more about Dark Matter Technologies and their mission, here.

There is approximately $9T in agency or government MSR outstanding. Billions of dollars are being transacted daily and this volume requires disciplined loan accounting processes to record loans accurately, produce investor reporting, and power business decisions. SBO from SitusAMC is a comprehensive loan accounting and master servicing platform that reconciles daily and monthly servicer cash collections down to the penny, aiding in the discovery of potentially misplaced funds and enhancing the financial integrity of the entire process. Servicers using SBO produce accurate and timely details providing confidence that their investor reporting obligations are being met. Schedule a demo of SBO with SitusAMC’s client-focused experts.

“Did you hear Capacity’s big announcement at TMC Fall? We’ve acquired Denim Social! Together, we’re building a support automation platform that helps you automate support, connect more authentically with your borrowers, and close more loans, faster. Read the press release to learn more! We also gave away a personalized AI Assessment worth $10,000 to help mortgage lenders identify opportunities for improving their business with AI. Plus, our new GSE Search feature pulls accurate, up to date GSE regulations within seconds using generative AI. Want to join the AI in mortgage revolution? Meet the Capacity team today.”

A new era in loan origination has arrived. Mortgage Machine Services, an industry leader in digital origination technology to residential mortgage lenders, announced the launch of its namesake platform Mortgage Machine™, an out-of-the-box, all-in-one LOS designed to accelerate lenders’ operational velocity and support an end-to-end digital origination process. Developed by digital mortgage pioneer and industry veteran Jeff Bode, Mortgage Machine utilizes intelligent automation, configurable business workflows and a cloud-based infrastructure to optimize the entire loan lifecycle and create a seamless lending experience. Key platform features include AI-powered task automation, a scalable cloud-based infrastructure, flexible APIs, pre-configured workflows for retail and TPO channels, integrated document management and POS functionality. Mortgage Machine also offers all-in-one eClosing capabilities, including an eClose room, eNotes, eVault and RON, and utilizes MISMO SMART Doc® data and security standards. Visit here to get started on your digital transformation journey.

Blend Labs continues to be the mortgage industry’s leading technology platform. Core to the platform is Blend’s unique integration with Desktop Underwriter® (DU®) and LPA. These integrations help streamline your approval process for borrowers, with all the conditions lined up for your fulfillment team. Add in intelligent and automated follow-ups and you’ll get to the closing table faster and more efficiently. Putting this information at the loan officer’s fingertips creates a streamlined process and eliminates manual work which equals lower costs, higher pull-through, and increased revenue. See more ways that Blend is committing to innovation and continues to lead the way.

Looking for timely advice on how to capture more loan volume and improve your bottom line in a down market? Now is the time to explore ways to tap into new markets. Expanding your mortgage footprint through new products and channels or by reaching new geographies insulates your business against economic and interest rate volatility by diversifying your sources of volume and revenue. By setting the groundwork to connect with new borrower markets now, you’ll open new revenue possibilities for when the market inevitably recovers, positioning your business to hit the ground running and beat out the competition. Download this informative eBook from mortgage solutions provider Maxwell for actionable advice, including how to create your expansion plan and choose the offerings best suited to the markets you want to pursue. Click here to download Growing Your Mortgage Footprint: How to Launch New Loan Products, Channels & Geographic Expansions.

Broker and Correspondent Products

Build your book with AFR Wholesale® (AFR)! Now, get the chance to listen from and ask questions directly to AFR and Freddie Mac to turn those prospects to active pipeline at the next Why Wait webinar series covering Manufactured Home Financing on Wednesday, September 20th at 1 PM EST. Register here today! Have you and your borrowers looked into Manufactured Housing as an option? With unbeatable affordability, customization options that are very tailored, quick installation and trusted quality, manufactured homes are worth exploring. Especially with a top lending partner in AFR who has been an industry leader for over 25 years. This is a live webinar, and a recording will not be provided so make sure to join and get great insight and have the opportunity to ask questions and listen to scenarios! Visit AFR Wholesale, email [email protected], or dial 1-800-375-6071. AFR Wholesale® – Don’t wait. Register today!

“With Cash-Outs on the decline during this high interest rate environment, it is important to present your borrowers with different cash-out options. That is why Vista Point is announcing a brand new HELOC product coming soon, in addition to our existing Closed-End Second. Our HELOC product is being designed as a complement to our Closed-End Second to provide a full suite of Equity Solutions. Our HELOC will provide a specific solution for borrowers that want the optionality of an interest-only payment, or the ability to draw up and buy down their line during the 5-year draw period with no Appraisals up to $250k. Just like on our Closed-End Second offering, with HELOC loan amounts up to $550K and combined lien amounts up to $2.5M, your borrowers can get the cash they need without sacrificing their advantageous 1st mortgage rate. HELOC will be available for full doc and bank statements on OO and 2nd homes. For more information, reach out to us, or meet us at the Philly MBA to discuss.”

Capital Markets

We learned last week that prices in August rose by the largest monthly percentage in 15 months. However, that month-over-month inflation was widely expected due to a surge in gasoline prices. Underlying oil prices are also pointing towards further increases in September. Meanwhile, core prices were up 0.3 percent and core goods prices declined by 0.1 percent. Over the last three months core prices have increased at an annualized pace of 2.4 percent, the lowest three-month pace since March 2021. Retail sales rose faster than analysts’ expectations in August, also due to higher gas prices. Many analysts expect consumer spending to slow as excess savings built up over the pandemic have materially declined and credit is increasingly costly and difficult to obtain. Additionally, the resumption of student loan payments is expected to cut into discretionary spending. It will take more than expectations of slower spending before the Federal Reserve feels inflation is firmly under control.

What could move mortgage rates this week? The U.S. Federal Reserve, Bank of England, Bank of Japan, and the central banks of Norway, Sweden, and Switzerland are all announcing rate decisions after a spate of recent inflation data shows that price increases are alive and well. The Fed’s Federal Open Market Committee (FOMC), the action arm of “the Fed,” is not expected to raise rates. It’s unlikely that the commentary around the commitment to keep fighting inflation and higher rates for longer will change either, but it could tilt a little more to the hawkish side after a stronger-than-anticipated inflation report for August.

The week could also see some extra drama on the political front as the countdown continues toward a potential government shutdown on October 1 in addition to the battle between the United Auto Workers (UAW) union and Detroit automakers. The auto worker strike could complicate Fed Chair Powell’s bid for a soft landing. Union leaders are asking for a 36 percent wage increase over four years, to match the similar recent pay increase for top executives. The union also wants pay to rise automatically with inflation in the future, as it did before the financial crisis.

This week brings the aforementioned FOMC meeting that begins tomorrow and concludes on Wednesday with the Statement, updated SEP (where fed funds projections will be closely scrutinized), and Chair Powell’s press conference. The treasury will also be in the headlines with more coupon auctions scheduled: $13 billion reopened 20-year bonds tomorrow and $15 billion reopened 10-year TIPS on Thursday. The only scheduled, probably non-market moving, news out today is the NAHB Housing Market Index for September. We begin the week with Agency MBS prices roughly unchanged from Friday, the 10-year yielding 4.34 after closing last week at 4.33 percent, and the 2-year is at 5.00 percent.

Employment

Are you more energized, more encouraged, and more motivated to succeed today than yesterday? Zig Ziglar famously stated, “People often say that motivation doesn’t last. Well, neither does bathing; that’s why we recommend it daily.” “As an industry leader, Thrive knows that motivation, discipline, and belief in your ability to succeed is critical,” stated Randell Gillespie, National Sales Leader for Thrive Mortgage. “There is no better time than now to find ways to continually motivate your team, which is why we put so much focus on daily opportunities like these at Thrive. Through our weekly High-Performance Coaching Calls, our very own nationally-recognized Marketing Master, James Duncan, leads these motivating and educational experiences for results. The biggest names in the mortgage industry and thought-leadership have been part of our Thrive Nation broadcasts. We want everyone to be better today than yesterday. Start a conversation with us and find out how.

“The fall season is here, and now more than ever is the time to build rapport with your referral partners and clients to maintain a steady stream of business. At Guaranteed Rate Affinity, not only do we have the greatest number of products, but we have the tech platform for our loan officers to do business from anywhere. With PowerVP, you can do anything from creating loan applications to sending pre-approval letters all from your mobile phone. Anything you could do from your desk, you can now do on the go with PowerVP. Gone are the days of being chained to your desk and missing out on important moments. Primarily, it gives you a work-life balance you never thought possible. Luckily, we’re hiring the best of the best loan officers to leverage our tech platform to grow their business. Ready to learn more? Contact Tim McGraw to get started.”

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Source: mortgagenewsdaily.com

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Today is the 15th anniversary of the collapse of Lehman Brothers. The great financial crisis (GFC) revealed a defective supply chain, metrics unable to assess local risk and markets incapable of answering Ben Bernanke’s defining question – “what’s this stuff worth?”

The requirements of a Digital Housing Platform were well understood long before the crisis.  The components needed to move housing past a costly, error prone, disconnected system include:

  • Authentication: Identity is the key control point in any digital interaction. The capability to “identity proof” the participants in a complex, multi-party transaction is fundamental to establishing trust, reducing fraud and removing friction between “relying parties.” The capability to authenticate, issue and revoke digital credentials is central to controlling access, verifying rights and accepting content from supply chain partners.
  • Authorization: A digital loan file of record accessed by a broad range of trusted identities from lenders to guarantors to investors requires a permission structure. What functions are individuals and organizations allowed to perform including viewing, editing, printing, exporting and approving? The capability to enforce these rights can eliminate errors and rework. The result should be collapsing costs and cycle times, improving quality, reducing repurchase risk and certifying that a loan, and its related assets are “Fit 4 Sale.”
  • Non-Repudiation: E-sign became federal law in 2000 but digital signatures are only a subset of the integrity component. Investors require assurance that a file, note or instrument reflects the verifiable intentions of the committed parties. Sensitive content must be protected in motion over networks and at rest within repositories. Technologies like encryption help deliver certainty that content has not been tampered with.
  • Validation: Mortgage is a manufacturing process with end products dependent on accurate information. Data is imported from multiple sources including credit agencies, public records aggregators, appraisers, inspectors, title and insurance firms and Realtors.  How do we know that the data is correct, can the source be verified, does it meet quality standards and can compliance with pricing guidelines be guaranteed?
  • Federation: Integrating the fragmented, localized and diverse housing ecosystem is the major challenge for any network delivering content from trusted sources. Standard agreements define shared responsibilities and what happens when mistakes happen.  These policy considerations, enforced by technology and legal conventions, are required for interoperability among supply chains and between competing “Super Apps.”  
  • Registration: A golden record of who owns the asset is a prerequisite for any commercial trading system. Improving the ability of MERS to verify and transfer ownership required capital, time and technology. Extending the registration component to county recording offices was another platform foundation.
  • Transactions: Platforms are “plug and play” once federated policies are widely implemented. Matching and clearing trades in open exchanges for multiple asset classes is a core ICE capability. The Ellie Mae component provided a critical mass of connections to begin the process of reinventing the property transaction. 
  • Compensation: Payments reveal the end points of the ad-hoc networks that characterize real estate. A servicing system that touches the consumer every month can be extended to all the participants in the original transaction. As every consumer facing commercial platform will attest — payments are the prize.
  • Information: Listings are on platform and new metrics will assess the risk, value and volatility of submarkets.
  • Integration: The sector reimagines portals, anchors federations, converges markets and makes money.

The DC3 platform launched in 1937 featured five components that had to be invented to make commercial air travel possible. Apple’s iPhone integrated 12 new components in 2007, and its reach has been extended to multiple vertical markets including banking. Housing finally has a Digital Platform that can attack several hard problems. What’s next?

Stuart McFarland is the former EVP Operations and CFO at Fannie Mae, EVP General Manager at GE Capital Mortgage Services, and CEO at GE Capital Asset Management.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the author of this story:
Stuart McFarland at [email protected]

To contact the editor responsible for this story:
Tracey Velt at [email protected]

Source: housingwire.com

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In recent years, the modern farmhouse design style has taken the interior design world by storm, becoming one of the most sought-after and beloved trends. This aesthetic combines the warmth and charm of traditional farmhouses with the clean lines and simplicity of contemporary design, resulting in a timeless and inviting atmosphere. 

Looking to transform your home into a modern farmhouse haven? This Redfin article offers essential elements and home improvement tips for achieving this style, whether you’re buying a house in Austin, TX or remodeling a home in Nashville, TN.

The key elements of Modern Farmhouse design

Neutral color palette: Modern farmhouse interiors often feature a neutral color scheme as the foundation. Whites, creams, soft grays, and muted earth tones set the stage for a calming and cohesive atmosphere. These colors create a backdrop that allows other design elements to shine.

Natural materials: Incorporating natural materials is a hallmark of the modern farmhouse style. Exposed wood beams, reclaimed wood flooring, and stone accents add warmth and character to your home. Opt for furniture and decor made from materials like reclaimed wood, metal, and stone to enhance the rustic appeal.

Open floor plans: Modern farmhouse homes typically embrace open floor plans, promoting a sense of spaciousness and connectivity. Removing walls and barriers between the kitchen, dining, and living areas allows for a seamless flow and encourages family and friend interaction.

Farmhouse sink: A classic farmhouse sink is a focal point in the kitchen. These deep, apron-front sinks are not only practical, but also add a touch of nostalgia and charm to the space. Pair it with a stylish and functional bridge faucet for an authentic farmhouse look.

Shaker cabinets: Shaker-style cabinets are a popular choice in modern farmhouse kitchens. Their simple, clean lines and recessed panel doors offer a timeless aesthetic. You can paint them in soft, neutral colors or go for a more rustic finish for added character.

Barn doors: Barn doors have become a symbol of modern farmhouse design. These sliding doors save space and contribute to the rustic ambiance. They can be used to separate rooms or conceal storage areas.

Industrial lighting: Incorporate industrial-style lighting fixtures, such as pendant lights with metal or glass shades, to add a touch of contemporary flair to your farmhouse decor. Edison bulbs and fixtures with matte black or aged brass finishes work well in this context.

13 expert tips for achieving the Modern Farmhouse Style

Achieving the modern farmhouse style is an art, and it often requires attention to detail and a keen eye for design. Here are some expert tips to help you master this popular aesthetic:

1. Mix old and new

“Modern farmhouse design combines the warmth of tradition with the sleekness of modern design,” says Small House Solutions, a custom design build firm. “It’s characterized by open spaces and a balance between old and new. To give it a fresh twist, consider using shiplap on unexpected surfaces, like ceilings or islands, embodying the fusion of textures that defines the style.”

2. Texture matters

According to Newberry Architecture, an architecture company, “The importance of texture in modern farmhouse design cannot be overstated. It’s about taking the traditional concepts of a farmhouse – natural elements, craftsmanship, and simplicity in construction, and using textured materials, wood, streams of natural light, and earth tones to reimagine them in an innovative way. This could involve a creative take on paneling, or a fresh finish on a classic material, all while blending in the use of modern hardware, fixtures, or furniture. It’s a surprising view of traditional architecture that makes a space feel pioneering.”

3. Simplicity is key

“One effective way to bring modern farmhouse design to life is focusing on simplicity,” suggests Indie Farmer, a farming magazine. “This entails using a neutral color palette and incorporating rustic materials and textures. In our own modern farmhouse self-build, we opted for white walls, large windows, and a polished concrete floor with exposed aggregate. We kept the external design of the house simple, using black corrugated metal for the walls and roof, with contrasting wooden cladding in the recessed areas around the large sliders. The interior was finished with a mixture of mid-century furnishings, modern artwork, and some rustic antiques to create a cozy and inviting atmosphere.”

4. Incorporate statement pieces

According to Casy Honeycutt, Vice President of Quicksilver Custom Builders located in North Carolina, “When it comes to statement pieces in your modern farmhouse design, choose farmhouse-inspired fixtures and furnishings. This could include shaker-style cabinets, barn doors, farmhouse sinks, industrial lighting fixtures, and exposed wooden beams. To further elevate your space, add personal touches by customizing it with vintage or family heirloom pieces, family photos, and unique decor items that make the space feel warm and welcoming.”

5. Quality over quantity

McAllen Interior Designer emphasizes that, “Modern Farmhouse Design represents the sleekest and cleanest version of the Farmhouse Style. When working on a Modern Farmhouse project, it’s crucial to avoid using fake or look-alike materials. Instead, opt for natural stone, wood, brass, leather, and objects that have aged beautifully with patina. Choose furniture with clean lines, create textile layers, and resist the urge to go overboard with farmhouse decor. Avoid placing chicken figurines in your kitchen or hanging farmhouse signs. Instead, embrace muted and neutral colors, keeping in mind that less is more in achieving the desired aesthetic.”

6. Functionality matters

HomeDesigns AI, an AI platform for redesign ideas, underscores the importance of functionality in Modern farmhouse design. “It’s not merely a passing trend, but rather a lifestyle choice that resonates with many,” they say. “This style seamlessly blends traditional elements like exposed wooden beams and neutral color palettes with modern amenities and smart home technology, resulting in a unique fusion of rustic charm and contemporary sophistication. For enthusiasts of farmhouse design, the essence lies in creating a warm, inviting space that strikes a harmonious balance between the old and the new, and between functionality and aesthetics. It’s about crafting homes that are not only visually appealing, but also comfortable and practical to live in.”

7. Find harmony between rustic and modern

Nikki’s Plate, a lifestyle blog, points out, “The modern farmhouse design style is a perfect blend of traditional rustic charm and modern functionality. What sets modern farmhouse design apart is its innovative integration of technology and eco-friendly systems for energy efficiency. The mix of materials like reclaimed wood with sleek surfaces such as concrete or metal adds a contemporary edge, while clever storage solutions maximize space and functionality. Overall, modern farmhouse design embodies the ideal combination of classic and contemporary elements, resulting in a warm and inviting space that exudes charm and character.”

8. Add natural accents

“This interior style employs bright, light, and airy colors, such as white, muted grey, or earthy browns, paired with natural and organic textures like wood, rattan, metal, stone, and brick,” says Fresh Design Blog, a source of modern and contemporary interior design. “It also embraces the infusion of natural accents like potted plants, fresh flowers, to bring the outdoors in. In addition, it promotes the use of fresh, woven fabrics and prints that foster comfort and relaxation, a refreshing departure from the fussy vintage fabrics of traditional farmhouse interiors.”

9. Contemporary elegance

Endemic Architecture, a contemporary architecture company, advises, “When considering the design of a modern farmhouse, it’s essential to celebrate the simple forms, materials, and neutral colors associated with a farmhouse. Equally important is to avoid pastiche. One effective way to achieve this is by emphasizing key elements like chimneys, roofs, or porches, even to the point of exaggeration or manipulation. This fosters renewed architectural expressions that are both familiar yet slightly strange, or what we call ‘almost familiar’.”

10. Seamless integrate the indoor and outdoor spaces

 “A distinct characteristic that makes these designs stand out is the thoughtful integration of indoor and outdoor spaces,” says Architecture Collection, an architecture and design community. “This is often achieved through large windows or even entire glass walls that let in an abundance of natural light, creating a harmonious connection between the interior and exterior living areas.”

11. Avoid unnecessary extravagance 

Purcell Timber Frame Homes, experts in custom home design and prefabricated luxury homes claims, “The modern farmhouse embodies timeless simplicity. It’s characterized by clean gable rooflines, typically in white or soft gray board and batten cladding, and a focus on functionality over ornate details. Tall vaulted gable ceilings, a straightforward color palette, and the balance of core living areas define this enduring style. It champions simple, efficient, and sustainable design, avoiding unnecessary extravagance – a true ode to timeless simplicity.”

12. Use an efficient layout

Boutique Home Plans, a custom home plans company, offers insights into creating a timeless modern farmhouse through thoughtful layout design. “The key is to start with a traditional farmhouse massing and footprint, and then open up the living space into a more contemporary layout and flow. Traditionally, farmhouses were simple rectangular structures, organically tacked on to each other as the family’s needs evolved.”

13.Focus on exterior elements

According to DJK Homes Eco-Smart Home, a green custom homebuilder, “When working on your Modern Farmhouse exterior, consider layering white lap siding and board and batten to create texture at the front elevation. Incorporating a standing seam metal roof over the porch or accenting a row of windows adds a contemporary touch. To infuse natural elements, use stained cedar accents at the front columns or add gable details for a sophisticated yet rustic look.”

Modern Farmhouse – The bottom line 

Modern farmhouse design effortlessly blends the charm of traditional farmhouses with contemporary elegance, creating a timeless and inviting atmosphere. Whether you’re drawn to its neutral color palette, use of natural materials, or open floor plans, there are many ways to infuse this style into your home. 

Expert tips, such as mixing old and new elements and prioritizing functionality, can guide you in achieving the perfect modern farmhouse look. With its harmonious combination of rustic and modern elements, this design style offers a warm and welcoming aesthetic that stands the test of time.

Source: redfin.com

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In a margin-compressing environment, California mortgage tech firm Blend Labs is betting that its newly launched composable origination tech will help the firm recover from its financial losses. 

Available in its Blend Builder Platform, users can build their own origination products, leverage integrations, and use modular blocks to resolve the complexity of an existing technology infrastructure, the company said in an announcement about the launch on Tuesday.

Blend’s partners can take full advantage of composable origination through the Builder Platform, which provides pre-built integrations with all of the major tech stacks used in the financial services industry, including core banking systems, loan originations systems, customer relationship management and online banking platforms, Nima Ghamsari, Blend’s co-founder, explained.

“For business leaders looking to grow market share, deepen relationships and provide differentiated experience, composable origination provides the agility and speed you’ve always wanted to execute on your product strategies,” Ghamsari said.

The new composable origination tech provides a series of pre-built modular components, called blocks, for financial services. These blocks cover the entire end-to-end origination process, including pricing, income verification and closing, as well as an orchestration layer that allows lenders to create custom workflows in a low-code, drag-and-drop environment. 

In addition to the composable approach, Blend offers pre-built solutions, including instant home equity, deposit accounts and credit cards. These products are ready to use, with integration templates available that allow for quick deployment, Ghamsari noted. 

“With composable origination, leaders can supplement dev teams with easy-to-configure components across product lines and channels, all of which reduces costs and complexities, enabling rapid experimentation and delivery,” Blend said. 

Founded in 2012, Blend went public in 2021. The company’s white-label technology powers mortgage applications on the websites of major lenders, such as Wells Fargo and U.S. Bank, as well as those for smaller and more traditional financial institutions across the country. 

The company has recently expanded its product set in two ways. One is by diving deeper into the broader homeownership journey to offer ways for applicants to find homeowners and title insurance. Blend also expanded to offer additional lending products, such as home equity, personal and auto loans. 

Blend has had its eyes fixed on transitioning from a multiple-point solution model to a single platform business. Ghamsari previously said it would allocate an increased portion of operating expenses into the software Blend Builder.

In its latest third-quarter earnings, Blend reported a loss of $133.98 million, which was driven by a decline in mortgage banking and its title insurance business revenue, despite its consumer banking revenue more than doubling from the same period in 2021. 

Blend will be reporting its fourth quarter and 2022 financial results on Thursday. 

Source: housingwire.com

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Black Knight, Inc. on Monday announced that Frontwave Credit Union will now implement Empower, Black Knight’s cloud-based loan origination system, and its integrated solutions, for the expansion of its mortgage lending operations.

The integration with Black Knight’s digital ecosystem will give Frontwave access to technology, data and analytics solutions.

These include its Optimal Blue PPE; its dashboard for LOs to help borrowers with the approval process; machine-learning tech for document classification and indexing; a eDelivery and eSigning solutions; a fee service; property tax data; compliance validation testing; a flood zone information tool; and an intelligence solution to collect information from multiple data sources to forecast and monitor pipeline, productivity, cycle time and pull-through.

“By leveraging our Empower LOS and advanced origination solutions, Frontwave will be able to deliver an unparalleled experience to its members and employees, while increasing member retention,” Black Knight Origination Technologies president Rich Gagliano said.

The not-for-profit credit union, which serves military and civilian communities in Southern California, will also leverage Black Knight’s CRM solution and mortgage marketing engine tool, Surefire, for Frontwave’s communications and outreach channels.

Through the new integration, Empower can support Frontwave’s workflows, and the LOS reduces the cost and time involved in deploying custom integrations. It will also cut down on recurring hosting costs by reducing technology-based work.

“The advanced functionality of Empower, along with its robust, automated communications capabilities, will enhance the member experience and increase the satisfaction of our loan officers,” said Frontwave Credit Union chief lending officer Paul Leonhardt in a prepared statement.

The Empower LOS’ “lights-out processing” can increase efficiency by streamlining operations, according to the statement. The LOS accounts for about 10-15% market share.

Meanwhile, the Surefire CRM will allow Frontwave to access business building tools to its mortgage professionals, along with tools to drive repeat and referral businesses.

Surefire also offers marketing and content creation tools, including text message, centralized and LO-led marketing, lead generation forms, videos, interactive calculators and flyers.

Its “set-it-and-forget-it” workflows and automated communications include content for mortgage professionals that can help with connecting to borrowers, recruits, members, brokers and real estate agents.

Source: housingwire.com

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Homeowners can now see potential short-term rental income estimates on Realtor.com thanks to an integration with Airbnb.

Short-term rental earnings estimates for hosting one room or the entire house will be available to homeowners via Realtor.com’s My Home dashboard, according to an announcement on Thursday.

The estimated earnings for a seven-day rental are based on Airbnb data from similar listings in the ZIP code.

A recent survey from Realtor.com and CensusWide found that 39% of homeowners have or would consider renting out part of their primary home, with 23% having rented out their home previously or are planning on doing so in the future and 16% reporting that they are considering renting out part or some of their home in the future.

Financial reasons are the primary motivator for homeowners to rent out their home, as 34% who have rented or plan to rent out their home are doing so in order to save money for a home purchase with a higher mortgage rate, while 29% are doing it prepare for potential upswings in a variable mortgage and 21% are doing it to help pay their current mortgage.

According to Realtor.com, the integration will also enable homeowners to see if it is a good idea to rent out their current home as an alternative to selling it. Of the homeowners surveyed, 60% reported they would consider renting out their current home rather than selling, if they look to buy or rent elsewhere, with 21% citing extra income from a renter and 19% citing the ability to maintain the home equity they have built as primary motivators.

“Short-term rentals are a great way to help with some of the costs of homeownership – renting out their house for a couple days or weeks out of the year when it’s not in use could generate extra income that can be put toward the mortgage, maintenance, or even help cover the cost of a vacation,” Mausam Bhatt, the chief product officer of Realtor.com, said in a statement. “By arming homeowners with information about how much they could potentially make by renting a room or their whole home on Airbnb, Realtor.com is helping them better understand their options and in turn make more informed decisions about their home.”

Realtor.com’s integration with Airbnb comes as many metro areas are looking to crackdown on short term rentals. Earlier this month, thousands of New York City Airbnb listings vanished from the market as the city introduces some of the strictest regulations in the U.S. for short-term rentals. City councils in Dallas, Philadelphia and New Orleans have passed their own restrictions on short-term rentals.

Source: housingwire.com

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In our latest real estate tech entrepreneur interview, we’re speaking with Sarah Biggerstaff from Homease.

Who are you, and what do you do?

My name is Sarah Biggerstaff. I am the CEO and founder of the Homease App for Realtors.

We are a digital community connecting Realtors to a vetted and reputable network of contractors, subs, inspectors, and all other vendors/home service professionals for themselves and their clients based on reviews and recommendations from trusted Realtor colleagues (a.k.a. their ‘homies’). It is a one-stop shop FREE tool for Realtors. We launched in Austin, Texas in January of this year and are currently servicing the Greater Austin area. In June of this year we partnered with Williamson County Association of REALTORS® (WCAR) to offer Homease as a free member benefit to their nearly two thousand Realtor members.

As a Realtor on Homease, search for reputable companies based on category and keyword searches, read about the companies and what specialties they offer, access special promotions to Realtors and their clients exclusively through Homease, call and text the companies directly through the app, and share the vendor profile pages directly with a client or another Realtor via text message. Realtors can also find and ‘follow’ their Realtor ‘homies’ in order to easily see their reviews and recommendations on the app.

What problem does your product/service solve?

A large part of what Realtors do before, during, and post-real estate transactions is recommending contractors, inspectors, and other home service professionals to assist their clients with getting their homes ready to put on the market, with inspections after going under contract, and with work and remodeling that gets done post-closing. Our clients almost always lean on us for these recommendations. So, where do Realtors find companies to recommend their clients to? They generally ask other Realtors they know and trust. This was how I came up with the name Homease, which is a play on words from ‘homies.’ Homease offers a streamlined tool where agents can find trusted, reputable companies that are recommended by other agents. It’s a win-win for all parties!

Before a vendor becomes ‘Homease Approved,’ they undergo a stringent vetting process whereby we collect three references from Realtors they have worked with; we verify their general liability insurance and their state licensing; we conduct an owner-background check; we do a phone screening with each company; and we check their online reviews as well as their BBB ratings. It is this very thorough vetting process that allows us to offer ‘Options with Ease’ to Realtors and their clients. As Realtors, it is imperative that we make solid and trustworthy recommendations to our clients. Homease is a solution that allows agents to do this within seconds and at no cost to them.

What are you most excited about right now?

Mostly, I am excited and grateful to finally be running the company of my dreams! Although we just launched in January of this year, I have been working on Homease for about two years. I spent quite a bit of time conducting market research interviewing Realtors to find out how and where they were searching for vendors and what is most important to them in the companies that they choose to work with and recommend to their clients.

Beginning in October of this year, Homease will begin advertising in RealtyLine Austin, a well-known industry publication for the Greater Austin real estate industry. This will be a wonderful opportunity to not only get the word out about Homease to our 14,000 Austin-area Realtors but also to promote the awesome companies that we work with in a full page ad that will run each and every month.

In general, I am excited about our brand ‘Homease’ and all the things that could potentially be done with the brand it as we expand geographically and otherwise. I am also excited about potential future partnerships with other local boards/associations of Realtors.

What’s next for you?

Right now my main focus is on continuing to grow our user base of Realtors (‘homies’) on the app, continuing to fill in our categories each with five reputable companies, and to track all the ‘success stories’ that happen through the app so that I can use them for continued sales and marketing. Eventually, I would love to expand Homease to other markets and to do a zip code integration into the app to pair agents and vendors based on zip codes. While expanding nationally over the next five years would be great, I am continuing to focus my efforts on the Austin-area.

What’s a cause you’re passionate about and why?

I love animals and especially dogs. I adopted a rescue dog in March of this year; her name is Nova. I support Austin Pets Alive which is a local animal no-kill shelter here in Austin. They are actually our charity organization this year for Austin Young Real Estate Professionals (AYREP), which is the Austin chapter for Young Professionals Network (YPN) which I serve on the board for. We set a goal at the beginning of this year to raise $10,000 for Austin Pets Alive and we are on track to meet our goal!

Thanks to Sarah for sharing her story. If you’d like to connect, find her on LinkedIn here.

We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).

Source: geekestateblog.com

Apache is functioning normally

If you peruse real estate listings on Realtor.com, you might come across a new Airbnb integration.

This week, the two companies announced a collaboration that lets homeowners see how much they could fetch to rent out a room, or the entire house.

It comes at a time when short-term rentals, or STRs for short, are somewhat under-fire given their immense growth.

The Airbnb story also happens to coincide with a residential housing shortage, with some critics blaming STRs on the lack of supply.

In any event, if you’re interested in seeing your Airbnb earnings estimates, you’ll need to add your property to Realtor’s My Home dashboard first.

How to Find Your Airbnb Host Estimate on Realtor.com

To get started, you’ll need to head over to the My Home dashboard on Realtor.com and add your property if you haven’t already.

This will also entail creating an account on Realtor.com if you don’t have one. It’s fairly simple and seems to only require an email and password.

From there, you’ll see a variety of information pertaining to the property added, including its RealEstimate, which is the site’s take on a Zestimate.

You’ll also see a tab titled “Host or rent,” which will contain your Airbnb host estimate. It provides both an entire home estimate and a room estimate.

A sample of the entire home estimate can be seen in the screenshot above. The single room estimate can be seen below.

It defaults to a 7 nights out of a month to give you a rough estimate of what you could earn via the Airbnb platform for renting it out for part of the month.

The estimates, which are provided by Airbnb, consider factors such as the zip code and bedroom count.

Airbnb reviews booking data over the past 12 months from the top 50% of similar listings (based on earnings) in the area where your home is located.

Then it computes nightly earnings, which are defined as the price set by each Airbnb Host minus the Airbnb Host service fee.

Note that Airbnb doesn’t subtract cleaning fees, taxes or other hosting expenses you might charge/incur when calculating the nightly estimate.

At the moment, these estimates are only available for U.S. addresses and do not factor in the number of guests a listing might accommodate.

And while they may strive to provide an accurate estimate, it’s just an estimate and no guarantee of what you’d actually earn.

Actual earnings can depend on a variety of factors, such as availability, listing price, and demand in the area.

Lastly, and here’s the biggie, the ability to host your property may also depend on local laws.

In other words, it may not actually be permitted to list your property as an STR in your city.

Is the Airbnbust Finally Upon Us?

There have been rumblings for a while now about a so-called “Airbnbust,” the premise being that too many first-time landlords purchased homes with the express purpose of making them STRs.

And now that there are so many of them, the hosts may encounter buyer’s remorse.

This could be due to unforeseen problems, a lack of experience being a host, complaints from neighbors, or simply that the earnings just aren’t there.

Throw in the fact that some hosts acquired multiple properties and these problems could be exponential.

Of course, some hosts might be raking in the dough, depending on how cheap they got in and how much demand their property has.

After all, many of these properties were purchased when 30-year fixed mortgage rates were 2-3%. And when home prices were half what they are now.

So even if competition rises, or they run into issues like unexpected refunds or cancellations on the platform, they may still do just fine.

But the real doomers out there think these STRs will be the first shoe to drop, setting off a panic and an eventual wider housing crash.

Critics on the other side say there aren’t enough of these properties to make a major impact, but in certain vacation areas there are larger concentrations.

Another issue is lack cities are beginning to ban STRs, with New York City being the latest to impose major restrictions.

This week, they launched new rules that only allow sub-30 day rentals if hosts register with the city.

And they “must commit to being physically present in the home for the duration of the rental, sharing living quarters with their guest.”

In other words, you can only rent out a room, like a traditional Bed and Breakfast, assuming it’s for less than a month.

And no more than two guests are allowed at a time, meaning larger families are effectively out of luck.

Obviously, sweeping changes like this could lead to a flood of sales if a long-term rental isn’t feasible (or simply as lucrative).

But it all remains to be seen. Many of those critical of Airbnb and other STR platforms such as VRBO, feel many of these properties could be going to families, instead of being rented out for a profit.

Especially first-time home buyers looking to lay down roots and start a family.

The STR gold rush may have also inadvertently sent home prices even further out of reach for the average person just looking to realize the American Dream.

Source: thetruthaboutmortgage.com

Apache is functioning normally

Arguably, every industry across the board has been affected by the ever-changing advancements in technology. While the real estate space can generally be slow to adopt change, the property management industry has truly embraced the expanding role of technology in recent years. New technology is changing the way property managers do their jobs and run their businesses.  

Developments in technology, and specifically cloud-based computing, have paved the way for property managers who seek improved processes to streamline business and boost profits. Taking advantage of these modern technologies is vital if companies want to remain competitive because they often equal significant time and cost savings. When they use the right solutions, property managers are able to provide more value to their clients and tenants, while running their own business more effectively. 

Here are some of the main benefits property managers utilizing software tools to manage their properties have experienced:

  • Affordability and availability: Property management software has become an affordable and accessible method for all types of managers and owners to integrate powerful tools into their business. Software applications hosted on the cloud are significantly more affordable than similar desktop applications of the past. Affordability and ease of integration means more property managers are able to work software into their operating budgets, allowing them to stay competitive with even larger property management firms. 
  • Reduced user error: The right solution provides powerful accounting, reporting and other operating functions that replace the need for a pen and paper or tedious double data entry between systems. Business performance can easily be tracked to monitor things like rental payments, work order status, and maintenance requests. By automating tasks, important information is automatically stored, fewer mistakes are made and tasks aren’t missed as often. Property managers have more time to focus on bigger picture items, like building relationships or tackling long-term business plans.
  • Streamlined processes: Online software applications have integrated multiple management features so property managers only have to use one program to perform all of their important management tasks. Managers can efficiently and effectively market properties, process applications, screen tenants, sign lease agreements, review property performance, manage work orders, submit tax forms and more – all through one program that is easily accessible from a desktop, laptop or mobile device. The days of searching for important information buried under a stack of papers or hidden in a file cabinet are over. 
  • Improved rent collection: Online rental payment options give tenants the ability to make rent payments from the comfort of their home, while on vacation, at work, or from anywhere they can connect to the internet or access a smart device. Managers and owners no longer have to wait for rent checks to be delivered in person or via mail. Rental software typically allows tenants to use ACH or their credit/debit card to pay rent online, making the entire process easier on both tenants and property managers. 
  • Property protection: Access to background checks and credit reports is easier for property managers than ever before through the ability to instantly order tenant screening reports online. Instant access to tenant screening reports allows property managers to review an applicant’s credit, criminal and eviction history in more detail to make an informed decision about a potential tenant’s financial responsibility and behavior. These detailed reports help property managers select the most qualified tenants who will maintain the property, respect lease terms and pay rent on time. 

Technology within the property management industry has evolved to be cost-effective, convenient, efficient and almost a necessity for managers to organize data, improve business processes and build relationships with tenants. Not only have systems developed to make the property management process easier, but today’s renters expect and appreciate the convenience of online services provided by their property manager. Managing and communicating with your tenants through their preferred method will help you reach them more effectively and lead to stronger landlord-tenant relationships. 

[Graphic via Carol Lawhun]

Source: geekestateblog.com