Residential Briefs

MBA NewsLink Staff

April 13, 2018

Zillow Expands Instant Offers to Phoenix; Gets into Flipping
Zillow Group Inc., Seattle, will expand its Zillow Instant Offers program to Phoenix, joining its program in the Las Vegas and Orlando markets.

Under the program, potential home sellers receive investor offers alongside a Premier Agent's analysis of the home's open market value within two business days of submitting basic information about their home. Zillow began testing Instant Offers in May 2017 with Premier Agent partners in Las Vegas and Orlando, and will add Phoenix this month.

Zillow also announced beginning this spring, home sellers in the Phoenix and Las Vegas real estate markets will be able to compare an agent's comparative market analysis to offers from Zillow or other investors. When Zillow buys a home, it will make necessary repairs and updates and list the home as quickly as possible. A local agent will represent Zillow in the purchase and sale of each home, enabling agents to earn commissions.

HUD Awards $1.6 Billion in Disaster Recovery to U.S. Virgin Islands
HUD said it would provide an additional $1.6 billion in disaster recovery funds to the U.S. Virgin Islands as part of the islands' continued recovery following Hurricanes Irma and Maria.

HUD said it has provided nearly $28 billion to support long-term disaster recovery in hard-hit areas in nine states, Puerto Rico and the U.S. Virgin Islands. These funds are provided through HUD's Community Development Block Grant-Disaster Recovery Program and will address seriously damaged housing, businesses and infrastructure from major disasters that occurred since 2015.

The grants include more than $12 billion for major disasters that occurred in 2017 and nearly $16 billion to support ‘mitigation' activities in areas that experienced major presidentially declared disasters since 2015.

LERETA: Northeast Has Most Delinquent Taxes
LERETA, Covina, Calif., said its quarterly review of national real estate taxes showed a nationwide delinquency rate of 7.3 percent in the first quarter, down from 8.8 percent in the

The review of 48.7 million records showed the Northeast t now leads the country in delinquent tax payments; in the fourth quarter, the South led in delinquencies. The West was the only region that experienced a slight uptick in delinquencies by close to 1 percent compared to the end of 2017. All the other regions experienced a decrease in delinquent tax rates. The South's delinquency rate fell by 1.9 percent and the Midwest's by 1.8 percent.

"The overall national reduction in the number of tax delinquencies points to the stability of the real estate market and people wanting to protect the increased equity in their homes," said Terry Cason, data modeling analyst at LERETA. "The overall health of the economy is part of the reason we have seen a decrease in delinquencies. With home values as high as they are, I am sure we will continue to see homeowners wanting to protect their investment."

Angel Oak Home Loans LLC selects Closepin for Closing Agent Compliance
Closepin, Plymouth Meeting, Pa., launched an automated closing agent compliance process for Angel Oak Home Loans LLC (AOHL) and its Lending Services platform.

Closepin, a compliance and risk management platform for a lender's closing agent network, uses proprietary cloud-based software and customer support resources to remove compliance burdens.

Factual Data Integrates with MortgageHippo
Factual Data, Loveland, Colo., partnered with MortgageHippo to modernize its approach to the digital mortgage process.

The integration of consumer credit reports from Factual Data with MortgageHippo's customizable point-of-sale digital lending solution will allow loan officers and lenders to maximize time and efficiency by receiving credit data within the borrower profile generated from MortgageHippo's mobile-ready online application.

Docutech Partners with Cre8Tech Lab on POS Originations
Docutech, Scottsdale, Ariz., collaborated with Cre8tech Labs Inc., a provider of industry-leading digital lending technology, mortgage pricing, and pricing analytics technology to the consumer lending industry.

The collaboration will support integration between Cre8tech's Lender Price Digital Lending platform and Docutech's document and eSignature technology to provide lenders and borrowers with a more streamlined digital origination process starting at the point of sale.

Approved Partners with LendingQB to Launch Wholesale Lending Platform
Approved, San Diego, partnered with LendingQB, Costa Mesa, Calif., a provider of SaaS loan origination technology, to launch a digital mortgage experience and wholesale submission platform for lenders and their broker networks.

Approved offers brokers and lenders a white-labeled borrower point of sale to streamline the loan application, automate original document collection and track milestones online. With a LendingQB integration, leads through submissions can all take place through the same point of sale a broker is using to manage their borrowers and process loan packages.

FirstClose Enhances Integration with Ellie Mae's Encompass
FirstClose, Austin, Texas, a provider of technology for mortgage lenders, announced an enhanced integration to deliver services through Ellie Mae's Encompass digital mortgage platform.

The integration will allow lenders to order a products and services from FirstClose preferred national vendors directly through Encompass to drive quality and efficiency in the loan origination process. Additionally, Encompass users will be able to add and maintain their existing appraisers and title companies while experiencing the benefits of a full integration.

Iberia Bank Selects Continuity to Address Compliance Management
Continuity, New Haven, Conn., announced that Iberia Bank, Lafayette, La., selected Continuity's RegAdvisorPro, RegControls and ControlsBuilder to help manage and address its compliance management needs.

The Continuity platforms provide users with the ability to know what regulation updates impact them, track compliance efforts, monitor compliance activity and report instantly.

BAI Announces New Executive Leadership and Board of Directors Curriculum
BAI, Chicago, announced a new role-specific category, Executive Leadership and Board of Directors, in its role-based curriculums.

This series focuses on the specific elements of asset liability management, ethics, fair lending, regulations and educational needs that financial services leaders must understand and adhere to in order to successfully lead their organization.

Ginnie Mae MBS Outstanding Increases to $1.942 Trillion
Ginnie Mae, Washington, D.C. announced issuance of its mortgage-backed securities totaled $30.31 billion in March. A breakdown includes $28.659 billion of Ginnie Mae II MBS and $1.651 billion of Ginnie Mae I MBS, which includes $1.412 billion of loans for multifamily housing.

MBS issuance for Fiscal Year 2018 to the end of March totaled $216.949 billion. Ginnie Mae total outstanding principal balance of $1.942 trillion is an increase from $1.805 trillion in March 2017.

Alterra Home Loans Selects LBA Ware's CompenSafe
LBA Ware, Macon, Ga., announced Nevada-based retail mortgage lender Alterra Home Loans chose CompenSafe to automate commissions for its 65 branch offices licensed to operate in 30 states.

CompenSafe integrates with Alterra's loan origination system and accounting software to obtain loan pipeline information and automatically calculate each employee's custom commissions compensation plan. CompenSafe's online portal increases transparency across the organization by allowing loan originators to gauge their pay and performance and provides company leaders with insight into branch and staff production and productivity.

First American Mortgage Solutions Expands Product Access through Digital Gateway
First American Mortgage Solutions LLC, Santa Ana, Calif., expanded application programming interfaces available through its Digital Gateway, allowing users greater flexibility to create applications and workflows.

The Digital Gateway serves as a single platform for mortgage lenders and servicers, Loan Origination System providers, fintech companies and Point-of-Sale providers to access data and services across the First American enterprise. The APIs and flexible architecture can be used to create digital mortgage applications focused on borrower experience. Benefits can include loan application efficiencies via auto-population and data validation, as well as simplifying complex tasks and improving overall efficiency.

Cloudvirga, Freddie Mac Partner on Borrower Experience, Fungibility
Cloudvirga, Irvine, Calif., a provider of digital mortgage point-of-sale software, launched single-click submission of loan data to both Fannie Mae and Freddie Mac's automated underwriting systems in a collaborative effort with Freddie Mac.

The dual-AUS submission and review process allows lenders to maximize loan fungibility in the secondary market and improve loan quality through automation. Cloudvirga works behind the scenes to automate review of each GSEs' AUS' findings report, applying rules-based logic and predictive analytics to determine the best path for a loan without adding manual review tasks or interfering with a loan team's preferred origination workflow.

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