Residential Briefs

MBA NewsLink Staff

July 03, 2018

HUD Approves Disaster Recovery Funds for Florida, Texas
HUD approved nearly $6 billion in disaster recovery plans to spur recovery from 2017 hurricanes in Florida and Texas.

The Florida action plan is part of a $616 million program funded through HUD's Community Development Block Grant/Disaster Recovery Program, which requires grantees to develop a "thoughtful recovery program informed by local residents."

Florida has identified several housing and economic development recovery needs arising from Hurricane Irma and has designed programs focused on housing reconstruction, repair and rehabilitation, including manufactured homes. The program also allows temporary housing assistance based on individual household needs and their participation in the Housing Repair Program; a Workforce Affordable Rental New Construction Program; a Land Acquisition for Affordable Workforce Housing program; a Voluntary Home Buyout Program; a Recovery Workforce Training Program; and Business Recovery and Business Assistance to new Floridians from Puerto Rico.

In Texas, HUD approved a disaster recovery plan totaling more than $5 billion to support long-term recovery efforts. The Texas plan is similar to the Florida plan and is funded through HUD's Community Development Block Grant-Disaster Recovery Program. It includes a Single-Family Homeowner Assistance Program to assistance to help homeowners with rehabilitation and reconstruction after Harvey, as well as allocations to Houston, Harris County, Texas and the State of Texas to address unmet needs and to plan for future disaster prevention and management.

More on the plans can be found at https://www.hud.gov/press/press_releases_media_advisories/HUD_No_18_028.

Accurate Group Upgrades GroundWorks Property Inspection App
Accurate Group, Cleveland, Ohio, announced the next release of its mobile app for property inspections. The GroundWorks app combines a crowdsourcing model, localized expertise and mobile technology to accelerate delivery of interior and exterior property condition reports.

The application connects Accurate Group's nationwide network of pre-screened real estate property inspectors with lenders and servicers requesting property inspections. The app gives inspectors with the ability to review, accept and respond to requests for property condition reports from any iOS or Android mobile device.

Nationwide Appraisal Network Upgrades Appraisal Program
Nationwide Appraisal Network, Oldsmar, Fla., unveiled its Diamond Status Appraisal Program for Florida and Atlanta, designed to reward best-performing appraisers in these markets.

To be selected for the program, appraisers are required to have an 85 or higher AQPM Score, accept an assignment as quickly as possible, schedule appraisals with borrowers within 24 hours and deliver their reports on-time.

SimpleNexus Raises $20M from Insight Venture Partners
SimpleNexus, Lehi, Utah, raised $20 million in growth capital from Insight Venture Partners to fund continued growth and expansion.

SimpleNexus provides a private-label digital mortgage platform and mobile app that connects mortgage lenders with borrowers and real estate agents, allowing parties to exchange data and documents through the lifecycle of a mortgage loan. The online application is custom branded to the lending institution and includes individual pages for each loan officer to share.

ATTOM Data Solutions, AVM Analytics Launch AVM
ATTOM Data Solutions, Irvine, Calif., and AVM Analytics, a valuation software development firm, announced launch of a new lender-grade automated valuation model, called ATTOMIZED AVM. Valuations from the ATTOMIZED AVM are available for more than 80 million U.S. homes.

The new AVM is available for delivery via ATTOM's data delivery platforms, including bulk file, API, match-and-append, custom reports and ATTOM Lists. It employs multiple valuation models to calculate the estimated value of a home and applies a cascading model selection algorithm to choose the approach that is most accurate in the geographic area surrounding the individual property. Accuracy rates are run regularly, comparing historic ATTOMIZED AVM values to actual sales prices, to ensure the model is continuing to cascade to the most accurate approach in every geography nationwide.

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