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HOME EQUITY HOLDS STEADY AROUND U.S. DURING FOURTH QUARTER AS HOUSING MARKET REMAINS STRONG

Equity-Rich Portion of Home Mortgages Dips Slightly, but Nearly 95 Percent of Homeowners Continue to Have Property Wealth Built Up; Portion of Owners Seriously Underwater Stays Near Six-Year Low; Equity Measures Largely Unchanged as Home Prices Inch Upward ATTOM, a leading curator of land, property data, and real estate analytics, released its fourth quarter 2024 U.S. Home Equity & Underwater Report, which shows that 47.7 percent of mortgaged residential properties in the United States were considered equity-rich in the fourth quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than half of their estimated market values. That level was down slightly from 48.3 percent in the third quarter of 2024 and from a recent peak of 49.2 in the prior three-month period. However, it was still up from 46.1 percent in the fourth quarter of 2023 and remained at historically high levels that again showed one of the most profound benefits of the nation’s 13-year housing market boom. The same holding pattern continued for the portion of home mortgages that were seriously underwater. Just 2.5 percent of mortgaged homes fell into that category during the fourth quarter of 2024, with combined estimated balances of loans secured by properties that were at least 25 percent more than those properties’ estimated market values. That was the same as in the third quarter and almost unchanged from the 2.6 percent level recorded in late- 2023. “The last few months of 2024 marked pretty much a holding pattern for the housing market. That’s typical for the slower Fall home buying season. But it certainly wasn’t a downer for homeowners across the country who are sitting on historically high levels of property equity thanks in large part to the endless increases in home values over more than a decade,” said Rob Barber, CEO for ATTOM. “Nearly half of all residential mortgage payers in the U.S. have paid off at least half their loans, leaving many with six-figures levels of wealth available to leverage anything from new home purchases to starting new businesses to paying off major expenses.”  He added that “we are likely to see more of the same steady pace over the next few months before heading into the Spring buying season, which will say a lot about whether the housing market keeps roaring ahead and boosts home equity even further.” Fourth-quarter equity trends emerged as the housing market continues to face mixed forces that could either stall it or propel it onward. Majority of states see equity-rich portion of home mortgages slip quarterly but remain up annually The portion of mortgaged homes that were equity-rich during the fourth quarter of 2024, 47.7 percent, remained far above the 26.5 percent level recorded in early 2020. While the latest figure was down in 33 of the 50 U.S. states from the third quarter to the fourth quarter of 2024, mostly by less than two percentage points, it was still up annually in 41 states. Annual increases were spread across almost all regions and price segments of the U.S. housing market, with the most benefit going to low- and mid-priced markets around the country concentrated in the Midwest and Northeast regions. However, there were signs of that pattern as those areas absorbed slightly larger quarterly drop-offs reversing late in the year. The annual increases were led by Rhode Island (portion of mortgaged homes considered equity-rich increased from 54.6 percent in the fourth quarter of 2023 to 60.8 percent in the fourth quarter of 2024), Missouri (up from 37.3 percent to 43 percent), Connecticut (up from 42.4 percent to 47.9 percent), New Jersey (up from 46.8 percent to 52.3 percent) and Illinois (up from 28 percent to 33 percent). On the opposite side of the spectrum, equity-rich levels generally declined slightly across western states. The largest year-over-year fallbacks during the fourth quarter came in Florida (down, year over year, from 54.3 percent to 50.9 percent), Utah (down from 53.7 percent to 51.1 percent), Arizona (down from 52.7 percent to 50.9 percent), Oregon (down from 51.2 percent to 49.6 percent) and Idaho (down from 57.6 percent to 56.1 percent). Small changes in seriously underwater mortgage rates around U.S. The portion of mortgaged homes considered seriously underwater across the U.S. barely changed during the fourth quarter of 2024. It stood at one in 39, which was nearly the same as levels of one in 40 during the third quarter and one in 38 a year earlier. The latest ratio remained far better than the one-in-15 portion recorded in 2020. The rate worsened in 36 states quarterly, by less than one percentage point in all of those, while it was better annually in 34. The biggest annual improvements in seriously underwater mortgages came in Wyoming (share of mortgaged homes that were seriously underwater down from 8.8 percent in the fourth quarter of 2023 to 2.4 percent in the fourth quarter of 2024), Mississippi (down from 8 percent to 6.4 percent), Louisiana (down from 10.9 percent to 9.5 percent), Missouri (down from 5.6 percent to 4.5 percent) and Illinois (down from 5.1 percent to 4.5 percent). The largest year-over-year increases in the percentage of seriously underwater homes during the fourth quarter of 2024 were in Kansas (up from 2.8 percent to 4.4 percent), Utah (up from 2 percent to 2.5 percent), Idaho (up from 2.3 percent to 2.7 percent), Georgia (up from 2.5 percent to 2.8 percent) and Florida (up from 1.3 percent to 1.6 percent). Highest equity-rich rates remain in more-expensive markets clustered in Northeast and West The 10 states with the highest levels of equity-rich mortgaged properties around the U.S. during the fourth quarter of 2024 again were in the Northeast or West regions. Those with the largest portions were Vermont (86.7 percent of mortgaged homes were equity-rich), New Hampshire (61.4 percent), Maine (61.1 percent), Rhode Island (60.8 percent) and Montana (60.1 percent). Nine of the 10 states with the lowest percentages of equity-rich properties during the fourth quarter of 2024 again were

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Diverse Mortgage Services Launch Marks a Pivotal Moment in Mortgage Services History

DMS enters the market as one of the nation’s only Black-owned, Tier 1 providers, enabling lenders to meet their minority business spend targets and DEI goals Diverse Mortgage Services, one of the nation’s first Certified Minority Business Enterprise (MBE) mortgage services providers offering nationwide title and closing services to lenders, is excited to announce the official launch of its operations, marking a pivotal moment in the transactional mortgage services industry. With a deep background in third-party real estate transaction services, Diverse Mortgage Services (DMS) has an exclusive licensing agreement with minority investor ServiceLink to leverage its best-in-class, bank-level secured, industry leading mortgage services platform, EXOS®. Through this, DMS has already become an emerging leader in providing title and close services that help Tier 1 suppliers achieve diversity spend goals, while also exceeding client speed, quality and overall performance expectations, ensuring seamless service delivery. DMS was launched by Chuck Sanders, a former running back for the Pittsburgh Steelers, who is a committed entrepreneur and industry pioneer, having grown and sold businesses over the last 30-years, including what was once the nation’s largest minority-owned mortgage services provider. Finding that there were no Black-owned title companies with nationwide coverage, Sanders started DMS on a mission to bring diverse representation to the space and to challenge the industry landscape. “We’re in the business of solutions. There is a great need for diversity in third-party mortgage services and Diverse Mortgage Services is a challenger in the market, providing lenders with a nationwide, Tier 1 provider that is committed to driving the industry forward, along with helping to guide and support the next generation of diverse leaders,” said Chuck Sanders, president and CEO of Diverse Mortgage Services. “We are the solution for lenders who are committed to diversity, equity and inclusion. We reflect the communities we serve, and we are creating a seat at the table for more minority-owned businesses to enter the space. We are spreading the message far and wide that different perspectives are needed in mortgage services and we’re here to create that platform.” Focused on building a legacy and modeling the ability to succeed in the financial services industry, Sanders is partnering with his son, CJ, a 2020 Bucknell University graduate with a degree in finance, who serves as DMS’s senior vice president of operations and diversity. By modeling and paving the way, they are committed to making financial services an appealing career option for historically and presently marginalized populations and to build out more robust career pipelines for those entering the field. About Diverse Mortgage Services Diverse Mortgage Services is one of the country’s first Certified Minority Business Enterprise (MBE) mortgage services providers to offer lenders nationwide coverage, setting a new standard through sustainable, smart, responsive and resilient business practices. With more than 30 years of real estate transaction services experience, the father/son led organization is an emerging leader in providing national title and close services delivered through its exclusive licensing agreement with EXOS®, the industry’s leading mortgage services platform brought to market by ServiceLink. Diverse Mortgage Services helps lenders achieve Tier 1 supplier diversity spend goals, while meeting speed, quality and overall performance expectations. For more information on Diverse Mortgage Services, visit DiverseMortgage.com. SOURCE Diverse Mortgage Services

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Snappt Unveils 2024 Fraud Report and Provides Insights and Strategies to Combat Emerging Threats in 2025

The new report explores fraud statistics from 2024 and educates the industry using collected real-world data on the latest fraud tactics and trends Snappt, the trusted leader in fraud detection for multifamily property management, released its 2024 Fraud Report: Data, Trends, and Strategies for 2025. The report provides insights from its internal database and discusses trends multifamily operators will see in 2025.   After analyzing almost five million documents in 2024 alone, Snappt found that 6.4% of rental applications were fraudulent, with over 80,000 applications manipulated. The most common methods used by fraudsters included fake PDF generators, text insertion, and a tactic called font fail, often paired with text insertion. These results show how easy it is to commit fraud using modern tools and highlight why traditional screening methods and simplistic technologies like Optical Character Recognition aren’t enough to catch these advanced schemes. Looking to 2025, artificial intelligence will play a vital role in streamlining operations, but it will also provide bad actors with new ways to manipulate their documents. As these applicants become more tech-savvy in their use of AI to sneak past screening platforms, it’s more crucial than ever for multifamily operators to stay ahead of the game by investing in “good AI” technology (such as multi-layer fraud detection) to fight the “bad AI.” “As fraud continues to evolve in 2025, leveraging best-in-class document fraud detection and income verification technology is the only way to catch these bad actors before they result in financial losses,” Snappt CEO Daniel Berlind said. Snappt is dedicated to uncovering industry trends and statistics while delivering powerful solutions to safeguard multifamily businesses. With a focus on innovation, the company remains committed to its mission of providing top-tier, multi-layer fraud defense tools. These solutions, combined with the industry’s only fraud forensics team, ensure properties stay protected against emerging fraud threats, offering unmatched security and peace of mind. To download the report, visit https://snappt.com/blog/2024-fraud-report. About SnapptSnappt is an AI-powered applicant fraud detection and income verification solution for multifamily property managers. Since its inception in 2019, Snappt’s technology has been adept at identifying even the slightest document alterations, saving leasing teams time while reducing bad debt and evictions. As the market leader for fraud detection, Snappt has analyzed over 10 million documents with an impressive accuracy rate of 99.8%. They are the only fraud detection company that conducts proactive fraud research, and they were recently ranked #1 in AI on the Inc 5000 list. www.snappt.com  SOURCE Snappt

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ICE First Look at Mortgage Performance: Delinquencies Ended 2024 on a Strong Note Despite Remaining Near a Three-Year High

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at December 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. Data as of Dec. 31, 2024 Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.72%Month-over-month change: -0.60%Year-over-year change: 4.02% Total U.S. foreclosure pre-sale inventory rate: 0.35%Month-over-month change: 3.72%Year-over-year change: -10.68% Total U.S. foreclosure starts: 31,000Month-over-month change 50.37%Year-over-year change: 29.69% Monthly prepayment rate (SMM): 0.57%Month-over-month change: -9.83%Year-over-year change: 47.16% Foreclosure sales: 5,000Month-over-month change: -5.63%Year-over-year change: -6.12% Number of properties that are 30 or more days past due, but not in foreclosure: ​ 2,016,000Month-over-month change: -11,000Year-over-year change: 108,000 Number of properties that are 90 or more days past due, but not in foreclosure: 541,000Month-over-month change: 29,000Year-over-year change: 66,000 Number of properties in foreclosure pre-sale inventory: 192,000Month-over-month change: 7,000Year-over-year change: -20,000 Number of properties that are 30 or more days past due or in foreclosure: 2,208,000Month-over-month change: -4,000Year-over-year change: 89,000 Top 5 States by Non-Current* Percentage Louisiana:   8.60% Mississippi:   8.33% Alabama:   6.09% Indiana:   5.75% Arkansas:   5.57%     Bottom 5 States by Non-Current* Percentage Oregon:   2.28% Colorado:   2.18% Idaho:   2.15% Washington:   2.14% Montana:   2.13%     Top 5 States by 90+ Days Delinquent Percentage Louisiana:   2.30% Mississippi:   2.29% Alabama:   1.68% Florida:   1.57% Georgia:   1.49%     Top 5 States by 12-Month Change in Non-Current* Percentage Hawaii:   -12.70% New York:   -11.13% Rhode Island:   -7.32% Alaska:   -7.23% Massachusetts:   -6.93%     Bottom 5 States by 12-Month Change in Non-Current* Percentage Florida:   23.10% South Carolina:   10.54% North Carolina:   10.42% Arizona:   8.93% Georgia:   7.18% *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes: 1) Totals are extrapolated based on ICE’s loan-level mortgage and property records databases.2) All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred. The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://mortgagetech.ice.com/resources/data-reports by February 3, 2025. For more information about gaining access to ICE’s loan-level database, please send an email to ICE-MortgageMonitor@ice.com. Source: Intercontinental Exchange Contacts ICE Media ContactBrad Kuhnbrad.kuhn@ice.com+1 (904) 248-6341

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HOME SELLING PROFITS SLIDE AGAIN IN 2024 ACROSS U.S. DESPITE CONTINUED PRICE GAINS

Profit Margins for Sellers Decrease for Second Straight Year;Typical Seller Return Remains Near Record Highs, But Declines to 54 Percent;Returns Dip Even as National Median Home Price Climbs to $350,000 ATTOM, a leading curator of land, property data, and real estate analytics, released its Year-End 2024 U.S. Home Sales Report, which shows that home sellers made a $122,500 profit on typical sales nationwide in 2024, generating a 53.8 percent return on investment. But even as both measures remained near record levels, and home prices kept rising around the country, the profit margin on median-priced sales nationwide decreased from 56.9 percent from 2023. The drop-off marked the second straight annual decline – a pattern of consecutive downturns that hadn’t happened since the aftermath of the Great Recession in the late 2000s. While the gross profit on median-priced single-family home and condo sales did inch up about $2,000 from 2023, the typical profit margin stood eight percentage points below a peak hit in 2022. The downward investment-return trend continued despite the median national home price rising 5 percent to yet another annual record of $350,000. Margins fell back as the increase in home values failed to keep up with larger price spikes recent sellers had been paying when they originally bought their homes. “After a weak 2023, the U.S. housing market mostly rebounded nicely in 2024. Prices went back up at a healthy clip and homeowners continued to make some of the best profits on sales in the past 25 years. The renewed shine, however, didn’t come without a bit of tarnish as margins took another turn for the worse,” said Rob Barber, CEO at ATTOM. “Amid the generally good news, that’s something worth following closely in 2025.” He noted that “home prices are stretching household budgets more and more, and mortgage rates have been going back up in recent months even as other forces put more upward pressure on prices. So, there are certainly major factors that could propel the market up or settle it back down. Either will have a significant effect on seller returns.” The price-and-profit picture, while mixed, reflected an ongoing housing market boom that has continued for 13 years in a row. Last year’s scenario emerged as buyers buoyed by rising wages, a strong investment market and mostly receding mortgage interest rates competed for a historically tight supply of homes. Nevertheless, the resulting price gains weren’t quite enough to push profits upward. Among 127 metropolitan statistical areas with a population greater than 200,000 and sufficient sales data, sellers in more expensive markets around the U.S. generally reaped the highest returns on investment in 2024. Geographically, the Northeast, South and West regions led the way with 29 of the 30 highest ROIs. They were led by San Jose, CA (105.8 percent return on investment); Knoxville, TN (94.3 percent); Ocala, FL (87.1 percent); Seattle, WA (85.6 percent) and Scranton, PA (85 percent). Historical U.S. Home Seller Gains National median home price rises another 5 percentAfter a weak annual gain of just 1.1 percent in 2023, the U.S. median home price increased another 4.9 percent in 2024, hitting the latest all-time high of $350,000. The typical 2024 price was almost 2 ½ times the nationwide median in 2011, a point in time right before the housing market began recovering from the Great Recession. Amid the tight supply of properties for sale, median values went up last year in 115, or 91 percent, of the 127 metropolitan statistical areas around the U.S. reviewed for this report. Those with the biggest year-over-year increases were Evansville, IN (median up 13.4 percent); Augusta, GA (up 13.2 percent); Albany, NY (up 12.3 percent); Fort Wayne, IN (up 12.2 percent) and Scranton, PA (up 12.1 percent). The largest median-price increases in metro areas with a population of at least 1 million in 2024 came in Hartford CT, (up 11.1 percent); New York, NY (up 9.6 percent); Rochester, NY (up 9.5 percent); Detroit, MI (up 9.5 percent) and Providence, RI (up 9.4 percent). Typical home prices last year reached or tied records in 108 of the metros analyzed (85 percent), including New York, NY; Los Angeles, CA; Chicago, IL; Houston, TX, and Washington, DC. Metro areas where median prices dropped most in 2024 were Birmingham, AL (down 8.3 percent); Ocala, FL (down 5.9 percent); Fort Myers, FL (down 4.3 percent); Lakeland, FL (down 2.8 percent) and Sarasota, FL (down 2.7 percent). Profit margins decrease in three-quarters of nation, with worst declines in SouthProfit margins on typical home sales went down from 2023 to 2024 in 93 of the 127 metro areas with sufficient data to analyze for investment returns (73 percent). The 10 largest decreases in investment returns were all in the South, led by Fayetteville, AR (ROI down from 71.9 percent in 2023 to 51.3 percent in 2024); Ocala, FL (down from 105.7 percent to 87.1 percent); Sarasota, FL (down from 80.6 percent to 64.6 percent); Chattanooga, TN (down from 80.6 percent to 65.9 percent) and Crestview-Fort Walton Beach, FL (down from 60.1 percent of 45.9 percent). The largest ROI losses from 2023 to 2024 in metro areas with a population of at least 1 million were in Birmingham, AL (ROI down from 44.3 percent to 33.5 percent); Tampa, FL (down from 80 percent to 69.8 percent); San Antonio, TX (down from 34.4 percent to 26.4 percent); Austin, TX (down from 46.5 percent to 39.5 percent) and Portland, OR (down from 70 percent to 63.6 percent). The biggest increases in investment returns from 2023 to 2024 came in Syracuse, NY (ROI up from 56 percent to 69.3 percent); Rochester, NY (up from 61.9 percent to 72.3 percent); Evansville, IN (up from 34.6 percent to 44.7 percent); Cleveland, OH (up from 51.6 percent to 61.2 percent) and Akron, OH (up from 50.3 percent to 59.2 percent). Aside from Rochester and Cleveland, metro areas with a population of at least 1 million and the best increases in profit margins in 2024 included Hartford, CT (up from 67.6 percent to 75 percent); Buffalo, NY (up from 75.6 percent to 82.6 percent) and San Jose, CA (up from 99.9 percent to 105.8 percent). Sellers in more than half of U.S. still reaping gross profits above $100,000, with best levels in coastal marketsDespite the decline in profit margins across much of the country, gross profits on median-priced home sales in 2024 still topped $100,000 in 79, or 62 percent, of the metro areas with sufficient data to analyze. The east and west coasts had 18 of the top 20 gross profits last year, led by San Jose,

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MCS Reports Robust Growth and Significant Milestones in 2024 as Core Service Lines Continue to Expand

Revenue Increases, Five Brothers Acquired and Government Services Division Launched MCS, the national property services provider founded in 1986, reported robust growth and significant milestones across new and existing business lines in 2024. Total company-wide revenue increased notably, with significant growth recorded across MCS’s Commercial and Residential Services businesses. A new Government Services division was launched, and although foreclosure volumes are still historically low, Mortgage Services continued its steady upward performance supported by the strategic acquisition of Five Brothers as well as from internal improvement projects. This year’s accomplishments build upon the successful trajectory set over the past several years when MCS completed key acquisitions in support of its national growth program, expanded its regional self-performing network, and implemented unique initiatives that increased service offerings and captured new market share. “It was a year of progress company wide as overall business revenue increased over 30% and EBITDA more than doubled year-over-year, performing above where MCS was last year across all business lines,” said Craig Torrance, CEO of MCS. “Through strategic acquisitions, outstanding client service and streamlined operations, we continue to advance toward our goal to be the leading national property services provider across multiple property types.” 2024 MCS Business Highlights: Commercial Services (Chain Store Maintenance – an MCS Business) Residential Services Mortgage Services Government Services Additional Accomplishments “Overall, MCS had a great year financially and operationally, and while we’re still aiming for more growth and a larger market share, we made tremendous progress overall and had remarkable success in getting our Government Services new business off the ground, acquiring a company and growing our existing business lines,” Mr. Torrance added. “With our strong team and proven performance, MCS is poised for another strong year in 2025.” About MCSMCS is an award-winning property services provider working across Commercial, Residential and Government properties as well as the Property Preservation industry. For nearly 40 years, MCS has been committed to responsive care, industry-leading service standards, leveraging technology, and end-to-end transparency to protect, preserve and serve communities across the country. Some of the largest and most respected mortgage servicers, real estate owners and operators, corporations and government agencies trust MCS to perform property inspections, preservation, maintenance, renovations, and other property-related services. Learn how MCS is Making Communities Shine at MCS360.com. SOURCE MCS

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