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White House Touts Title Insurance Waiver Program as Promise of Savings, But Program Doesn’t Help First-Time Homebuyers or Low-Income Households

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During the State of the Union address, President Biden announced that the administration was moving forward with a previously rejected pilot program that would waive the requirement for lender’s title insurance on certain refinances. This misguided effort should only be seen as a purely political gesture that offers a false promise of savings for homeowners when in fact all it will do is expose consumers, lenders, and taxpayers to greater financial risk. In his speech, the president touted this program as a cost-saving measure for would-be homeowners. In reality, the pilot only covers refinancings – which would exclusively benefit existing high-income homeowners and would not affect first-time homebuyers at all. The purposeful mischaracterization of the pilot is frustrating not only because it is a hollow promise, but it also diminishes the value and crucial role of an entire industry that contributes to the American economy. In an independent analysis conducted by EY Quest and released earlier this week, researchers found that the title industry employs 155,000 jobs across the country and directly contributes $30 billion annually to the GDP. Ninety percent of title companies are small businesses, many of them women-owned, and these businesses operate in every county in the country. The Biden administration fails to understand just how many working American families are going to be directly affected by this ill-conceived pilot program; nor do they understand the broader long-term impact on the national economy and the safety and soundness of the housing finance system. The title industry also believes that the independent regulatory process is a crucial part of the system of economic checks and balances. With this approval, the Biden administration has effectively overridden and politicized this process. They have ignored the decision that was made by FHFA Director, Sandra Thompson, just as recently as last summer, as well as the members of Congress who have expressed serious concerns about a repeat of the 2008 crisis and GSEs moving beyond their mission and charter into the primary market. In addition, the Administration is unnecessarily targeting closing costs. The Consumer Financial Protection Bureau (CFPB) posted a blog that says closing costs “all too often are full of junk fees.” Apparently, the current leadership at the Bureau isn’t aware of its TILA-RESPA Integrated Disclosures (TRID) rule, which the industry implemented in 2015. Under this federal rule that the CFPB overseas, closing costs must be provided and disclosed to a consumer on the Loan Estimate within three days of receiving a completed loan application. The same fees must also be provided on the Closing Disclosure, which homebuyers receive three days prior to closing. Most fees can’t change. The Bureau created the disclosures with the purpose of helping consumers shop around and understand the closings costs. CFPB’s own research shows these disclosures are working to educate consumers. The CFPB report praised its own rule for improving “consumers ability to locate key information, compare terms and costs between initial disclosures and final disclosures, and compare terms and costs across mortgage offers.” Reform of mortgage closing costs is unnecessary. The contradictory use of the term “junk fee” conflicts with the White House’s own definition, which cites the lack of disclosure of the fee being charged. The American Land Title Association (ALTA) is committed to working with policymakers to thoughtfully address housing affordability and opportunity while also protecting consumers and their most important investments. To read ALTA’s previous statement on the White House announcement of the waiver pilot program click here: ALTA Says White House Attack on Title Insurance Offers False Promise of Savings SOURCE American Land Title Association CONTACT: Jeremy Yohe, 1-202-590-8361, jyohe@alta.org

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Home sellers were more active this February, with 11.3% more homes newly listed on the market compared to last year According to Realtor.com®‘s February housing report, the Spring housing market is shaping up to be an active one for prospective homebuyers. In fact, there were 14.8% more homes actively for sale on a typical day in February compared to the same time in 2023, which marks the fourth consecutive month of annual inventory growth. “The first couple of months of 2024 have proven to be positive for inventory levels, as the number of homes actively for sale was at its highest level since 2020,” said Danielle Hale, Chief Economist of Realtor.com®. “While the country is still well below pre-pandemic levels, the South is leading the charge, moving faster than other parts of the country, largely driving the increase in availability of homes priced between $200,000 and $350,000, a price category that saw the most year-over-year growth nationally.” February 2024 Housing Metrics – National Metric Change over Feb 2023 Change over Feb 2019 Median listing price +0.3% (to $415,500) +40.4 % Active listings +14.8 % -39.7 % New listings +11.3 % -17.2 % Median days on market – 4 days (to 61 days) -14 days Share of active listings withprice reductions +1.4 percentage points(to 14.6%) -1.1 percentage points Affordable Home Inventory GrowsHomes in the $200,000 to $350,000 price range grew by 20.6% compared to last year, outpacing all other price categories. For home shoppers looking for affordable options, this may lead to particularly favorable home buying conditions. And, though the market is still a ways away from pre-pandemic levels, homebuyers may anticipate more options to choose from, compared to recent years, heading into the hot spring homebuying season especially in this category. Southern Metros See the Most Inventory GrowthThe inventory of homes actively for sale increased in 29 out of 50 of the largest metros compared to last year. Orlando (+38.5%), Miami (37.4%) and Tampa (36.3%) experienced the most inventory growth. While most metros are still seeing lower inventory levels when compared to pre-pandemic years, three metros actually saw higher levels of inventory in February compared to typical 2017 to 2019 levels. The top three were in the South, particularly in Texas: San Antonio (+26.6%), Austin (+10.8%), and Dallas (+2.2%). Mortgage Rates Remain in Flux, but Sellers are Ready to MoveAs mortgage rates continue to shift, home sales have been sensitive to the fluctuations. While rates declined abruptly in November and December they steadied around 6.6% in January and early February, before climbing higher following a hot inflation report, most recently hitting 6.94%. Additionally, the percentage of homes with price reductions increased from 13.2% in February of last year to 14.6% this year, marking the first time the share of price reductions had increased over the previous year since May of 2023. In fact, newly listed homes were 11.3% above last year’s levels for the fourth month of increasing-listing activity after a 17-month streak of decline. Additional details and full analysis of the market inventory levels, price fluctuations and stabilization, as well as days on market tallies can be found in the Realtor.com® February Monthly Housing Report. SOURCE Realtor.com

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National homebuilder celebrates Women in Construction Week with team member stories and new workforce statistics As the construction industry remains male-dominated, Taylor Morrison, America’s Most Trusted® Home Builder, is breaking barriers with an increasing number of women in its workforce. In honor of this year’s Women in Construction Week, celebrated March 3–9, Taylor Morrison is highlighting women in construction roles to recognize their contributions while releasing new workforce statistics. Taylor Morrison continues to see a growing number of women pursuing construction roles and experiencing immense career growth opportunities. As of March 2024, Taylor Morrison reported: “While women in construction roles could be seen as unconventional by the industry’s historical standards, we are experiencing meaningful movement of women choosing a fulfilling career in construction at Taylor Morrison,” said Taylor Morrison Chairman and CEO Sheryl Palmer. “Oftentimes people need to see themselves in key roles before going after something new, and Taylor Morrison is proof that people from all walks of life, experiences and perspectives can enjoy this rewarding career path.” Amber Reynolds began her construction career seemingly by fate after being assigned a position for a commercial real estate company from a temp agency, where she fell in love with the dynamic atmosphere the industry provides. Over her 25-year career, Reynolds has served as a starts coordinator, land coordinator and construction administration manager. Today, and as a division cadence manager, Reynolds leads weekly production meetings, enforces safety protocols, ensures the division is meeting its metrics, and supports the field team. “The construction industry is fast-paced and inspiring,” said Reynolds. “I love contributing to construction transformations and delivering beautiful homes with our team. I encourage women entering the construction field to always stand confident, ask questions and connect with a mentor.” Tampa-based Superintendent Brittany McConnell is the first Build-to-Rent Superintendent in Taylor Morrison’s Florida markets. Inspired by the strong women leadership at Taylor Morrison, she found her way to Taylor Morrison in 2023 and is now building the very first Yardly built by Taylor Morrison community in Florida. “I like being able to drive by my neighborhood and show my kids what I’ve built,” said McConnell. “Before I got into construction, I didn’t know any women in the industry. We’re often put into a box, but women are far more capable in construction roles than what people might expect.” Hope MacRonald, Construction Project Supervisor in Charlotte, knew from a young age that she wanted to work in the construction industry and has childhood memories of her building tree houses, forts and barns. MacRonald has since achieved those dreams and joined Taylor Morrison in 2022 where she has already earned two promotions. When asked what advice she would give women looking to enter the construction industry, MacRonald said: “I encourage women pursuing a construction career to understand that they deserve a seat at the table, alongside their male counterparts. It’s important for women to remain confident and always take the opportunity to learn and grow.” To read more team member stories, please visit the Taylor Morrison blog. About Taylor Morrison Headquartered in Scottsdale, Arizona, Taylor Morrison is one of the nation’s leading homebuilders and developers. We serve a wide array of consumers from coast to coast, including first-time, move-up, luxury and resort lifestyle homebuyers and renters under our family of brands—including Taylor Morrison, Esplanade, Darling Homes Collection by Taylor Morrison and Yardly. From 2016-2024, Taylor Morrison has been recognized as America’s Most Trusted® Builder by Lifestory Research. Our strong commitment to sustainability, our communities and our team is highlighted in our latest annual Environmental, Social and Governance (ESG) Report. For more information about Taylor Morrison, please visit www.taylormorrison.com. CONTACT: Erin Kristick(480) 840-8108ekristick@taylormorrison.com SOURCE Taylor Morrison

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$240 Million Deal Rated by Morningstar DBRS Toorak Capital Partners, Inc. (“Toorak”), a leading capital provider to the residential real estate lending industry, today announced the successful closing of the first-ever rated residential transition loan (“RTL”) securitization, Toorak 2024-RRTL1. The $240 million deal was rated by Morningstar DBRS, which in October 2023 was the first Nationally Recognized Statistical Rating Organization to finalize a methodology for RTL securitizations (a deal backed by short-term bridge loans generally used to rehabilitate residential properties). Morgan Stanley led the offering and served as initial purchasers along with Deutsche Bank, JP Morgan Securities, LLC, Performance Trust Capital Partners, and KKR Capital Markets. Significant investor demand during the marketing process led to the offering being upsized and to tightened spreads. “This development is a pivotal moment for our industry and a significant step forward in the institutionalization of the RTL market. Toorak’s securitization has substantially broadened participation in the RTL market by making it accessible to the bulk of the fixed income investor base which require ratings,” said John Beacham, CEO of Toorak. “I want to thank Ketan Parekh who led the deal team and Aleksandra Simanovsky who tirelessly spearheaded the yearslong effort to obtain rating agency support for the asset class.” The initial collateral underlying the Toorak 2024-RRTL1 securitization consisted of 370 residential transition loans that financed approximately 527 housing units. The securitization featured a sizeable portion (42.36%) of collateral originated by Toorak’s affiliate company – Merchants Mortgage & Trust Corporation, LLC (“Merchants”), an established originator of RTL loans mainly focused on the western U.S. with decades of experience in the space. “Merchants is excited to contribute to this significant moment for the RTL industry, and we remain committed to originating quality loans with the highest level of service for our borrowers,” said Justin Land, CEO of Merchants. The transaction features a two-year revolving period, during which time proceeds from loan payoffs can be reinvested in new loans. To date, Toorak has issued over $3 billion in securitizations across 12 deals, including 8 unrated revolving transactions backed by RTL loans and 4 rated transactions backed by long-term investor loans on rental properties. About Toorak Capital Partners Toorak Capital Partners is an integrated correspondent lending platform that funds business-purpose loans backed by residential, multifamily, and mixed-use properties throughout the U.S. and the U.K. With capital commitments from credit funds and accounts managed by KKR, a leading global investment firm, Toorak has revolutionized the way private lenders of business purpose real estate loans access capital. Toorak was the first to link small-balance commercial and residential originators with institutional capital and has perfected this approach in the single-family residential bridge, multifamily bridge, and 30-year single family rental lending space. Toorak’s principals have a deep understanding of mortgage credit in the residential and commercial space with backgrounds in real estate lending, capital markets, securitization, asset-liability management, asset management and credit. Since inception, Toorak has provided more than $12 billion in capital and funded over 30,000 mortgage loans. Toorak-funded projects are expected to renovate, stabilize, or provide rental housing for over 50,000 families. Further information is available at www.toorakcapital.com.

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The income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time Home shoppers today need to make more than $106,000 to comfortably afford a home, a new Zillow® analysis finds. That is 80% more than in January 2020, showing how the math has changed for hopeful buyers, who are more often partnering with friends and family or “house hacking” their way to homeownership. In 2020, a household earning $59,000 annually could comfortably afford the monthly mortgage on a typical U.S. home, spending no more than 30% of its income with a 10% down payment. That was below the U.S. median income of about $66,000, meaning more than half of American households had the financial means to afford homeownership. Now, the roughly $106,500 needed to comfortably afford a typical home is well above what a typical U.S. household earns each year, estimated at about $81,000.1 “Housing costs have soared over the past four years as drastic hikes in home prices, mortgage rates and rent growth far outpaced wage gains,” said Orphe Divounguy, a senior economist at Zillow. “Buyers are getting creative to make a purchase pencil out, and long-distance movers are targeting less expensive and less competitive metros. Mortgage rates easing down has helped some, but the key to improving affordability long term is to build more homes.” A monthly mortgage payment on a typical U.S. home has nearly doubled since January 2020, up 96.4% to $2,188 (assuming a 10% down payment). Home values have risen 42.4% in that time, with the typical U.S. home now worth about $343,000. Mortgage rates ended January 2020 near 3.5%, keeping the cost of a home affordable for most households that could manage the down payment. At the time of this analysis, mortgage rates were about 6.6%. For a household making the median income, it would take almost 8.5 years before they would have enough saved to put 10% down on a typical U.S. home, about a year longer than it would have in 2020.2 It’s no wonder, then, that half of first-time buyers say at least part of their down payment came from a gift or loan from family or friends. With the cost of a mortgage rising, most millennial and Gen Z buyers say “house hacking” — the ability to rent out all or part of a home for extra cash — is very or extremely important. Co-buying with a friend or relative is another way to help with affordability, something 21% of last year’s buyers reported doing. Metro areas where a buyer could comfortably afford a typical home with the lowest income are Pittsburgh ($58,232 income needed to afford a home), Memphis ($69,976), Cleveland ($70,810), New Orleans ($74,048) and Birmingham ($74,338). The only major metros where a typical home is affordable to a household making the median income are Pittsburgh, St. Louis and Detroit. There are seven markets among the major metros where a household’s income must be $200,000 or more to comfortably afford a typical home. The top four are in California: San Jose ($454,296), San Francisco ($339,864), Los Angeles ($279,250) and San Diego ($273,613). Seattle ($213,984), the New York City metro area ($213,615) and Boston ($205,253) complete the list. To help find a home within budget, home shoppers on Zillow can filter search results by monthly cost instead of by list price. The tool simplifies the complex calculation of translating a home’s list price into the monthly cost, factoring in the latest mortgage rates. MetropolitanArea* SizeRank Income Neededto Afford aMortgage,January 2024 Change inNeededIncome SinceJanuary 2020 Zillow HomeValue Index(ZHVI),January20243 MonthlyMortgagePayment,10% Down4 Years toSave a10%DownPayment Pittsburgh, PA 27 $58,232 $23,675 $201,487 $1,286 5.3 Memphis, TN 43 $69,976 $31,717 $230,807 $1,473 6.9 Cleveland, OH 34 $70,810 $30,227 $211,712 $1,351 6.0 New Orleans, LA 46 $74,048 $19,203 $232,870 $1,486 7.0 Birmingham, AL 50 $74,338 $31,875 $246,805 $1,575 6.7 Oklahoma City, OK 41 $74,732 $31,057 $226,048 $1,442 6.3 Detroit, MI 14 $75,662 $31,124 $236,025 $1,506 6.1 Buffalo, NY 49 $76,884 $34,744 $242,435 $1,547 6.5 St. Louis, MO 21 $76,895 $31,880 $238,231 $1,520 5.9 Louisville, KY 45 $77,450 $31,185 $243,810 $1,556 6.8 Indianapolis, IN 33 $82,037 $38,150 $267,301 $1,706 6.6 Cincinnati, OH 28 $86,027 $38,050 $267,423 $1,706 6.8 Kansas City, MO 31 $92,896 $40,742 $289,290 $1,846 7.2 Houston, TX 5 $95,374 $39,779 $300,955 $1,920 7.5 San Antonio, TX 24 $95,767 $38,307 $283,161 $1,807 7.5 Columbus, OH 32 $95,821 $43,405 $297,637 $1,899 7.3 Milwaukee, WI 40 $100,822 $42,613 $321,037 $2,049 8.5 Virginia Beach, VA 37 $102,703 $43,989 $332,820 $2,124 8.2 Chicago, IL 3 $104,757 $39,716 $300,906 $1,920 6.7 Richmond, VA 44 $106,170 $47,930 $349,558 $2,231 7.9 United States 0 $106,536 $47,490 $342,941 $2,188 8.4 Philadelphia, PA 7 $109,257 $47,837 $343,102 $2,189 7.5 Jacksonville, FL 39 $109,271 $51,617 $348,665 $2,225 8.2 Charlotte, NC 23 $111,051 $55,239 $368,712 $2,353 9.2 Hartford, CT 48 $114,109 $52,114 $334,712 $2,136 7.3 Minneapolis, MN 16 $114,344 $41,867 $355,511 $2,269 7.3 Baltimore, MD 20 $114,348 $44,063 $367,861 $2,347 7.6 Atlanta, GA 9 $115,430 $55,989 $370,548 $2,364 8.0 Tampa, FL 18 $116,329 $58,577 $370,474 $2,364 9.8 Las Vegas, NV 30 $119,529 $54,172 $407,516 $2,600 10.6 Dallas, TX 4 $121,398 $53,679 $366,690 $2,340 8.3 Orlando, FL 22 $121,418 $58,140 $386,687 $2,467 9.9 Nashville, TN 36 $128,535 $59,508 $425,827 $2,717 10.1 Raleigh, NC 42 $130,472 $62,410 $430,562 $2,747 8.7 Phoenix, AZ 11 $131,322 $65,017 $447,074 $2,853 9.9 Providence, RI 38 $142,928 $65,387 $449,025 $2,865 10.1 Austin, TX 29 $149,267 $65,144 $451,322 $2,880 8.8 Miami, FL 8 $151,163 $74,834 $472,970 $3,018 12.3 Salt Lake City, UT 47 $154,455 $72,592 $523,832 $3,343 10.6 Portland, OR 25 $161,624 $65,664 $528,724 $3,374 11.0 Washington, DC 6 $166,551 $64,078 $539,116 $3,440 8.2 Sacramento, CA 26 $172,261 $69,908 $559,243 $3,569 11.6 Denver, CO 19 $172,704 $71,338 $566,692 $3,616 10.7 Riverside, CA 13 $173,375 $81,676 $563,468 $3,595 12.6 Boston, MA 10 $205,253 $86,967 $650,890 $4,153 11.6 New York, NY 1 $213,615 $78,696 $627,944 $4,007 12.9 Seattle, WA 15 $213,984 $94,163 $697,824 $4,453 12.2 San Diego, CA 17 $273,613 $131,018 $902,199 $5,757 16.9 Los Angeles, CA 2 $279,250 $121,457 $918,247 $5,859 19.4 San Francisco, CA 12 $339,864 $119,614 $1,104,853 $7,050 16.0 San Jose, CA 35 $454,296 $191,071 $1,493,255 $9,528 18.8 *Table ordered by income needed to afford a mortgage in January 2024. 1 Median household income is taken from the American Community Survey (ACS) through 2022. Present-day estimates combine changes in the Employment Cost Index provided by the Bureau of Labor Statistics to forecast current median

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The Sellability Score uses machine learning to predict probability to sell in the next 90 days for almost every residential property in the United States Realeflow, a leading data and real estate investing software solution for real estate investors nationwide, announced the general availability of its 11th generation Sellability Score AI model for residential real estate investing. The Sellability Score uses machine learning and predictive analytics to uncover the earliest indicators that homeowners will soon list their properties for sale, and to predict the probability to sell in the next 90 days for almost every residential property in the United States. Early results of using the 11th generation Sellability Score include a nearly 20% lift in some markets. “The Sellability Score is an extremely sophisticated, but easy to use and understand, AI data solution for both new and experienced residential real estate investors, at a price point allowing access to insights formerly available only to top institutional investors,” said Realeflow founder and CEO Greg Clement. “Realeflow has been the AI leader in residential real estate investing since it first deployed AI in 2019, and it is the only major real estate data provider offering a sellability scoring dataset to help investors, buyers and agents use AI to find more and better leads.” Realeflow customers appreciate the Sellability Score AI, which helps them quickly find leads based on their criteria: The 11th generation Sellability Score references 136 billion data points over 40 years of real estate transactional data and a variety of demographic and socioeconomic datasets. It builds on the learning and understanding of the previous 10 generations of Sellability Scores with new variables and datasets, including lien data. The most significant changes in the 11th generation Sellability Score are that some influences occurring before the COVID-19 pandemic are now again impacting the model after the pandemic. For example: The benefits of the Sellability Score include: The 11th generation Sellability Score is embedded in the Leadpipes module of Realeflow’s Leadflow real estate investment software, available through Leadflow Invest and Leadflow Invest+ plans. The Sellability Score in action To use the Sellability Score, investors select Leadpipes Premium in the Leadflow software and enter parameters such as location, price and square-footage thresholds. Leadflow returns properties matching those parameters. The Sellability Score algorithm performs its calculations and returns three scores representing possible outcomes within 90 days for each property: Sellability scores range from zero to 1,000; the higher the score, the greater the chance the property will sell at retail or wholesale price within 90 days and be suitable as a rental property. After selecting their target properties, investors can perform their marketing with Leadflow by choosing the type and frequency of communications, such as mail, email, social media and phone, to contact the current owners or representatives. Leadflow can then automatically send written communications based on selected templates, or prompt users to call, and manage all subsequent activities leading to a transaction or other outcome. Realeflow was founded in 2006 in a highly competitive market and has operated through several different real estate and economic cycles. The company used its supreme industry experience, knowledge and understanding, combined with its leadership position in real estate data, to develop the 11th generation Sellability Score — making it as simple as possible for its customers to find great real estate investments. About Realeflow Realeflow is a leading data and real estate investing software solution for real estate investors nationwide. Founded in 2006, Realeflow provides real estate investors with a competitive advantage through its innovative and comprehensive technology platform and artificial intelligence solutions. Realeflow’s mission is to provide the tools necessary for real estate investors to achieve freedom in their lives. Realeflow helps its customers generate leads, analyze deals, make offers, fund deals, and rehab, sell and rent properties. Realeflow has helped more than 200,000 investors close more than $10 billion of real estate transactions.