News Updates

World’s First Closing Automation Platform for Lenders Launches

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Notarize, the first company to enable an entirely online real estate closing process, introduced the world’s first closing automation platform on June 5. With the introduction of this platform, Notarize is pioneering the ability for anyone to buy, sell or finance their home entirely online. The platform can accommodate every type of closing—from fully online to hybrid closings. The first is a fully automated, entirely digital experience that helps homebuyers close on their home from anywhere in the world, on any device. Hybrid closings allow most documents to be reviewed and electronically signed with Notarize before the closing, but the big day still happens in person. Author admin View all posts

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Real estate technology platform HomeLight, based in San Francisco, has acquired Eave, a digital mortgage startup with a proprietary software platform that automates 70 percent of the mortgage process. Additionally, HomeLight has launched a home loans division that will operate in six states, including California, Colorado, Washington, Oregon, Pennsylvania and Texas. HomeLight is a resource for home sellers and buyers who use its Agent Matching service to hire real estate agents and its Simple Sale™ product to tap into a network of pre-approved cash buyers. It has helped list more than $10 billion in homes. The company has more than 150 team members across offices in San Francisco, Scottsdale, Brooklyn and Seattle. The acquisition of Eave allows HomeLight to offer products and services across the complete buying and selling cycle, from search to close. Eave offers a full underwrite in just 24 hours, a 30-minute application, guaranteed 21-day close, low interest rates and experts to guide clients through the process. Both companies built their technology platforms from the ground up in order to solve specific pain points throughout the home buying and selling process. “We’re thrilled to bring Eave’s stellar product and team into the HomeLight family,” said Drew Uher, founder and CEO of HomeLight. “By harnessing Eave’s proprietary mortgage technology, we believe we can significantly improve the home-buying process for everyone involved: buyers, sellers and agents alike.” Author admin View all posts

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ATTOM Data Solutions’ April 2019 U.S. Foreclosure Market Report shows that foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 55,646 U.S. properties in April 2019. That’s a 5% drop from March and a 13% decrease from a year ago. It marked the 10th consecutive month with an annual decline. “While overall foreclosure activity is down nationwide, there are still parts of the country that we need to keep a close eye on,” said Todd Teta, chief product officer at ATTOM Data Solutions. “For instance, Florida is seeing a steady annual increase in total foreclosure activity for the 8th consecutive month, which is being sustained by a constant annual double-digit increase in foreclosure starts.” Lenders started the foreclosure process on 30,524 U.S. properties in April 2019, down 5% from March and down 10% from April 2018, the third consecutive month with an annual decline. States that posted annual decreases in foreclosure starts in April 2019 included New York (down 43%), Nevada (down 36%), Colorado (down 34 %), Maryland (down 31%) and Michigan (down 25%). Metropolitan statistical areas with a population greater than 500,000 that saw a large annual increase in foreclosure starts from last year included Orlando, Florida (up 90%); Miami, Florida (up 45%); Columbus, Ohio (up 35%); Portland, Oregon (up 31%); and El Paso, Texas (up 22%). Bucking the national trend, 17 states saw an annual increase in foreclosure starts, including Washington (up 38%), Florida (up 34%), Oregon (up 22%), Louisiana (up 12%) and Georgia (up 11%). Nationwide, one in every 2,433 housing units had a foreclosure filing in April 2019. States with the highest foreclosure rates were New Jersey (one in every 980 housing units), Maryland (one in every 1,218), Delaware (one in every 1,249), Illinois (one in every 1,371) and Florida (one in every 1,415). Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April 2019 were Atlantic City, New Jersey (one in every 702 housing units); Fayetteville, North Carolina (one in every 732); Clarksville, Tennessee (one in every 853); Columbia, South Carolina (one in every 946); and Deltona-Daytona Beach, Florida (one in every 966). Lenders completed foreclosures (REO) on 11,078 U.S. properties in April 2019, down 9% from the previous month and down 22% from a year ago, marking a sixth consecutive annual decline. States that saw a double-digit annual decline in REOs included Alabama (down 45%), Arizona (down 38%), North Carolina (down 32%), California (down 20%) and Nevada (down 14%). Counter to the national trend, 10 states posted year-over-year increases in REOs in April 2019, including Washington (up 53%), Connecticut (up 22%), Kentucky (up 19%) and New York (up 3%). Author admin View all posts

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CrowdStreet, a Portland, Oregon-based technology provider with an online marketplace for direct equity investment in commercial real estate, crossed the $500 million threshold in total online investments in March. The news accompanies a record quarter in which CrowdStreet saw individuals invest more than $75 million in commercial real estate deals. Since April 2014, the company has seen more than $525 million invested in office, multifamily, hotel, retail and industrial deals on the CrowdStreet Marketplace. Investment highlights include one sponsor raising over $4 billion in offers in just over an hour and the inaugural fund of the CrowdStreet Blended Portfolio raising more than $9 million from 198 investors in two months. Investment performance has been notable as well: 12 realized offerings on CrowdStreet to date have generated a 31.7% average XIRR and 1.6x average realized equity multiple. “Crossing over the $500 million mark is a significant milestone that clearly demonstrates that online investing in commercial real estate is here to stay,” said Tore C. Steen, CEO of CrowdStreet. “Investors on CrowdStreet can now choose between directly investing in a variety of commercial real estate asset types, investing in a diversified portfolio of Marketplace assets by making one investment in the CrowdStreet Blended Portfolio, or getting personalized advice with our Private Managed Accounts service.” Through its Marketplace and software solutions, more than 112,000 investors, along with 275 commercial real estate operators and developers, are currently on the CrowdStreet platform. Sponsors who raised capital on the CrowdStreet Marketplace in the first quarter include Feldman Equities, KBS and Driftwood Hospitality. CrowdStreet was the winner of the 2019 Rising Star category in the annual Oregon Technology Awards. Author admin View all posts

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Millennium Trust Company has launched an API that is designed to allow investment sponsors and advisor systems to reduce processing times, control the user experience and increase transaction volumes. Millennium Trust is a provider of specialized retirement and institutional custody solutions. The new API enables investment platforms and advisor systems to integrate with Millennium Trust’s custody services. The API provides investment sponsors with the ability to allow their clients access to their investment products through Self-Directed IRAs. “This is a win-win for investment platforms and their clients,” said Tom Daley, managing director of custody services. “The investment platforms are able to control the user experience and tap into the multi-trillion dollar IRA market, while investors are able to have a simple, digital investing experience.” Investors will be able to open a Millennium Trust Self-Directed IRA on the investment platform. For investment sponsors, the Millennium Trust API will enable account opening and investment processes in one place. Author admin View all posts

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Title and escrow provider OS National has announced a $15 million headquarters expansion that will create more than 1,000 new jobs in Gwinnett County, Georgia. The company is based in Duluth. “In selecting Gwinnett County for our national headquarters, we believe we can support OS National’s explosive growth and strategic expansion efforts across the U.S.,” said Jamie Wunder, managing partner of OS National. “We recognize the county’s efforts providing businesses excellent options for growth and helping to grow a rich and diverse talent pool for the future.” OSN currently employs more than 500 associates in four states and helps provide title insurance and escrow services to institutional clients and national lending and banking institutions on both residential and commercial transactions. Author admin View all posts