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Offerpad Announces Indianapolis is the Next Market in its Expansion Plan

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Leading iBuyer and real estate solutions provider expects to buy and sell homes in nearly 1,000 cities and towns Offerpad, a leader in modern home buying and selling solutions, continues business development and market expansion with the announcement of a new major market launch into Indianapolis, Indiana. The Arizona-based company will bring its Real Estate Solutions Center to homeowners and sellers in the Midwest beginning this summer. Offerpad’s first pitch to homeowners and buyers in the Midwest follows on the heels of its expansion into the Denver and Nashville markets last month. With the launch of Indianapolis, Offerpad’s coverage is expected to extend the company’s total availability nationwide to up to 1,000 cities and towns. “We’ve been monitoring Indianapolis for some time now. It’s one of the fastest-growing and hottest housing markets in the country,” said Offerpad’s Vice President, Strategic Initiatives, Matt Brohn. “The market’s strong economic trends including affordability, employment and population growth, and a burgeoning tech community, are encouraging. “Indy also has appealing home construction dynamics with a positive outlook and inventory, as well as a large amount of real estate transactions overall – key indicators of support for current and future Offerpad services.” What Offerpad Offers IndianapolisIndianapolis is a top-level market which Offerpad believes presents opportunity and appetite for the company’s flagship iBuyer solution, Offerpad EXPRESS direct cash offers, and its full suite of custom selling solutions, services and benefits the real estate tech innovator is known for. With a Net Promoter Score of 72, and a 93% Customer Satisfaction Rating, based on a Q4 2020 survey of over 360 people who sold a home to Offerpad, the company is set to take innovative solutions and premier services to Indianapolis real estate consumers. Offerpad’s exclusive Real Estate Solutions Center will bring new real estate options, including: Offerpad FLEX, a re-invented home listing experience which enables home sellers to list their home on the open-market with an Offerpad-employed agent and a backup cash offer, plus other customized selling features not offered with a traditional home listing such as home improvement advances and show-ready home services. 60-Day Extended Stay program, so sellers do not have to worry about the stress and rush of closing and moving on the same day. Home buying options with flexible move-in dates and the services of a dedicated transaction manager to help buyers through the entire process. Offerpad also offers homebuilders and agents in the Indianapolis area new opportunities for business growth and development through access to its Solutions Center. By partnering with Offerpad’s Homebuilder Services program, new home construction builders can use the company’s services to facilitate new-home sales at their communities. Through the company’s Agent Partnership Program, agents and brokers can receive an industry-high 3% referral fee when assisting their home sellers with a sale to Offerpad.

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PROPERTY TAXES LEVIED ON SINGLE FAMILY HOMES UP 5.4 PERCENT IN 2020, TO MORE THAN $323 BILLION

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Average Property Tax of $3,719 Up 4 Percent Effective Tax Rate at 1.1 Percent Highest Effective Tax Rates Remained in New Jersey, Illinois, Texas, Vermont, Connecticut ATTOM Data Solutions, curator of the nation’s premier property database, released its 2020 property tax analysis for almost 87 million U.S. single family homes, which shows that $323 billion in property taxes were levied on single-family homes in 2020, up 5.4 percent from $306.4 billion in 2019. The average tax on single-family homes in the U.S. in 2020 was $3,719 — resulting in an effective tax rate of 1.1 percent. The average property tax of $3,719 for a single-family home in 2020 was up 4.4 percent from $3,561 in 2019 while the effective property tax rate of 1.1 percent in 2020 was down slightly from 1.14 percent in 2019. The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro, and county levels along with estimated market values of single-family homes calculated using an automated valuation model (AVM). The effective tax rate was the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area.  “Homeowners across the United States in 2020 got hit with the largest average property tax hike in the last four years, a sign that the cost of running local governments and public school systems rose well past the rate of inflation. The increase was twice what it was in 2019,” said Todd Teta, chief product officer for ATTOM Data Solutions. “Fortunately for recent home buyers, they have mortgages with super-low interest rates that somewhat contain the cost of home ownership. But the latest tax numbers speak loud and clear about the continuing pressure on both recent and longtime homeowners to support the rising cost of public services.” New Jersey, Illinois, Texas, Vermont, Connecticut again post highest property tax rates States with the highest effective property tax rates in 2020 remained New Jersey (2.2 percent), Illinois (2.18 percent), Texas (2.15 percent), Vermont (1.97 percent) and Connecticut (1.92 percent). Other states in the top 10 for highest effective property tax rates also were the same as in 2019: New Hampshire (1.86 percent), New York (1.68 percent), Pennsylvania (1.64 percent), Ohio (1.62 percent) and Nebraska (1.53 percent). Hawaii, Alabama, West Virginia, Colorado, and Utah post lowest property tax rates The lowest effective tax rates in 2020 were in Hawaii (0.37 percent), Alabama (0.44 percent), West Virginia (0.51 percent), Colorado (0.54 percent) and Utah (0.54 percent). Other states in the top 10 for lowest effective property tax rates were Tennessee (0.59 percent), Nevada (0.6 percent), Idaho (0.61 percent), Arizona (0.62 percent) and Wyoming (0.63 percent). Average tax more than 10 times higher in most expensive state versus least expensive New Jersey had the highest average property tax on single-family homes, $9,196. That was more than 10 times over than the average tax of $841 in Alabama, the state with the lowest average levy. Others states in the top five were Connecticut ($7,395), New York ($6,628), New Hampshire ($6,596) and Massachusetts ($6,514). Others in the bottom five were West Virginia ($849), Arkansas ($1,147), Tennessee ($1,202) and Mississippi ($1,241). Northeast metro areas have highest effective tax rates Among 220 metropolitan statistical areas around the country with a population of at least 200,000 in 2020, 12 of the top 20 effective tax rates were in the Northeast. Those with the highest effective property tax rates in 2020 were Syracuse, NY (2.83 percent); Trenton, NJ (2.69 percent); Binghamton, NY (2.67 percent); El Paso, TX (2.66 percent) and Rockford, IL (2.62 percent). The highest rates among metro areas with a population of at least 1 million in 2020 were in Rochester, NY (2.46 percent); Houston, TX (2.44 percent); Hartford, CT (2.18 percent); Chicago, IL (2.15 percent) and Dallas, TX (2.13 percent). The lowest rates in 2020 were in Honolulu, HI (0.36 percent); Daphne-Fairhope, AL (0.37 percent); Montgomery, AL (0.38 percent); Tuscaloosa, AL (0.39 percent) and Colorado Springs, CO (0.42 percent). The lowest rates among metro areas with a population of at least 1 million in 2020 were in Nashville TN (0.53 percent); Salt Lake City, UT (0.58 percent); Birmingham, AL (0.58 percent); Phoenix, AZ (0.58 percent) and Denver, CO (0.6 percent). Property taxes increase faster than national average in 55 percent of markets Among the 220 metropolitan statistical areas analyzed in the report, 120 (55 percent) posted an increase in average property taxes from 2019 to 2020 that was above the national figure of 4.41 percent. They included Salt Lake City, UT (up 11.4 percent); San Francisco, CA (up 11.1 percent); San Jose, CA (up 10.8 percent); Seattle, WA (up 10.3 percent) and Atlanta, GA (up 10.2 percent). Other major markets posting an increase in average property taxes that was above the national average included San Diego, CA (up 10.2 percent); Tampa, FL (up 10 percent); Denver, CO (up 9.9 percent); Raleigh, NC (up 9.7 percent) and Columbus, OH (up 9.1 percent). Sixteen counties with average annual property taxes of more than $10,000 Among 1,453 U.S. counties with at least 10,000 single family homes in 2020 and sufficient data to analyze, 16 had an average single-family-home tax of more than $10,000, including 12 in the New York City metro area. The top five were Rockland County, NY ($13,931); Marin County, CA (outside San Francisco) ($13,257); Essex County, NJ ($12,698); Nassau County, NY ($12,386) and Bergen County, NJ ($12,348).

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Finance Agency Plan to Further Forestall Home Foreclosures Fails to Recognize Economic Realities

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Distressed asset auctioneer Richard Kruse of Gryphon USA said plans by the Consumer Finance Protection Bureau to delay foreclosures another nine months and create more regulations only builds pressure on consumers and the nation’s housing market. The CFPB this week announced proposed rules meant to encourage lenders and loan servicers to continue working with consumers to avoid foreclosure, pushing potential filings out to January 2022. “Trust me. I understand the intent,” said Kruse. “But the CFBP is effectively demanding an immediate and unrealistic overhaul of lending, investment, servicing and mortgage insurance industries, not understanding that the end result will be much worse with these rules than allowing the legal system work.” Nearly 13 months ago, Congress and the Trump administration agreed to a one-year ban on mortgages insured by U.S. agencies with a March 31, 2021 sunset. Certain evictions also were postponed as the Coronavirus-19 pandemic spread and millions of Americans lost their jobs. In February, the Biden administration through varies agencies extended the foreclosure and eviction ban through June 30. The CFPB, in its April 5 news release, warned that the expected surge of borrowers exiting forbearance in the fall will put mortgage servicers under strain. https://www.consumerfinance.gov/about-us/newsroom/cfpb-proposes-mortgage-servicing-changes-to-prevent-wave-of-covid-19-foreclosures/ While the independent commission tries to frighten Americans about this wave of potential foreclosures, Kruse said the proposed delay would only allow for nonperforming mortgages to be further along in default status negatively impacting the homeowner once the ban is lifted. “Consumers have been afforded a year to identify next steps and the administration is now suggesting to add another 6 months to the timeline. What CFPP doesn’t seem to grasp is that their proposal will not stop foreclosures,” Kruse said. “Call it what you want; kicking the can down the road again, sticking another finger in the dyke or stacking additional pressure behind a cork that must eventually pop.” Kruse added, “The fact remains that throwing these new rules at the problem is the very thing that will overburden the system, yet will not solve homeowners‘ financial distress but delay it. The proposed changes are unrealistic to implement and will ultimately fail, but the administration gets their hollow victory of being able to say ‘well, we tried’ while at the same time distressed borrowers get to say ‘thanks a lot for that’.” For further comment on this topic, contact Richard Kruse at 614-774-4118 or email at rfk@gryphonusa.com.

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Finance of America Companies to Become Publicly Traded Following Completed Transaction with Replay Acquisition Corp.

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Finance of America Equity Capital LLC (“Finance of America” or the “Company”), an end-to-end lending and services platform, and Replay Acquisition Corp. (NYSE: RPLA) (“Replay Acquisition”), a publicly traded special purpose acquisition company, announced the completion of their previously announced transaction to take Finance of America public. The combined company is named Finance of America Companies Inc., and its common stock and warrants will begin trading Monday, April 5, on the New York Stock Exchange (“NYSE”) under the ticker symbols “FOA” and “FOA.WS,” respectively. Finance of America Companies Inc. (“FOA”) enters the public markets as a highly differentiated, diversified consumer lending platform that is capable of delivering cycle-resistant earnings. Its lending businesses are supported by strong, uncorrelated secular tailwinds and include mortgages, reverse mortgages and commercial loans offered across distributed retail, third-party brokers and digital direct-to-consumer channels. FOA recently launched a complementary home improvement loan vertical with the acquisition of Renovate America’s Benji®business, further enhancing its ability to meet consumers’ financial needs at each stage of their lives. In addition to its lending businesses, FOA has a fee-for-service business as well as a portfolio management business that includes a broker-dealer and a registered investment adviser. These business lines further broaden FOA’s revenue streams and provide multiple avenues of growth. FOA is well positioned to continue to expand organically by introducing innovative new products – as demonstrated with the recent launch of EquityAvail™ – and inorganically by successfully acquiring, integrating and optimizing businesses on its platform. The successful closing of the transaction follows FOA posting another quarter of strong financial and operating performance across its multiple lines of business. FOA’s fourth quarter results for the period ended December 31, 2020, drove record full-year performance of $500 million in pre-tax income that represented 541% year over year growth and exceeded the high-end of the company’s guidance range. These results further demonstrate the power of FOA’s diversified platform, the demand for its products across its addressable markets, and the effectiveness of its asset and capital light business model. “We are excited to enter our next chapter of growth as a publicly traded company and look forward to capitalizing on the many opportunities ahead of us,” said Patricia Cook, CEO of FOA. “Our value proposition is truly unique given our proven ability to innovate and deliver complementary financial solutions that consumers want and investors value. These attributes should continue to provide us with a sustainable competitive advantage. Today’s milestone would not be possible without the support of everyone on our team who has worked diligently and passionately to advance our mission.” Brian Libman, Chairman and Founder of FOA, stated, “What started eight years ago as a novel idea to reinvent the traditional finance company model has culminated in the sustained growth of a one-of-a-kind, end-to-end consumer lending platform that is capable of meeting the full range of borrower needs while at the same time delivering strong returns for investors. I am proud and humbled to reach this point in Finance of America’s evolution, and remain as committed as ever to advancing the company’s strategic priorities.” Edmond Safra, Co-CEO of Replay Acquisition, commented, “With its broad suite of products, multi-channel distribution network, unparalleled track record of innovation and impressive financial performance, Finance of America stands out among its monoline industry peers. Benefiting from multiple growth vectors, Finance of America is redefining consumer lending in a manner that should continue to deliver compelling value to customers and investors alike over the long-term.” Ms. Cook will continue to lead FOA with the support of the company’s highly experienced management team. The current owners of FOA, which include management, entities managed by Mr. Libman, and funds managed by Blackstone Tactical Opportunities, will own approximately 80% of the combined company. Simpson Thacher & Bartlett LLP acted as legal advisor to Finance of America. Credit Suisse Securities (USA) LLC acted as capital markets advisor to Replay Acquisition. Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC served as lead placement agents and Credit Suisse Securities (USA) LLC served as placement agent for the PIPE. Greenberg Traurig, LLP acted as legal advisor to Replay Acquisition. Additional information about the completed transaction will be provided in a Current Report on Form 8-K to be filed by FOA with the Securities and Exchange Commission and available at sec.gov. About Finance of America Companies Finance of America is a diversified, vertically integrated consumer lending platform. Product offerings include mortgages, reverse mortgages, and loans to residential real estate investors distributed across retail, third party network, and digital channels. In addition, Finance of America offers complementary lending services to enhance the customer experience, as well as capital markets and portfolio management capabilities to optimize distribution to investors. The Company is headquartered in Irving, TX, and is a portfolio company of the leading global asset manager, The Blackstone Group. The company is listed on the NYSE under the ticker symbol “FOA.” For more information, please visit www.financeofamerica.com. About Replay Acquisition Corp. Founded by Edmond Safra, Gregorio Werthein and Gerardo Werthein, Replay Acquisition Corp. was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses on industries that it believes have favorable prospects and a high likelihood of generating strong risk-adjusted returns for its shareholders. www.replayacquisition.com

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First American Ranked Among the Best Workplaces in Financial Services & Insurance by Fortune

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First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, announced that Fortune® and Great Place to Work® have recognized First American as one of the Best Workplaces in Financial Services & InsuranceTM for the fifth year in a row. The ranking is based on analysis of confidential survey responses from more than 840,000 employees at Great Place to Work-Certified™ organizations across the country. “The integrity, dedication and teamwork our people demonstrate every day has helped First American earn its reputation for leadership and innovation in the title insurance and settlement services industry,” said Dennis Gilmore, CEO, First American Financial Corporation. “Our employees bring our people-first philosophy to life through their efforts to create stronger relationships with each other, our customers and the communities in which we operate.” Great Place to Work selected the 2021 Best Workplaces in Financial Services & Insurance list using rigorous analytics and confidential employee feedback derived from 75 employee experience questions within the Great Place to Work Trust Index™ survey. Companies are assessed on how well they are creating a great employee experience that cuts across race, gender, age, disability status, or any aspect of who employees are or their role in the organization. “Congratulations to the Best Workplaces in Financial Services & Insurance. These companies are meeting the moment. Not only have they pivoted to new ways of working, but their employees’ report an even better company culture than before COVID-19,” said Michael C. Bush, CEO Great Place to Work®. “The leaders of these companies can expect excellent business results thanks to their inclusive, high-trust cultures.” In 2020, First American was named to the Fortune 100 Best Companies to Work For® list, and named one of the Best Workplaces for Women, each for the fifth year in a row. The company’s Canadian subsidiary, FCT, has been named by Great Place to Work® to the “Best Workplaces™ in Canada – 1000+ Employees” list for six consecutive years (2015-2020). In 2020, FCT was also recognized on the 2020 list of Best Workplaces™ for Inclusion, list of Best Workplaces™ for Women, and list of Best Workplaces™ for Mental Wellness. The Best Workplaces in Financial Services & Insurance is one of a series of rankings by Great Place to Work® and Fortune® based on employee survey feedback. About First American First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $7.1 billion in 2020, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2020, First American was named to the Fortune 100 Best Companies to Work For® list for the fifth consecutive year. More information about the company can be found at www.firstam.com.

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ATTOM Data Solutions Ranks Best Counties for Buying Single-Family Rentals in 2021

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Highest Potential SFR Returns in Schuylkill, Bibb, Baltimore, LaSalle, Chautauqua Counties; Best Returns Concentrated in Midwest, Worst in West; Rental Returns Decrease from a Year Ago in 87 Percent of Counties Analyzed ATTOM Data Solutions, curator of the nation’s premier property database, released its Q1 2021 Single Family Rental Market report, which ranks the best U.S. markets for buying single-family rental properties in 2021. The report analyzed single family rental returns in 495 U.S. counties, each with a population of at least 100,000 and sufficient rental and home price data. Rental data came from the U.S. Department of Housing and Urban Development, and home price data from publicly recorded sales deed data collected and licensed by ATTOM Data Solutions. The average annual gross rental yield (annualized gross rent income divided by median purchase price of single-family homes) among the 495 counties is 7.7 percent for 2021, down from an average of 8.4 percent in 2020. Within that group of counties, the yield declined from 2020 to 2021 in 87 percent of counties. However, it is not all bad news for rental property investors. “Offsetting the declining yields are improved financing terms for such rental properties and portfolios”, said Maksim Stavinsky, co-founder of Roc360, a FinTech platform that is parent to Roc Capital and Haus Lending, both companies specializing in loans to real-estate investors nationwide. “Across our platform, rates that we are quoting to borrowers have more than offset the waning cap rates on a YoY basis, with the highest-tier rental loan borrowers seeing terms in the low 4% range. This is happening despite a yield curve that has been steepening of late.” At the same time, home prices are rising faster than rents in most of the country, which could start making home ownership less affordable and put upward pressure on rents. “The single-family home rental business is less profitable this year compared to last year across most of country, with yields on the average deals decreasing. That is happening as home prices on properties that investors are paying for, in most areas, are rising considerably faster than rents, which is cutting into their profit margins,” said Todd Teta, chief product officer at ATTOM Data Solutions. “Nevertheless, returns on single-family rentals still generally remain strong and there are pockets, especially in the Midwest, where yields top 10 percent. There also are some signs that things could improve this year given that home prices are increasing faster than rents.” Top rental returns in Pottsville, Macon, Baltimore, Ottawa, and Jamestown areas, as well as Midwest region Counties with the highest potential annual gross rental yields for 2021 are Schuylkill County, PA, in the Pottsville metro area (26.1 percent); Bibb County, GA, in the Macon metro area (18.1 percent); Baltimore City/County, MD (16.2 percent); La Salle County, IL, in the Ottawa metro area (14.1 percent) and Chautauqua County, NY, in the Jamestown metro area (13.7 percent). The highest potential annual gross rental yields in 2021 among counties with a population of at least 1 million are Cuyahoga County (Cleveland), OH (9.9 percent); Dallas County, TX (8 percent); Tarrant County (Fort Worth), TX, (8 percent); Franklin County (Columbus), OH (7.9 percent) and Bexar County (San Antonio), TX (7.9 percent). Among the top 50 rental returns for counties analyzed in 2021, 25 are in the Midwest, 15 in the South and 10 in the Northeast. Rental returns decrease from a year ago in almost 90 percent of counties analyzed Potential annual gross rental yields for 2021 decreased compared to 2020 in 430 of the 495 counties analyzed in the report (86.9 percent), led by Baltimore City/County, MD (yield down 43.9 percent); St. Louis City/County, MO (down 35.5 percent); St. Louis County, MO (down 29.3 percent); Bonneville County (Idaho Falls), ID (down 26.7 percent) and Fairfield County (Stamford), CT (down 24 percent). Among counties with a population of at least 1 million, those with the biggest decreases in potential annual gross rental yields from 2020 to 2021include Miami-Date County, FL (down 19.9 percent); Oakland County, MI, in the Detroit metro area (down 18.6 percent); King County (Seattle), WA (down 17.4 percent); Palm Beach County, FL, in the Miami metro area (down 14.2 percent) and Fulton County (Atlanta), GA (down 13.3 percent). Counties in San Francisco, San Jose, Nashville and Maui metros and others in the West post lowest rental returns Counties with the lowest potential annual gross rental yields for 2021 are Williamson County, TN, in the Nashville metro area (3.7 percent); Santa Clara County, CA, in the San Jose metro area (3.8 percent); San Mateo County, CA, in the San Francisco metro area (3.8 percent); San Francisco County, CA (3.9 percent) and Maui County, HI (3.9 percent). Among counties with a population of at least 1 mission, along with Santa Clara County, those with the lowest potential annual gross rental yields in 2021include Kings County (Brooklyn), NY, (4.3 percent); Orange County, CA, in the Los Angeles metro area (4.6 percent); Los Angeles County, CA (4.7 percent) and King County (Seattle), WA (4.8 percent). In the bottom 50 rental returns, among counties analyzed for 2021, 30 are in the West, 10 are in the South, seven are in the Northeast, and three are in the Midwest. Wages rising faster than rents in 77 percent of markets Wages are rising faster than rents in 379 of the 495 counties analyzed (76.6 percent), including Los Angeles County, CA; Cook County (Chicago), IL; Maricopa County (Phoenix), AZ; San Diego County, CA; and Orange County, CA, in the Los Angeles metro area. Rents rose faster than wages in 116 of the 495 counties analyzed (23.4 percent), including Harris County (Houston), TX; Tarrant County (Fort Worth), TX; Sacramento County, CA; Bronx County, NY, and Mecklenburg County (Charlotte), NC. Home prices rising faster than rents in 87 percent of markets Single-family home prices are rising faster than rents in 430 of the 495 counties analyzed (86.9 percent), including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ and San Diego County, CA.

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