Alliances and Partnerships, Business, Free News Articles, Software

Mortgage Coach expands partnership with NAMMBA to grow diversity, equity and inclusion in housing finance

IRVINE, Calif. -- Mortgage Coach, a borrower conversion platform empowering mortgage lenders to educate borrowers with interactive presentations that model home loan performance over time, has expanded its relationship with the National Association of Minority Mortgage Bankers of America (NAMMBA). Through the partnership, Mortgage Coach and NAMMBA will develop material educating lenders on strategies that can improve homeownership affordability for borrowers. Mortgage Coach will also work collaboratively with NAMMBA to cultivate greater racial and gender diversity among mortgage industry leadership.

As part of its expanded partnership, Mortgage Coach is providing NAMMBA members who are exploring careers in the housing finance industry with access to its interactive technology platform, which illustrates the costs and benefits of home lending programs given borrowers' financial scenarios. Additionally, Mortgage Coach has pledged the use of its platform to support NAMMBA's consultative services that help lenders better communicate with and meet the housing needs of communities and has pledged to continue advocating for policies and practices that reduce the minority homeownership divide.

"As a technology platform and a corporate culture, Mortgage Coach is aligned with NAMMBA's mission of cultivating a more diverse housing finance workforce and strengthening engagement with underserved communities through improved homeownership outcomes," said NAMMBA Founder and CEO Tony Thompson, CMB. "I look forward to growing NAMMBA's impact with the partnership of Mortgage Coach."

Mortgage Coach is a long-time supporter of NAMMBA's initiatives. At NAMMBA's inaugural conference in 2018, Mortgage Coach President Joe Puthur spoke on the topics of improving access to homeownership and borrower education. Since then, both Puthur and Mortgage Coach Founder and CEO Dave Savage were designated NAMMBA Visionaries for volunteering executive mentorship and industry education to women college students and college students of color pursuing careers in housing finance.

"Mortgage Coach is passionate about helping build a diverse community of housing finance professionals and helping underserved communities build generational wealth with improved financing outcomes," said Mortgage Coach President Joe Puthur. "We are dedicated to equipping mortgage lenders with technology and education to help underserved consumers benefit from homeownership. For example, Total Cost Analysis presentations that instantly model the impact of reducing monthly mortgage payments with Fannie RefiNow or Freddie Refi Possible loans and Mortgage Coach's Spanish-language borrower education each help NAMMBA's crucial industry mission succeed."

About Mortgage Coach:

Mortgage Coach is an award-winning borrower conversion platform that gives consumers the confidence to transact with educational presentations that model loan performance over time. The company's side-by-side loan comparisons allow borrowers to make faster, more informed mortgage decisions while enabling lenders to consistently deliver an on-brand, consultative home financing experience that increases borrower conversion, repeat business and referrals. To date, more than 120 enterprise independent mortgage banks, depository banks and credit unions rely on Mortgage Coach to deliver personalized, modern service that grows revenue and customer loyalty. To learn more about Mortgage Coach, visit https://www.mortgagecoach.com or follow @MortgageCoach.

About NAMMBA:

The National Association of Minority Mortgage Bankers of America is a purpose-driven organization that is dedicated to the inclusion of minorities and women in the mortgage industry who are advocates for sustainable homeownership in local communities. To fulfill its mission, NAMMBA provides programs and initiatives to introduce minorities and women into the mortgage industry, including recruiting, advisory, networking and training for enterprises and individual professionals. For more information, visit: https://www.nammba.org/.

Related link: https://mortgagecoach.com/

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Business, Free News Articles, Insurance

EPIC Adds Joseph Freeman – Will Lead West Region Loss Control Team

SAN FRANCISCO, Calif. -- EPIC Insurance Brokers and Consultants, a retail property and casualty insurance brokerage and employee benefits consultant, announced today that Joseph Freeman has joined the firm as Managing Principal. He will be based in Los Angeles.

In his new position, Freeman will lead the West Region Loss Control team to assist EPIC clients in managing and reducing risks before losses occur. He will work with the team to understand and improve the measurable outcomes of complex safety management systems, act as advocates for clients, and coordinate the services provided by insurer loss control personnel.

Freeman joins EPIC from Beecher Carlson where he served as Director of Risk Control. In this role, he led a national team responsible for assisting clients in risk reduction strategies. His areas of industry expertise include transportation, hospitality, healthcare, retail, energy, and manufacturing. He helped clients identify cost-drivers associated with their casualty risk management programs, and then helped develop and implement processes to minimize those costs.

This included services in a broad range of areas, including cost allocation and performance measurement, risk management programs and procedures, client-specific training modules, risk management program auditing, site safety evaluations, ergonomic assessments, driver safety, and others. Freeman joined the insurance industry in 2002 as a risk control consultant with Liberty Mutual Insurance, where he held a variety of risk control positions.

"We are pleased to welcome Joey to EPIC as we continue to grow the West Region and provide valuable loss prevention resources on behalf of our clients," said EPIC West Region President, KJ Wagner. "Joey's extensive background in loss control brings a wealth of knowledge and rich industry experience to the team."

Freeman earned a Bachelor of Science, Occupational Safety & Health from Murray State University. He holds the professional designations of Certified Safety Professional through the Board of Certified Safety Professionals and Certified Driver Trainer through the North American Transportation Management Institute.

About EPIC Insurance Brokers & Consultants

EPIC Insurance Brokers & Consultants, a retail insurance brokerage, has more than 2,600 team members operating from more than 80 offices across the U.S., providing Property and Casualty, Employee Benefits, Specialty Programs, and Private Client solutions to clients. EPIC ranks among the top 15 retail insurance brokers in the U.S. https://www.epicbrokers.com/

Related link: https://www.epicbrokers.com/

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Sales Boomerang’s Reverse Mortgage Alert helps lenders bring timely home-equity opportunities to more homeowners

BALTIMORE, Md. -- Sales Boomerang, the mortgage industry's top-rated automated borrower intelligence and retention system, today announced the launch of Reverse Mortgage Alert, a new addition to its pantheon of automated borrower intelligence products, as well as significant enhancements to the company's existing Rate Alert product.

The all-new Reverse Mortgage Alert notifies lenders when a past borrower or prospect would be a good candidate for a home-equity conversion mortgage (HECM), also known as a reverse mortgage. Sales Boomerang's Reverse Mortgage Alerts helps lenders identify contacts who could benefit from a reverse mortgage based on their current age and accumulated home equity. With American homeowners sitting on historic levels of untapped home equity, Reverse Mortgage Alert gives lenders the head start they need to connect with reverse mortgage prospects ahead of the competition.

Reverse mortgages include both HUD-insured and proprietary home-equity loan products that offer unique ways for older homeowners - generally, those age 62 and above - to tap their home equity. Reverse mortgages can be used to finance the purchase of a new home, make improvements to an existing home, pay for long-term care or medical expenses, or supplement a homeowner's retirement income, among other purposes.

"With untapped home equity at an all-time high, this latest expansion to our award-winning line of automated borrower intelligence and retention alerts is extremely timely," said Sales Boomerang Vice President of Product Mike Spotten. "By activating Reverse Mortgage Alerts, ​Sales Boomerang users can build healthier loan pipelines while helping customers access loan options they may otherwise have learned about from a competitor - or perhaps not have learned about at all."

Sales Boomerang has also enhanced its existing Rate Alert. A new feature enables users to limit the frequency of alerts they receive. In addition, a tighter integration with Optimal Blue eliminates the need for lenders to manually update their rates in Sales Boomerang; instead, lenders receive timely and accurate Rate Alerts based on Optimal Blue Mortgage Market Indices™. For more information about Sales Boomerang's Rate Watch and Reverse Mortgage alert offerings, contact your client success representative or email sales@salesboomerang.com.

About Sales Boomerang:

Sales Boomerang transformed the relationship between mortgage lenders and borrowers with the introduction of the first automated borrower intelligence system in 2017. The company's intelligent alerts notify lenders as soon as a past customer or prospect is ready and credit-qualified for a loan. As the mortgage industry's #1 borrower retention tool, Sales Boomerang is trusted by more than 150 lenders - including brokers, independent mortgage companies, credit unions and banks - to help build lasting borrower relationships that maximize lifetime customer value. To date, Sales Boomerang alerts have enabled lenders to close more than $150 billion in additional loan volume that would have otherwise been overlooked and achieve customer retention rates that outperform industry norms by an average of 3-5X. To learn more about Sales Boomerang and its No Borrower Left Behind™ ethos, visit https://www.salesboomerang.com.

Related link: https://www.salesboomerang.com/

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Advertising and Marketing, Business, Free News Articles, Software

ReverseVision Recruits Marketing Maven Scott Shepherd to Elevate Brand and Support Growth

SAN DIEGO, Calif. -- ReverseVision®, the leading national provider of Home Equity Conversion Mortgage (HECM) and private reverse mortgage sales and origination technology, announced that seasoned marketing executive Scott Shepherd has joined the company to head its marketing efforts. As head of marketing, he oversees ReverseVision's marketing department and is responsible for the design and implementation of its new marketing strategy.

Founded in 2007, Shepherd joins ReverseVision at a turning point in the company's history as the market leader in reverse mortgage automation solutions. ReverseVision has been putting in place the necessary building blocks to support an increasing need for reverse mortgage products among lenders and borrowers.

"I am elated to join the highly passionate, dedicated team at ReverseVision and look forward to taking its marketing and branding to the next level," said Shepherd. "Following a high-volume re-fi boom, the mortgage industry's changing business landscape is ripe to increase the adoption of reverse loan products via multiple delivery methods. ReverseVision is well-positioned to capitalize on these opportunities, while helping the mortgage industry expand and evolve with these much-needed loan products."

Shepherd has an extensive marketing background and a proven track record of successful execution in marketing, communications and branding. Over the course of six years, he was central to the development and growth of the eOriginal brand into one of the preeminent digital mortgage lending platforms in the country, ultimately leading to an acquisition by Wolters Kluwer in 2020.

Prior to joining ReverseVision, he headed the marketing strategy at Unleashed Technologies, a web development and digital services firm with commercial and non-profit clients in multiple vertical markets, including financial services. His strategic marketing efforts resulted in the company successfully positioning its solutions in an easy-to-understand, digestible manner for prospects.

Over the course of his career spanning more 25 years, Shepherd developed a broad base of knowledge involving nearly all facets of marketing in multiple industries within different sectors. He has managed marketing communications for several companies ranging from non-profit entities, private, international, government, education and consulting firms. In addition, he has been an editor, journalist and a public relations specialist.

"We welcome Scott to the team at ReverseVision and since joining us, he's already had a positive impact internally and externally," said Bill Mitchell, CRO at ReverseVision. "Scott is an experienced marketing professional who is accustomed to working in fast-paced, dynamic environments operating in growth mode. We are lucky to have him on board at a pivotal juncture as we experience a surge in demand for reverse mortgage technologies."

Scott holds a B.A. in journalism from Buffalo State College and an M.S. in management with a focus in marketing from the University of Maryland.

About ReverseVision:

Since 2007, ReverseVision (RV) has been the leading reverse mortgage technology provider, serving 50 of the top reverse mortgage lenders, 100 percent of reverse investors, and more than 10,000 daily users. RV's award-winning technology offers new APIs (Reverse-as-a-Service) that open the total addressable market, creating new technology synergies that allow forward and reverse mortgages to coexist in the lender's core systems, helping break down adoption barriers so that mortgage bankers can serve their borrowers for life.

ReverseVision's core platform, ReverseVision Exchange (RVX), is comprehensive and proven to automate the entire reverse lending process from origination through secondary marketing. The company's technology is being successfully leveraged as a springboard that helps lenders get into the reverse space easily and efficiently. For more information, visit https://www.reversevision.com/.

Related link: https://www.reversevision.com/

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Business, Free News Articles

Mortgage Coach unveils redesigned website

IRVINE, Calif. -- Mortgage Coach, a borrower conversion platform empowering mortgage lenders to educate borrowers with interactive presentations that model home loan performance over time, has announced the launch of a newly designed website. The website redesign offers visitors an enhanced user experience featuring immersive brand exploration opportunities and an enriched library of lender resources.

"After many months of development, we are thrilled to debut the website, which reflects our commitment to helping lenders of all stripes earn customer loyalty with modern, technology-supported consultative service," said Mortgage Coach VP, Marketing, Shannon Baldwin. "The redesign better showcases the strength of our platform, the success of our customers and the source of our ongoing motivation - empowering borrowers to attain the best mortgage outcome for their financial and homeownership goals."

"We invite everyone to visit the new website, explore our award-winning Total Cost Analysis presentations, watch lender success stories, tour insightful blogs from CEO and thought leader Dave Savage and immerse themselves in the value of taking the 'Coach Approach' to helping people achieve their homeownership dreams," continued Baldwin.

The refreshed website makes it easier for lenders, real estate professionals and homeowners to locate valuable information about how Mortgage Coach helps solve their unique challenges. An enhanced library of free educational resources is available to help lenders build lasting borrower relationships with personalized mortgage advice. The Top Producer Insights page features video interviews where successful lending professionals - including top-U.S. loan originator Shant Banosian - share how they use Mortgage Coach to attract leads, win borrower business and generate referrals. The website also features on-demand training to help Mortgage Coach users at all levels optimize the platform.

Additionally, in many prominent areas, including the homepage, images of superusers were used instead of stock photos to celebrate the vibrant community of mortgage professionals who use Mortgage Coach to help borrowers attain their homeownership goals.

Coming just days after Philadelphia-based private-equity firm LLR Partners announced its investment in Mortgage Coach, the refreshed website is the company's first step in a series of interface and product enhancements designed to bring more value to the lenders it serves.

Mortgage Coach is relied on by over 130 enterprise credit unions, depository banks and independent mortgage banks - including 8 of the top-10 independent mortgage banks - to improve borrower conversion and reduce price exceptions with valuable home financing education. Through dozens of technology integrations, Mortgage Coach helps make it possible for lenders to compliantly deliver on-brand, consultative lending services to borrowers at scale.

To view the new Mortgage Coach website, visit https://mortgagecoach.com/.

About Mortgage Coach:

Mortgage Coach is an award-winning borrower conversion platform that gives consumers the confidence to transact with educational presentations that model loan performance over time. The company's side-by-side loan comparisons allow borrowers to make faster, more informed mortgage decisions while enabling lenders to consistently deliver an on-brand, consultative home financing experience that increases borrower conversion, repeat business and referrals. To date, more than 130 enterprise independent mortgage banks, depository banks and credit unions rely on Mortgage Coach to deliver personalized, modern service that grows revenue and customer loyalty. To learn more about Mortgage Coach, visit https://www.mortgagecoach.com or follow @MortgageCoach.

Related link: https://mortgagecoach.com/

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Business, Free News Articles, Insurance

Paragon Hires Industry Vet for East Coast Expansion

AVON, Conn. -- Paragon Insurance Holdings LLC, a nationwide multiline specialty managing general agent (MGA), is pleased to announce the hire of Patrick Carroll as senior vice president - Eastern Region, effective January 31.

"Pat will be in instrumental in helping expand our footprint, particularly on the East Coast," Paragon President Ron Mairano said. "He has deep rooted relationships in the insurance industry focusing much of that time in the workers' comp marketplace. We're all excited to have him join the team."

Carroll brings more than 38 years of property & casualty and workers' compensation experience to his role at Paragon. He has held leadership positions on both the carrier and MGA side and will be working with new and existing partners in the Eastern United States.

Carroll will report to Andrew Petersen, executive vice president.

"I'm excited to be back in the MGA space with people I have known for over 20 years and who have an incredible track record of success," Carroll said.

About Paragon:

Paragon, a broadly diversified MGA launched in 2014, supplies distinctive alternatives and options to retail brokers, insurance coverage carriers, reinsurers and vendor companions. The agency, which is owned Galway Holdings, writes all business strains of coverage throughout greater than 20 packages.

Please visit https://www.paragoninsgroup.com/ for additional information.

Related link: https://www.paragoninsgroup.com/

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Business, Free News Articles, Reports and Studies

Sales Boomerang releases Q4 2021 Mortgage Market Opportunities Report

WASHINGTON, D.C. -- Sales Boomerang, the mortgage industry's top-rated automated borrower intelligence and retention system, today released its latest Mortgage Market Opportunities Report. The Q4 2021 report identified increasing opportunities for mortgage lenders to assist borrowers with tappable home equity, lending credence to analysts' expectations for a surge in home-equity-related mortgage activity in 2022.

Methodology

The Mortgage Market Opportunities Report draws on Sales Boomerang system data to identify market opportunities of relevance to today's borrowers and lenders. To generate the report, Sales Boomerang reviewed data from more than 160 residential mortgage lenders that use its borrower intelligence and retention tools to monitor millions of customer and prospect records. Sales Boomerang then calculated and compared the aggregate frequency with which those contact records triggered loan-opportunity, prescriptive-scenario and risk-and-retention alerts during the third and fourth quarters of 2021.

Key Findings*

Sales Boomerang's loan-opportunity alerts identify the contacts inside a lender's database who are actively shopping for a mortgage loan or who may be able to benefit from a new mortgage loan. Across the sample group, the frequency of each alert type in Q4 2021 was as follows:

* Mortgage Inquiry Alert: 4.42% of monitored contacts (down 16.13% from Q3)

A customer or prospect has shopped with a competitor in the last 24 hours.

* EPO Alert: 1.84% of monitored contacts (down 17.49% from Q3)

A customer or prospect whose loan closed ≤ 6 months ago has shopped with a competitor in the last 24 hours.

* Credit Improvement Alert: 1.14% of monitored contacts (down 13.64% from Q3)

A customer or prospect has improved their FICO score.

* New Listing Alert: 0.64% of monitored contacts (down 38.46% from Q3)

A customer or prospect has listed their home for sale.

* Equity Alert: 8.61% of monitored contacts (up 7.36% from Q3)

A customer or prospect's home equity has increased.

* Rate Alert: 5.07% of monitored contacts (down 27.16% from Q3)

The interest rate of a customer or prospect's existing mortgage is significantly higher than current prevailing rates.

Sales Boomerang's prescriptive-scenario alerts analyze not only whether a consumer could benefit from a given loan type, but also whether the consumer is credit-qualified to apply for financing. This additional layer of intelligence makes prescriptive-scenario alerts among the highest-converting available to mortgage lenders today. The frequency of each alert during Q4 2021 was as follows:

* Cash-Out Alert: 5.08% of monitored contacts (up 17.87% from Q3)

A borrower is credit qualified and has built sufficient equity to tap into the cash in their home.

* Rate-and-Term Alert: 10.05% of monitored contacts (up 160.36% from Q3)

A borrower is credit qualified and can benefit from the current interest rates for a refinance.

* Debt Alert: 1.33% of monitored contacts (down 23.12% from Q3)

A borrower is credit qualified and can benefit from paying off other debts with the equity in their home.

* FHA MI Removal Alert: 14.01% of monitored contacts (up 92.71% from Q3)

An FHA borrower has exceeded 20% equity and can remove mortgage insurance (MI).

For a subset of lenders that maintain servicing portfolios, the frequency of risk-and-retention alerts was as follows:

* Risk & Retention Alert: 31.18% of monitored contacts (down 13.82% from Q3)

A customer is engaging in one or more of 15 credit activities that may put their serviced loan at risk

Analysis*

* When a borrower puts less than 20% down on an FHA-insured loan, they are required to pay mortgage insurance (MI) premiums on top of their monthly principal and interest payments. FHA borrowers with MI may be unaware they have the option to remove their MI once they reach 20% equity. With a nearly 93% quarter-over-quarter increase in FHA MI Removal alerts, lenders have the opportunity to deliver immediate monthly savings to borrowers.

* Since Sales Boomerang's Cash-Out alerts only trigger for credit-qualified contacts, continued gains in this alert category show that borrowers are growing their credit scores alongside their equity. Lenders should prepare for continued cash-out refinance and HELOC activity in the coming months.

* Keen observers will notice that the Rate and Rate-and-Term alerts trended in opposite directions from Q3 to Q4. Following a year of interest rate growth, fewer consumers are positioned to benefit from a refinance solely based on the difference between their current interest rate and prevailing market rates - thus, the decline in Rate alerts. But a higher frequency of Rate-and-Term alerts indicates that even if the overall refi market is down, there's a growing subset of consumers who have the home equity and credit profiles necessary to benefit from a refinance.

* Mortgage Inquiry and EPO alerts declined for a third consecutive quarter, and New Listings were down for a second quarter in a row. With fewer consumers actively putting themselves in the market for mortgage products, lenders will need to be proactive in bringing financially advantageous opportunities to potential customers.

* Q4's 14% drop in Risk & Retention alerts was the category's first significant decline in 2021. Nonetheless, with nearly one in three borrowers still exhibiting risky credit behaviors, mortgage servicers should keep a close eye on their portfolios for default risk.

"Borrowers aren't always aware of the multitude of ways they can leverage their home equity, yet it's becoming increasingly clear that equity is creating some of the best financial opportunities for borrowers and lenders today. It is up to us to help mortgage advisors bring these opportunities to the table for their customers," said Sales Boomerang CEO Alex Kutsishin. "Experts may have predicted 2022 would be a year to focus on purchase transactions, but our data shows lenders would be well-served to shine equal light on home-equity lending."

*Key findings and analysis provided for informational purposes only. The data represented in the Mortgage Market Opportunities report is historical. Past performance is not a reliable indicator of future results. Sales Boomerang accepts no responsibility or liability for readers' use of the key findings or analysis included in this report.

About Sales Boomerang:

Sales Boomerang transformed the relationship between mortgage lenders and borrowers with the introduction of the first automated borrower intelligence system in 2017. The company's intelligent alerts notify lenders as soon as a past customer or prospect is ready and credit-qualified for a loan. As the mortgage industry's #1 borrower retention tool, Sales Boomerang is trusted by more than 150 lenders - including brokers, independent mortgage companies, credit unions and banks - to help build lasting borrower relationships that maximize lifetime customer value. To date, Sales Boomerang alerts have enabled lenders to close more than $150 billion in additional loan volume that would have otherwise been overlooked and achieve customer retention rates that outperform industry norms by an average of 3-5X. To learn more about Sales Boomerang and its No Borrower Left Behind™ ethos, visit https://www.salesboomerang.com.

Related link: https://www.salesboomerang.com/

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Advertising and Marketing, Business, Free News Articles, Insurance

Alliance Group, a leading national insurance marketing organization, announces a series of promotions for 2022

ATLANTA, Ga. -- Alliance Group, a leading national insurance marketing organization (IMO), announced a series of promotions within their ranks, effective immediately. Mark Powell was promoted from Systems Engineer to Chief Strategy Officer, a move that CEO Lee Duncan says will greatly benefit Alliance Group's technological push in 2022 and beyond.

"With Mark's help, we've developed a state-of-the-art Agent Portal this past year and Mark's promotion to CSO is going to help us continue to push the tools and systems we've developed for our agent and agency partners to the cutting edge from a technology standpoint," Duncan said. "I'm excited to see what Mark and his team can do with him in this new role".

Powell has previously headed up teams of up to 150 implementing technology solutions for Fortune 500 companies such as Cigna, Home Depot, Nationwide, and Blackstone Group, to name a few.

In another move, Boise, Idaho-based Steve Walther was tapped as the company's new VP of Sales and Distribution. Walther had previously held the title of National Training Director at Alliance Group.

"As Alliance Group grows, there's a need for someone to be focused exclusively on the tasks of finding ways to grow existing streams of business while developing new ones as well. Steve's experience in the industry has been a huge asset to us at Alliance Group for close to a decade now, and we're happy to see him step up into this new role for us," said Duncan.

Andrea Buffo was promoted to VP of Operations, a role that Duncan says she has really been fulfilling for some time now during her seven years with Alliance Group.

Of Buffo's move, Lee Duncan said, "I've always described Andrea as my right hand, and maybe my left as well. She possesses a keen eye for detail, and I've always appreciated her ability to organize and keep all the plates spinning for us on multiple fronts. This promotion will help us continue to keep all the tracks aligned as Alliance Group speeds toward our goal of $100 million of combined production by 2030."

To learn more please visit: https://www.AllianceGroupLife.com/

About Alliance Group:

Founded in 1998, Alliance Group is the nation's leading IMO in Living Benefits life insurance. With more than 4,500 independent agents nationally, Alliance Group is currently protecting over 130,000 American families with more than $28 billion of Living Benefits coverage.

Related link: https://www.AllianceGroupLife.com/

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Business, Free News Articles, Real Estate, Reports and Studies

Down Payment Resource releases Q4 2021 Homeownership Program Index

ATLANTA, Ga. -- Down Payment Resource (DPR), the nationwide database for U.S. homebuyer assistance programs, today announced the release of its latest Homeownership Program Index (HPI). The firm's analysis of 2,192 homebuyer assistance programs in its DOWN PAYMENT RESOURCE® database showed measurable quarter-over-quarter gains in program funding levels and an increased prevalence of programs aimed at assisting community heroes.

Methodology

Published quarterly, DPR's HPI surveys the funding status, eligibility rules and benefits of U.S. homebuyer assistance programs administered by state and local housing finance agencies, municipalities, nonprofits and other housing organizations. DPR communicates with over 1,200 program administrators throughout the year to track and update the country's wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates and affordable first mortgages, in the DOWN PAYMENT RESOURCE® database.

Key Findings

The Q4 2021 HPI examined a total of 2,192 homebuyer assistance programs that were active as of January 6, 2022. Key findings are as follows.

* Funding levels are on the rise. 84% of programs had funds available for eligible homebuyers. That level of funding reflects a nearly 2% increase from Q3 2021.

* More programs now target community heroes. Nearly 9% of all homebuyer assistance programs available in Q4 benefit teachers, first responders, law enforcement officers, firefighters, healthcare workers and other providers of critical community services. Another 11% of programs offer benefits for veterans, members of the military and surviving spouses.

* Three out of four programs (73%) focus on helping homebuyers with down payments and/or closing costs. This figure includes repayable, partially forgivable and fully forgivable programs. Other major categories of assistance include affordable first mortgage programs (11%), Mortgage Credit Certificates (5%), matched savings programs and Housing Choice Vouchers.

* Assistance is available for repeat homebuyers and landlords. Approximately 38% of programs do not have a first-time homebuyer requirement. In addition, 27% of programs allow buyers to purchase a multi-family property as long as the buyer occupies one of the units.

* Availability varies by location. Three out of four (74%) programs are targeted to properties in specific locales such as cities, counties or neighborhoods, with the balance of programs available statewide through state housing finance agencies. The states with the most homebuyer assistance programs are California, Florida and Texas.

* Support for manufactured housing is increasing. While homebuyer assistance programs have historically favored site-built homes, as of Q4, 28% of programs allow manufactured housing as an eligible property type, up nearly 2% from the previous quarter.

"First responders, military, educators and other community service roles have been front and center for their extraordinary pandemic contributions," said DPR CEO Rob Chrane. "Many locales - especially in higher-cost markets - are determined to find creative ways to recruit and retain these workers, including by helping them make homeownership more affordable."

Further analysis of the Q4 HPI findings, including infographics and examples of many of the programs described in this release, can be found on DPR's website at https://downpaymentresource.com/professional-resource/homeownership-program-index-highlights-programs-for-community-heroes/.

For a complete, state-by-state list of homebuyer assistance programs, visit https://downpaymentresource.com/wp-content/uploads/2022/01/HPI-state-by-state-data.Q42021.pdf.

About Down Payment Resource:

Down Payment Resource (DPR) creates opportunity for homebuyers, REALTORS® and lenders by uncovering programs that get people into homes. The company tracks funding status, eligibility rules, benefits and more for more than 2,000 homebuyer assistance programs through partnerships with state and local program providers. DPR has been recognized by Inman News as a "Most Innovative New Technology" and named to HousingWire's Tech100(TM) list of the most innovative companies serving the mortgage and real estate industries. DPR is licensed to multiple listing services, REALTOR® associations, lenders and housing counselors across the United States and offers a subscription service, Down Payment Connect, to help agents and loan officers match buyers to available programs. For more information, visit https://www.downpaymentresource.com.

Related link: https://www.downpaymentresource.com/

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Business, Free News Articles, Software

IDS expands mortgage eClosing platform with addition of eVault

SALT LAKE CITY, Utah -- Mortgage document preparation vendor International Document Services, Inc. (IDS), announced today that it has released its eVault, expanding the capabilities of its eClosing platform, Solitude Solution. With the addition of the eVault to Solitude Solution, lenders now have the ability to deliver documents, including eNotes, to partners though Mortgage Electronic Registration Systems, Inc. (MERS) eRegistry.

The IDS eVault is approved by Fannie Mae and Freddie Mac and includes secure eDelivery and eTransfer functionality for digital mortgage documents, allowing lenders to quickly and easily register eNotes with MERS. Prior its release, the eVault underwent a beta testing phase, during which IDS collected feedback on the product.

"As the mortgage industry continues to progress to a completely digital experience, IDS proudly delivers in-demand innovative eClosing technology backed by our industry-leading customer service support," said IDS Vice President and General Manager Mark Mackey. "Our eVault has undergone rigorous testing and a successful beta testing phase, ensuring it meets the high standards our clients have come to expect of every IDS product. We look forward to helping more lenders expand their eClosing and digital mortgage offerings with our expansive eClosing platform, Solitude Solution."

Solitude Solution includes a single sign-on function with multi-factor authentication, allowing lenders to create one login credential linked to the entire eClosing process. Once the eSign process for a closing package has been completed and the settlement agent has finalized the closing package, the eNote is automatically generated in the lender's eVault. This allows the lender to begin the processes of registering the eNote with MERS, sending the eNote to parties such as the master services via eDelivery and transferring the ownership of the eNote via eTransfer.

"Our customer support team is well-prepared to support our clients as they proceed with the eVault," said David Clement, Director of Operations. "We have a committee in place to ensure our team has the necessary training to fully support eVault operations and setup, and to work with any unexpected client needs and requests that may arise. I am confident that our lenders will be satisfied, both by the eVault itself and by the expert support behind it."

About IDS, Inc.

IDS, a Reynolds and Reynolds company, was founded in 1986 in Salt Lake City, Utah, and is a nationwide provider of mortgage documents and compliance. IDS services include eSignatures, closing documents, initial disclosures, document fulfillment and integration with leading loan origination systems and eClosing platforms. The IDS flagship doc prep solution, idsDoc, is recognized in the industry for its ability to be customized to meet specific lender needs, particularly in regard to major industry compliance changes.

Learn more: https://info.idsdoc.com/

Related link: https://info.idsdoc.com/

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