MReport January 2020

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M R EP O RT | 7 MTECH a loan or mortgage," Martin said. "The integration with Factual Data provides an additional solu- tion that simplifies and stream- lines the process for both lenders and consumers." Factual Data, based in Loveland, Colorado, is a pro- vider of credit, risk mitigation, flood, and verification services to the mortgage industry. Using innovative technology and deep industry experience, Factual Data simplifies the mortgage lending process for its customers and their borrowers. Rise of the iBuyers TECH FOCUS TAKING OFF IN SOUTHERN MARKETS WITH SALES, PRICES POISED FOR GROWTH. A report by Redfin found that iBuyers purchased 3.1% of homes during Q 3 2019 across 18 markets—up 1.6% from the prior years. Raleigh, North Carolina was home to the largest share of iBuyers purchases at 6.8%, fol- lowed by Phoenix (5.1%); Atlanta, Georgia (4.4%); and Charlotte, North Carolina (4.3%). iBuyers is short for instant buyers, which is used to describe real estate companies such as Opendoor and RedfinNow that use technology to make quicker offers to sellers and purchase homes in quick, cash transactions. "iBuyers are concentrating their efforts in southern markets where both home sales and pric- es are poised for strong growth," Redfin Chief Economist Daryl Fairweather said. "We think that iBuyers are likely to accelerate home sales in these markets. Homeowners who may have been reluctant to sell because they didn't want to deal with the hassle may be persuaded by the convenience of an iBuyer sale." The share of iBuyers just a few years ago were virtually non- existent. iBuyers made up less than 1% of all home sales from 2015-2017. Sales broke 1% in Q1 2018, hitting 1.6% in Q 3 2018. Markets that are most success- ful for iBuyers are those with homes priced below the national median of October's $313,200. "Focusing on these more af- fordable homes allows iBuyers to purchase more homes with the same amount of money. Affordable homes also tend to sell more quickly than more expensive homes, which allows iBuyers to move through their housing inventory and buy ad- ditional homes more quickly, refining their process with every home they sell," Redfin said. Houston, Texas, had the largest increase in the share of iBuyers, rising to 3.8% in Q 3 2019 from 0.1% a year ago. Jacksonville, Florida, saw the second-largest increase going from having no share of the iBuyer market to 3%. iBuyers sold homes for less than the local average in all but two markets—Riverside California; and Dallas. Austin, Texas, was home to the largest price gap, with the average home sold by iBuyers was 27% below the $320,000 local average. Mortgage Provider Grows Non-QM Products THE ADDITION OF THE PRIME ADVANTAGE IS AN ADDITION TO CARRINGTON MORTGAGE SERVICES NON-AGENCY PRODUCTS. C arrington Mortgage Services, LLC, one of the nation's non-bank lenders, announced the launch of Prime Advantage. The addition of the Prime Advantage product is another addition to CMS's full slate of non-agency products offered through the CMS loan origination channels, which include Wholesale, Retail and Correspondent lending. "Since the day I joined Carrington, our primary objec- tive has always been to lead non-agency lending back into the marketplace," said Greg Austin, EVP, CMS. "We know how important it is to ensure our product offerings are sharp and industry leading. Our team works hard daily to deliver on that promise. Prime Advantage is an example of that commitment." Prime Advantage is designed for higher-credit-quality non- agency borrowers who may have "just missed" qualifying for con- ventional or jumbo loans. The Prime Advantage product allows for the use of Alternative Income Documentation, while deliver- ing competitive pricing. Prime Advantage is a perfect fit for borrowers who find themselves in between qualifying for the Carrington Flexible Advantage PlusSM program and conven- tional or jumbo products. "As the non-agency lending space experiences fast-paced change, at Carrington we have continuously met market de- mands for that change," said Fred Quick, EVP, Retail Lending, for CMS. "The key to a successful non-agency offering is to provide a complete suite of non-agency programs, and by adding Prime Advantage we've done just that." Prime Advantage is the latest addition to CMS's diverse prod- uct offerings, which are designed to meet the needs of today's non-delegated originators, and include conventional Fannie Mae and Freddie Mac products, FHA, VA and USDA products and Carrington's proprietary Flexible Advantage products, which were specifically developed to further demonstrate our ongo- ing commitment to underserved borrowers. Improving Security in Title MORTGAGE CADENCE HAS INTEGRATED AMERICAN LAND TITLE ASSOCIATION DATA INTO ITS COLLABORATION CENTER PLATFORM. M ortgage Cadence, an Accenture company, has integrated data from the American Land Title Association (ALTA) Title & Settlement Agent Registry (the Registry) into its Collaboration Center solution. This new inte- gration enables users to immedi- ately verify the identity of other individuals using the platform, which automates processes and facilitates the exchange of docu- "iBuyers are concentrating their efforts in Southern markets where both home sales and prices are poised for strong growth." — Daryl Fairweather, Chief Economist, Redfin

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