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M R EP O RT | 9 MTECH pooling solution," MCT COO Phil Rasori said. "When you have a large number of high balance loans and you're trying to fit them into the 10% de minimis rule, this will make the ideal allocations, whether a specific product or in a pool with high balance." Insellerate Presents DATA IE Solution NEW PRODUCT OFFERING USES BORROWER DATA TO ENHANCE CUSTOMER RELATIONSHIPS. I nsellerate is now offering its DATA IE solution, which is designed to allow lenders to transform borrower data into actionable insights and intelligent engage- ment. According to the Newport Beach, California-based company, DATA IE delivers data insights and leverages the data to en- hance borrower engagement while providing a personalized outreach via timely messag- ing that will strengthen relationships with borrowers. "It is critical to provide lenders with actionable data insights that provide a truly personal and engaging customer experi- ence," said Josh Friend, CEO of Insellerate. "We understand the desire of lenders to better serve their customers, which is why we continue to deliver innovative solutions to allow lenders to do just that." AppraisalVision Unveils SMARTReview NEW OFFERING IS A RISK-BASED APPRAISAL QC AND REVIEW PLATFORM. A ppraisalVision, a St. Petersburg, Florida-based on-demand plat- form for home appraisals, has announced SMARTReview, billed by the company as "the next generation appraisal quality control and review platform for lenders, appraisal management companies (AMCs), and appraisers." SMARTReview is a risk-based appraisal quality control (QC) and review platform that allows a lender to extend, standard- ize, and automate their appraisal QC and review process across all of their AMCs and appraisers. Built on the Sky API and PAR Logic compliance library created by the Palm Beach, Florida-based solutions provider ACI, SMARTReview provides a single platform for all participants to collab- oratively review and approve the appraisal report. "We have seen an 80% reduction in underwriting revisions when an AMC utilizes SMARTReview, prior to deliv- ery of the appraisal report to the lender," said Jim Cutillo, Founder and CEO of AppraisalVision. "If a lender is utiliz- ing multiple AMCs and appraisers, SMARTReview is a game changer and makes existing appraisal review processes and tools obsolete." iBuying Down 80% Year Over Year THE IBUYER SLOWDOWN COMES IN THE MIDST OF A VIBRANT HOME SALES MARKET. T he nation's iBuyer companies pur- chased approximately 1,800 homes in the third quarter of 2020, according to the latest analysis on the iBuying market by Redfin. The leading iBuyer companies purchased only 0.2% of homes that sold across the 418 U.S. metros tracked in the analysis, a decline by nearly 80% from one year earlier. However, purchases were up from the second quarter, when iBuyers bought about 800 homes. The slowdown in iBuying came as the housing market enjoyed a strong third quarter, with home prices rising 15% nation- ally and pending sales up twice as much. "The hotter the market, the less attractive it is for home sellers to let an iBuying com- pany take a cut of the sale," Redfin Lead Economist Taylor Marr said. "With home prices and demand surging, many sellers figure they can sell their home quickly without having to give away any of their profits." iBuyers bought homes for a median of $251,000 in the third quarter, down 2.3% year over year. By comparison, the median purchase price for the typical American homebuyer was $312,000, up 11.4% year over year. Phoenix was home to the highest iBuyer market share, with iBuyers purchas- ing 1.5% of homes that sold there in the third quarter. Still, that's down from 5.3% a year earlier. It was followed by two North Carolina metros: Charlotte, with a market share of 1% and Raleigh at 0.9%. The term "iBuyer" (short for instant buy- er) describes fintech real estate companies that purchase houses from homeowners in quick, cash transactions by using algo- rithms to evaluate a property's worth based on comparable market data. RedfinNow, Opendoor, Zillow, and Offerpad are among the major companies in this sector. Anywhere. Anytime. MReport Digital theMReport.com Bringing Today's Lending Headlines into Focus, MReport Digital Puts Mortgage Banking News at Your Fingertips Experts you trust. People you know. News you want. MReport is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MReport Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MReport believes it's time to think differently about the mortgage industry. 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