TheMReport — News and strategies for the evolving mortgage marketplace.
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M R EP O RT | 11 MTECH loans, ARMs, and float down options, as well as a 14-day closing program, Quick Close Advantage. Morty plans to continue expand- ing its marketplace in the coming months. Morty's expansion reflects the evolving needs of homebuyers and advances Morty's mission to be a single point of access to home financing. To date, Morty has focused on offering conventional purchase loans, which historically comprise the vast majority of mortgages. Since January 2022, the number of customers coming to Morty with needs beyond these conven- tional loan options has more than tripled, pointing to the impact that higher mortgage rates have had on affordability. This reflects overall market trends, with FHA loans increas- ing in mortgage volume by 6.2% year over year and 1.3% over the last three months alone, accord- ing to the National Association of Realtors. Among customers, Morty has also seen DTI (debt-to-income) ratios increase and average FICO scores decrease over the past three months. This data points directly to the tighter conditions that buy- ers are experiencing, with U.S. housing affordability at its lowest level on record. "At Morty, we've been build- ing a single point of access to home financing since day one," said Nora Apsel, Co-Founder and CEO of Morty. "We're seeing the current affordability challenges first-hand and our marketplace is well-positioned to help buyers navigate this environment. By expanding into FHA loans, we're responding directly to the chang- ing needs of our customers." Morty is now licensed in 46 states, plus Washington, D.C. Over the coming months, the company will continue to expand its marketplace with a focus on affordability. "Our marketplace model enables us to provide unbiased expert advice and access to afford- able options that can help buyers navigate the current market," said Robert Heck, Morty's VP of Mortgage. "We're actively pursu- ing new lender relationships and affordability partnerships that will allow us to continue being a one- stop shop for anyone looking to explore homebuying." Achieving TPO Channel Efficiency PATH SOFTWARE OFFERING TPO FUNCTIONALITY P ath Software has an- nounced that it has devel- oped a new third-party origination (TPO) capability. Known as "Path TPO," the new functionality enables clients to quickly and inexpensively enter the TPO market, generating loans from smaller lenders and mortgage brokers. It's delivered through the client's current Path platform in a secure, compliant, and seamless workflow environ- ment that is configurable for increased efficiencies. Path TPO addresses several market needs. It helps lender- clients access additional revenue streams during this down market, enabling them to maintain pro- ductivity among their processors, underwriters, and closers. "Our new Path TPO chan- nel offers a great way to increase volume and revenue without increasing customer acquisition costs since third parties already have clients and referral sources," said Michele Parson, Path Brand Marketing Manager. "Best of all, it's provided within the trusted cloud-based Path platform our customers are familiar with, pro- viding an efficient and compliant workflow for quick decisions and satisfied customers." Path TPO was designed to work within the existing Path platform for quick set up and sim- ple integration. Mortgage Brokers will be able to prequalify loans in under 10 minutes, order credit reports, easily upload documents, and offer their borrowers eSigning options, access automated under- writing systems, monitor loan status, and deliver fully compliant loan packages. Zeroing in on Zoning REDFIN ADDS ZONING DATA FOR 70 MILLION-PLUS HOMES R edfin has added zoning and land use information to more than 70 million home description pages on its website. Powered by a partnership with Zoneomics, Redfin is the first real estate site to provide users with a detailed view that educates them on the implications of their local zoning guidelines for almost any home in the United States and Canada. Zoning laws are critical for consumers to understand because they regulate how properties can and cannot be used. In addition to determining what property types and density are allowed in a neighborhood, land use laws dictate whether property own- ers can do things like build an accessory dwelling unit (ADU) in their backyard, run a business out of their garage, have farm animals, or list their home as a vacation rental. These laws and regula- tions can be difficult for buyers to discern during the homebuying process since relevant information is often buried on government websites or in complex local zon- ing codes. "Zoning is a defining char- acteristic of real estate in North America. It impacts everyone, and you shouldn't need special research skills to find the information you need," said Christian Taubman, Redfin's Chief Growth Officer. "Redfin users ask us every day whether a property can be rented out on Airbnb or whether building another living unit in the backyard is allowed, and now they can find answers directly on our home detail pages. We're proud to be the first real estate website to make that information clear and easily accessible to consumers." Redfin detail pages for both for- sale and off-market homes now display a zoning summary for the property, including the zone code, name, type, and description. Eligible properties also include a list of permitted, conditional, and accessory land uses. Consumers who are interested in more com- prehensive information have the option to purchase a variety of zoning reports from Zoneomics. The feature is available on Redfin. com for homes in nearly 3,900 cities across the United States and Canada. The company plans to launch the feature on iOS this year and Android next year. "Zoning data has a unique and crucial position in the U.S. and Canada, where it is essential but also needlessly gate kept from the homebuyer," said Matthew Player, Zoneomics' CEO. "This part- nership with Redfin is exciting because it will help us provide important data and zoning reports to consumers without any hassle, effectively democratizing ac- cess to zoning data across North America." "Zoning is a defining characteristic of real estate in North America. It impacts everyone, and you shouldn't need special research skills to find the information you need." —Christian Taubman, Chief Growth Officer, Redfin