TheMReport — News and strategies for the evolving mortgage marketplace.
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June 2023 » thefivestar.com 9 June 2023 M T E C H and unlocking the dream of homeownership. "We're thrilled to work with Freddie Mac to bring BorrowSmart Access to market," said Baron Silverstein, President of Newrez. "Our mission is to expand access to mortgage credit and advance economic opportunities for minorities and low- to moderate-income communities. With BorrowSmart Access, we're delivering on that mission by provid- ing ways to reduce cost in the homebuying process." BorrowSmart Access is also available through our major lending branch Caliber Home Loans, part of the Newrez Family of Companies. First-time home buyers will receive $3,000-plus in closing cost assistance if they meet the following qualifications: 3% minimum down payment (credit may cover part or all of this); complete one-on-one homeownership counseling; and borrower qualifying income must be less than or equal to 140% of the median income in the area. Borrowers have the ability utilize addition- al sources of funds from gifts, family, and other approved down payment assistance programs to gain even more purchasing power. BorrowSmart Access is available in 10 metropolitan statistical areas nationwide, including: Atlanta-Sandy Springs-Alpharet- ta, Georgia; Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin; Detroit-War- ren-Dearborn, Michigan; El Paso, Texas; Houston-The Woodlands-Sugar Land, Texas; McAllen-Edinburg-Mission, Texas; Memphis, Tennessee-Mississippi-Arkansas; Miami-Fort Lauderdale-Pompano Beach, Florida; Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Mary- land; and St. Louis, Missouri-Illinois. "At Newrez, we are committed to being the premier provider of affordable home financing solutions to help all borrowers achieve the dream of homeownership," said Cristian Correa, SVP of National Diversity Lending at Newrez. "Joining forces with Fred- die Mac on the BorrowSmart Access pilot is a testament to our mutual commitment to expanding access to credit and supporting underserved communities. We look forward to making a positive impact on the lives of many families across the country." CUBICASA LAUNCHES PREFERRED PHOTOGRAPHER PROGRAM C ubiCasa has announced the launch of its new nationwide CubiCasa Preferred Photographer Program (CPP), designed to drive special benefits and business referrals to participating real estate photographers. The new program from Cu- biCasa is designed specifically for photogra- phers and will provide access to cross-promo- tional support to the hundreds of thousands of real estate agents using CubiCasa every day through their MLS. Additionally, pho- tographers can take advantage of special discounts and priority perks on CubiCasa services and receive early access to new prod- uct features. In exchange, photographers in PLUNK AND MILESTONES PARTNER ON REMODELING PROJECT OFFERING P lunk, an AI-powered, real-time analytics platform for residential real estate, and Milestones.ai, a platform dedicated to homeowner management, have partnered to provide AI- driven remodel advice to homeowners. Milestones has integrated Plunk Remodel Value and Project Recommendations into its Homeowner Management System. Plunk Remodel Value determines the expected value of a home after a full-scale renovation. Project Recommendations categorize renovation projects according to the estimated value they can add to a particular home. "Milestones has built a unique way for real estate professionals to stay highly engaged with clients across the entire homeownership journey through their Homeowner Management System," said David Bluhm, President and Co-founder of Plunk. "Now clients can easily gain access to real-time valuation and remodel analysis regarding their largest investment." Continually rising interest rates and an aging housing market are signaling a growing remodeling market. According to the latest data from the American Community Survey (ACS), the median age of owner-occupied homes is 40 years. Older properties need new amenities such as larger living spaces, modernized kitchens, and home offices. A study by Plunk revealed that $289 billion in property value (with an average of $240,000 per home) had yet to be unlocked through home renovations across the 1.1 million Seattle-area homes analyzed. Plunk's real-time home analytics platform—covering more than 104 million homes nationwide—will unlock AI's power to advise homeowners on how to optimize the value of their homes. "With Plunk, we are able to empower homeowners with data-driven financial guidance to increase the values of their homes over time," commented Dustin Gray, CEO and Founder of Milestones. "Plunk Remodel Value and Project Recommendations provide transparency into the best home improvement projects that can increase a home's value and help clients reach their home's maximum potential worth."