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June 2023 » thefivestar.com 25 June 2023 I N D U S T R Y U P D A T E Since its 2010 founding, WFG's leader- ship has sought to expand the company's ser- vices and market reach, and this acquisition significantly expands WFG's existing market coverage and client base in the vital Northern and Central California regions. "We are thrilled to extend our California market reach through this acquisition, as it will significantly enhance our ability to serve the needs of our customers in these key growth regions," WFG Chairman and Founder Patrick F. Stone said. "Since day one, our vision for WFG has been to eliminate friction, increase transparency, and deliver a superior experience for our real estate, lend- er, and title agent customers, as well as for the consumers we all serve. These new members of the WFG team share this vision, and we are extremely eager to join forces with them to enhance the customer experience in some of the nation's strongest housing markets." This transaction follows Doma's an- nouncement on its Q1 2023 earnings call that it had been conducting a review of its business over the last several months to evaluate the optimal organization structure to successfully deliver on its mission to make homebuying more affordable and to maximize shareholder value. Doma's overall strategy is centered around harnessing the power and benefits of its instant underwrit- ing technology via the efficient and profitable distribution of its core technology by external partners with the end goal of bringing down refinance specific costs for homeowners. ROCKET MORTGAGE LAUNCHES 1% DOWN HOME LOAN PROGRAM R ocket Mortgage has introduced ONE+, a new 1% down home loan program that will dramatically increase access to homeownership for millions of low- to moderate-income earning Americans. With ONE+, a homebuyer is only required to make a down payment of 1% of the purchase price and Rocket Mortgage will cover the remaining 2% needed to reach the required threshold for conventional loans. In addition to reducing upfront costs, ONE+ eliminates the monthly mortgage insurance fee for the client—traditionally required if the buyer places less than 20% down on their purchase. "Rocket Mortgage prides itself on finding innovative solutions and lending programs that help clients achieve their goals in any market cycle. No other lender has a mortgage option that makes affordable homeown- ership possible for as many Americans as ONE+," said Bob Walters, CEO of Rocket Mortgage. "We talk with people from all walks of life every single day—many of whom are ready to own a home, and could easily make the monthly mortgage payments, but are having trouble saving for a down pay- ment. ONE+ is a response to that feedback and the latest example of Rocket's commit- ment to creating programs that help make homeownership more attainable." Designed to help everyday Americans achieve homeownership, ONE+ is available to homebuyers purchasing single-family homes— including manufactured homes—whose income is equal to or less than 80% of their area median income (AMI). With this expansive AMI eligibility, Rocket Mortgage estimates that more than 90 million people can meet the income requirements for this program—based on publicly available income data. As an example of the savings possible through ONE+, a homebuyer purchasing a $250,000 home typically needs a minimum of 3% down, or $7,500. Now, they will only need a $2,500 down payment. In addition, ONE+ offers mortgage insurance at no cost to the client, which on a $242,500 loan, can be as much as $245 per month. That improves a homeowner's monthly cash flow and can save as much as $20,500 over the first seven years after closing—the average amount of time mortgage insurance needs to be paid. This is the third initiative Rocket Mort- gage has launched in the last six months with affordability in mind. Other programs such as BorrowSmart Access and Purchase Plus focus on addressing challenges for homebuy- ers in underserved communities. By offering a $3,000 credit with BorrowSmart Access and a $7,500 credit with Purchase Plus, hurdles such as closing costs and down payments are lessened and accessibility is increased. Homebuyers can apply for ONE+ using Rocket Mortgage's rocketoneplus.com and on the Rocket Mortgage mobile app. They can also apply through one of the thousands of mortgage brokers across the country who partner with the lender through Rocket Pro TPO. "We talk with people from all walks of life every single day– many of whom are ready to own a home, and could easily make the monthly mortgage payments, but are having trouble saving for a down payment." —Bob Walters, CEO, Rocket Mortgage