TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1505576
August 2023 » thefivestar.com 13 August 2023 J O U R N A L Using the new customizable options within the RentRedi platform, landlords and property managers can now build their own pre-qualifi- cation and application processes that best serve their individual needs and help them attract and identify more qualified tenants. Using RentRedi's customization features, landlords can add supplemental questions that are conditional to answers to prior ques- tions, such as requiring additional details about pets or prior rental history. For example, a landlord can configure their application so that if a renter answers "no" to a question about having pets, they move on to the next question. However, if a renter answers "yes" that they have pets, fol- low-up fields will appear that require further information about the pet. The new update provides landlords with a choice to either customize their application process through RentRedi's template builder or rely on RentRedi's standard application template if they prefer not to apply custom- izations. Landlords also have the option to either start a template from scratch or start by using RentRedi's default templates. From there, they can add or delete sections and decide whether to mark sections as required. The customization option invites pro- spective renters to answer specific questions to collect information that can help landlords make better decisions. Finding tenants that are a better fit for rentals leads to less turn- over and evictions. This provides landlords with peace of mind that their investments are protected and will generate steady income. Landlords can also add supplemental questions that are conditional to answers to prior questions, such as requiring additional details about pets or prior rental history. For example, a landlord can configure their application so that if a renter answers "no" to a question about having pets, they move on to the next question. However, if a renter answers "yes" that they have pets, follow-up fields will appear that require further infor- mation about the pets. This update also improves the renter's experience by eliminating the need for them to repeat answers to common questions. Applicant answers to repetitive information gathered from previous questions are stored in the RentRedi system, and the information automatically populates each time renters file applications with other landlords that use RentRedi. "We aim to make landlords and their ten- ants' lives easier by giving them everything they need, and nothing they don't," RentRedi Co-founder and CEO Ryan Barone said. "Our custom applications are a result of direct feedback from real estate investors, indepen- dent landlords, and tenants." CLEAR CAPITAL PARTNERS WITH BESMARTEE TO SPEED UP AND LOWER THE PRICE OF HOME VALUATIONS C lear Capital, a national real estate valuation technology company, announced that it has entered into a strategic partnership with BeSmartee, a digital mortgage solution development company, to offer a cost-effective and efficient solution for mortgage and home equity origination property valuations. Clear Capital's ClearAVM, a nation- wide automated valuation model (AVM) that provides accurate estimates of market value for millions of properties, has been integrated with BeSmartee's Mortgage POS and HELOC product to provide users with value verification during the initial application and/or underwriting process on mortgage and home equity loans. This unique combination streamlines clos- ing, while providing lenders with earlier access to leading property analytics. Demand for home equity loans has risen significantly over the last year as an alternative to cash out refinances and with homeowners looking to take advantage of historic levels of equity in their properties. HELOCs allow homeowners to tap into the equity in their homes as a source of cash without the need to refinance. By reducing the time it takes to properly evaluate a property's market value, BeSm- artee provides efficient access to HELOCs giving homeowners credit they need. "Our goal is to streamline different as- pects of the valuation process, without in- troducing additional risk or compromise on accuracy," said Kenon Chen, EVP of Strategy and Growth at Clear Capital. "So, our mission is two-fold, to help lenders be more efficient in generating loans while also helping them make more informed decisions powered by our analytics. Our partnership with BeSmartee will allow Clear Capital's AVM to be utilized in more home equity transactions and provide greater value certainty for lenders and homeowners." By implementing ClearAVM on the BeSmartee platform, lenders can be increasingly efficient with satisfying customer obligations while being even more confident of the data points they rely on. This partnership allows lenders to centralize the valuation process and access accurate value predictions on nearly every residential property in the United States with the goal of delivering mortgage and home equity loans faster. "Our collaboration with Clear Capital brings us closer to our vision of a sev- en-day mortgage close," said Tim Nguyen, BeSmartee CEO and Co-Founder. "BeSm- artee is committed to engaging with innovators who'll continue to streamline the mortgage process, and help people get into their dream homes or take advantage of the equity in their current homes." FATHOM REVOLUTIONIZES FLOOD RISK INTELLIGENCE WITH NEW U.S. FLOOD MAP F athom, a company focused on water risk intelligence, has released a new U.S. Flood Map; a tool that provides comprehensive climate-driven