Real Estate Technology, Mortgage and Lending
PRnewswire | July 21, 2023
FirstClose, Inc., a leading fintech provider of data and workflow solutions for mortgage and home equity lenders nationwide, announced today that its home equity origination platform—FirstClose Equity— is now integrated with Encompass® by ICE Mortgage Technology®, part of ICE, a global data, technology and market infrastructure company that designs, builds and operates digital networks to connect people to opportunity.
Through the new integration, Encompass users can seamlessly originate home equity lines of credit (HELOCs) and home equity loans (HELs) within their LOS and complete the application through closing process in as few as 10 days versus the industry average of 45 to 60 days. Encompass will continue to be the system of record because all data is secured through the LOS and stored there. Each call to action initiates a data map and an audit trail to Encompass.
FirstClose's one-of-a-kind home equity solution reduces operational touchpoints to elevate the overall customer experience for borrowers. The solution also enables lenders to automate data collection, verification, and continue to order settlement services through FirstClose's existing order management module.
"Home equity lending has become a go-to option for millions of homeowners and is expected to be a significant growth opportunity for the foreseeable future," said Tedd Smith, Chief Executive Officer at FirstClose. "Our integration with ICE Mortgage's platform will give Encompass users a simple, efficient way to either enter this market or to differentiate themselves by significantly improving the customer experience that they are offering."
The end-to-end platform was built modularly so lenders can implement one, two or all modules based on the approach that's right for their organization.
Point of Sale (POS): A private-label borrower-facing point-of-sale solution with a unique borrower experience – single sign on, workflow, and customized branding including domain that gives consumers instant online feedback on their home valuation, available home equity, loan options and delivers credit decisions in minutes. (Borrower eligibility is determined by the credit score and CLTV.)
Borrower Portal: A borrower portal that lets consumers provide consents, upload needed documents, interact with originators, select loan terms, and draw amounts. In parallel, the portal's backend is iframed into Encompass, so loan originators never leave their LOS and are rewarded with a consistent process and streamlined functionality including title decisioning via the lenders' business rules and a credit decision that leverages EPPS and Encompass' Dynamic Data Management (DDM) to deliver findings in minutes.
Order Management: Automated workflows, including triggers enable the ordering of settlement services such as flood, title, valuation and more.
Closing: An option to support hybrid closings and recordings that are compliant with state regulations and lender guidelines.
"Our best-of-breed technology dramatically accelerates decision-making and connects lenders to a broad network of preferred providers with one contract, one bill and one support team," said Craig Austin, Executive Vice President at FirstClose. "Lenders currently originating home equity products can onboard in as fast as 30 days; while new entrants can onboard in as fast as 60 days enabling lenders to pivot and capitalize on the current market which is a bright spot for our industry."
Headquartered in Austin, Texas, FirstClose, Inc. provides fintech solutions to HELOC and mortgage lenders nationwide. The company's mission is to increase profitability and reduce cost for mortgage lenders. FirstClose makes this possible through offering systems and relationships that enable lenders to assist the lender's borrowers more effectively, reduce closing costs, and ultimately shorten closing times.
About ICE Mortgage Technology
ICE Mortgage Technology® is part of ICE, a global data, technology and market infrastructure company that designs, builds and operates digital networks to connect people to opportunity. Backed by ICE's global resources, we offer a truly differentiated digital platform that provides straight-through processing for a more comprehensive end-to-end workflow than any other provider in the market. We reach almost every mortgage in the U.S. by combining the native automation of Encompass® with the e-collaboration and e-recording capabilities of Simplifile®, along with the national electronic registry for nearly 90% of the U.S. mortgage market in MERS®. Ultimately, our technology enables people across the industry to focus on personal connections when they need it most, and support borrowers for a better journey of homeownership.
About Intercontinental Exchange
Intercontinental Exchange, Inc. is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Real Estate Technology, Agent
PRnewswire | August 04, 2023
Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced today that its offering, CS1031 Ashford Townes BFR Housing, DST, has been fully subscribed. The Regulation D private placement, which raised nearly $13.7 million from accredited investors, is comprised of a 74-unit, newly constructed build-for-rent townhome community in the affluent Raleigh suburb of Fuquay-Varina, North Carolina.
Capital Square formed the Private Equity Group, managed by experienced real estate executives Dave Platter and Jon Trott as managing directors and co-heads, to profit from opportunities in the housing market, including a dedicated build-for-rent ("BFR") strategy in high growth sunbelt markets. This represents Capital Square's third BFR offering on platform to date.
"This is another home run for Capital Square in providing a newly constructed build-for-rent housing community for Section 1031 exchange and other investors seeking stable cash flow and capital appreciation. From Class A and Class B residential communities, manufactured housing in Florida and now build-for-rent residential communities, Capital Square is providing investors with a range of options to invest in the vibrant southeastern housing markets," said Louis Rogers, founder and co-chief executive officer of Capital Square.
Completed in February 2022, Ashford Townes is located at 604 Oakbrook Pass Way. The townhome community, developed by D.R. Horton, the nation's largest homebuilder by volume, boasts three-bedroom, open floorplans averaging 1,693 square feet with integrated smart-home technology, stainless steel appliances, quartz countertops, high vaulted ceilings, built-in window blinds, spacious walk-in closets, full size washer-dryers, attached one-car garages, private patios and outdoor storage. A community dog park is additionally contemplated for development.
Residents have access to over 130,000 jobs, including major employers such as the University of North Carolina at Chapel Hill, Novartis, IQVIA, JLL and Duke Energy. Five minutes from the property are a plethora of local retailers, restaurants, breweries, fitness centers and top performing schools. Approximately 30 minutes south of the property is Research Triangle Park, the largest research park in the U.S. and a premier global innovation center covering 7,000 acres of the combined Raleigh-Durham-Cary statistical area.
"Ashford Townes is an affordable housing option amidst Raleigh's single-family for-sale market, where rents are predicted to grow 3.75% over the next five years," said Whitson Huffman, co-chief executive officer. "The area has seen a recent decline of multifamily inventory, making the Raleigh market an attractive market for investment in a high-quality single-family rental community."
Capital Square is an active owner of multifamily communities in North Carolina. The firm recently acquired Asheville NC Apartment Portfolio, a two-property multifamily portfolio comprised of a total of 305 apartment homes in Asheville. The community was acquired on behalf of CS1031 Asheville NC Apartment Portfolio, DST, a private placement offering that seeks to raise $73.1 million in equity from accredited investors and has a minimum investment requirement of $50,000.
Since its founding in 2012, Capital Square has acquired 171 real estate assets for over 6,500 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
About Capital Square
Capital Square is a vertically integrated national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern U.S., with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $7.5 billion in transaction volume. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for six consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and their "Fantastic 50" reports in 2019 and 2020. In 2023, Capital Square was recognized by the Richmond Times-Dispatch as one of the region's "Top Work Places."
Market Outlook, Real Estate Investment
Businesswire | July 13, 2023
Sagent, a Warburg Pincus-backed fintech software company modernizing mortgage servicing for banks and lenders, today announced a seven-year partnership extension with BSI Financial Services to continue powering its enterprise mortgage servicing ecosystem. As BSI Financial rapidly grows its servicing portfolio to a goal of 1 million loans, they’ll continue to leverage the industry’s only enterprise and default servicing platforms synced by real-time data.
“Renewing our Sagent partnership is a key part of our goal to grow to 1 million loans with operational precision and cost control,” said BSI Financial founder and CEO Gagan Sharma.
“We’re firmly committed to promoting sustainable homeownership for every borrower, and Sagent enables us to provide proactive, informed customer service to borrowers throughout their homeownership lifecycles.”
BSI Financial will continue to power scale servicing operations with Sagent’s configurable, cloud-based platforms, including LoanServ (system of record), TEMPO (default management), Datascape+ (cloud-based data reporting and insights), and LoanBoard (originations-to-servicing onboarding).
“BSI Financial has earned its reputation as a leader in clean, day-one-compliant onboarding and an AI-led approach that ensures data integrity and compliance in their own $50B portfolio and in their clients’ portfolios, and Sagent is honored to continue powering this industry-best experience,” said Dan Sogorka, CEO and President of Sagent.
“BSI and Sagent have worked together to automate complex high-volume tasks for BSI, solve customer issues fast, and adapt in real-time to regulator and investor needs. Collaborative partnerships like this guide Sagent’s roadmap for the future of servicing and help us to set the mortgage fintech pace with our cloud-native, open-API servicing platforms.”
With over $2T in outstanding mortgage balances on its platforms, Sagent and its customers collaborate on open-API models that ensure servicing operations are aligned with cost control, optionality, and real-time policymaking.
Sagent has the industry’s only enterprise, default, and consumer mortgage servicing platforms synced by real-time data. This is the latest in a series of Sagent moves to transform the homeowner experience for financial orgs servicing millions of consumers with trillions in mortgage balances.
Sagent powers America’s top bank and nonbank lenders to engage, care for, retain, and modernize the homeownership experience for millions of borrowers. Servicers use our flexible, scalable, and configurable solutions to engage borrowers and earn customer loyalty, lower servicing costs, ensure compliance, and increase the value of servicing rights throughout full market cycles. Sagent is backed by Warburg Pincus, one of the world’s leading private equity investors, and powers trillions in outstanding mortgage servicing for its customers. Visit sagent.com to learn more.
About BSI Financial
BSI Financial Services is leading the evolution of mortgage servicing for originators, investors and homeowners. The company brings together a talented team with long mortgage industry expertise, scalable digital capabilities and deep regulatory understanding. BSI Financial is one of the fastest growing mortgage servicers across the industry and currently services more than $50 billion in mortgages. The company is approved as a servicer by Fannie Mae, Freddie Mac, FHA and VA, approved as an issuer by Ginnie Mae, and rated by S&P and Fitch as a servicer. For more information, visit bsifinancial.com