REAL ESTATE TECHNOLOGY, HOME AND DESIGN
FirstClose | February 02, 2023
To help home equity lenders select and integrate their preferred settlement service vendors into FirstCloseTM Equity more efficiently, the company has launched its next-generation Vendor Gateway.
FirstClose Equity is a one-of-a-kind home equity origination solution that streamlines operational touchpoints while improving borrowers' overall customer experience. The platform's end-to-end solution comprises a borrower-facing point-of-sale solution that provides consumers with fast online feedback on their home valuation, accessible home equity, loan possibilities, and credit decisions in minutes. Also, lenders may be able to finish the process from application to closing in 7–10 days, while the average in the industry is 45–60 days. This is possible because of automated workflows that include the ordering of settlement services.
Lenders and their vendor partners can both significantly benefit from using FirstClose Gateway. One of the many benefits is that it will reduce vendors' time to get their products on the market. It will also make things better for borrowers by giving them consistent data and making sure their orders are filled. Also, it will make contracting and managing vendors easier by letting FirstClose equity lenders connect with their preferred providers under a single agreement, with a single bill and a single point of contact.
Ramiro Castro, Chief Product Officer for FirstClose, stated, "We designed the Gateway to give lenders greater control over the home equity process: everything from the customer experience they deliver to their operational and risk management choices."
"While our latest release includes a core set of vendors that are accelerating the origination process, our platform is vendor agnostic," Ramiro Castro concluded.
(Source – Cision PR Newswire)
FirstClose, Inc., based in Austin (Texas), is a national provider of fintech solutions for a home equity line of credit (HELOC) and mortgage lenders. The company aims to help mortgage lenders improve profits while decreasing expenses. This is made possible by FirstClose's technology and relationships, which allow lenders to help their borrowers better, minimize closing costs, and shorten closing timeframes.
REAL ESTATE INVESTMENT, MORTGAGE AND LENDING
Gantry | January 23, 2023
Gantry, the largest independent commercial mortgage banking firm in the United States, recently informed that it produced $4.93 billion in commercial mortgages in 2022.
Meanwhile, even in 2021, Gantry had produced about $5.15 billion despite economic instability. It has broken records in the last three decades, completing the second-best production of commercial mortgage banking operations.
Jeff Wilcox, Principal of Gantry, said, "Last year was a tale of two halves, where after record setting Q1 and Q2 production totals, the market slowed for price discovery during the second half of the year. Despite the challenges, we have an experienced team that has successfully navigated cycle shifts in the past and operates proactively from that perspective."
(Source - Business Wire)
With $17.5 billion in national-level business in 2022, Gantry has no failed or missed transactions in asset types. This performance led to active interactions with clients as the originator and service provider, an actual rating at the time of placement, and a consultative role in choosing the best financial plan for the client's unique investment objectives. In addition, it examines every investment keenly for variations in performance, maturities, and tenant rollover at the annual assessments.
In 2022, Gantry provided 476 loans, including every type of commercial asset class. Around 85% of Gantry's 2022 production was financed by life insurers, regional banks, and credit unions, with each type of lender performing better for various borrowers. In terms of asset classes, Gantry continues to secure office, retail, and lender-preferred industrial and multifamily loan deals. In addition, Gantry successfully funded specialty assets, such as healthcare and self-storage, through various correspondent or associate lenders.
Gantry, a San Francisco-based private mortgage bank, has many correspondent lenders that use its production, closing, and servicing services. The company, founded in 1991, has approximately 100 employees in regional offices in the western US and New York and over 45 production teams that generated nearly $5 billion in the past year. The $17.5 billion nationwide servicing platform covers over 2,000 loans in 43 states. It is one of the few non-banking, non-insurance chartered companies with a Primary Servicer rating from Standard & Poor's.
MARKET OUTLOOK, REAL ESTATE INVESTMENT
Wedgewood LLC | February 13, 2023
Wedgewood Homes, a creative solutions provider for real estate with a key focus on revitalizing communities across the US by buying and selling single-family homes, has been awarded Greater Los Angeles' Best Real Estate Solutions Provider in BUILD Magazine's 2022 Real Estate and Property Awards.
Since its start in 1985, Wedgewood has been working to find real estate solutions by purchasing single-family homes, renovating them, and selling them to potential buyers. This gives people a chance to own their own homes. Wedgewood is able to stay ahead of the competition by figuring out what customers want and what the market will do next. Additionally, the company prioritizes implementing strategies to remain adaptable and profitable during fluctuating market cycles.
Wedgewood Homes is active in more than 20 states and buys thousands of homes annually. It is a leader in reviving and reusing homes across the country. Wedgewood Homes spent hundreds of millions of dollars in 2022 to update, fix, renovate, and reimagine real estate in a good way for the environment.
Jamie Bedner, Chief Operating Officer of Wedgewood, said, "We're thrilled that Wedgewood Homes has been named 'Best Real Estate Solutions Provider — Greater LA' by BUILD Magazine." She said, "At Wedgewood Homes, we are committed to providing solutions and advancing the real estate industry. This award acknowledges our talented and dedicated LA team and validates our core values."
(Source: Cision PR Newswire)
Founded in 1985, Wedgewood is an award-winning real estate group based in Redondo Beach, California, which operates in 21 states and 800+ cities across the US. Wedgewood Homes' acquisition, renovation, and resale model use local vendors and services, real estate professionals, and nearly forty years of experience to revitalize neighborhoods one home at a time. The company started with a simple idea, to leave every house in better shape than when they found it. This, along with their creative approach, has made Wedgewood Homes the leader in their field. Its goal to improve one house at a time has caught on in communities throughout the United States.