REAL ESTATE INVESTMENT,MORTGAGE AND LENDING
AppraisalWorks | December 01, 2022
AppraisalWorks, a leading provider of real estate appraisal management technology, today announced a partnership with Mortgage Cadence that will allow lenders to consolidate multiple appraisal vendor and order management systems onto the AppraisalWorks platform – for centralized management and automation of the complete appraisal management function.
Mortgage Cadence is a comprehensive, customizable platform that is uniquely positioned to provide a complete, end-to-end loan lifecycle experience. The integration with AppraisalWorks will enable lenders to quickly select the best-fit property valuation model directly within the Mortgage Cadence platform. Lenders benefit from real-time communication, on-demand access to appraisal information, customizable workflows, greater efficiency and complete transparency throughout the appraisal process.
“Adding the AppraisalWorks solution to the Mortgage Cadence suite of partner integrations will further help lenders accelerate their appraisal modernization efforts and improve their ability to deliver faster, more accurate appraisals, This partnership furthers Mortgage Cadence’s commitment to provide access to service providers of choice for lenders on the Mortgage Cadence platform.”
-Jim Rosen, Executive Vice President of Services at Mortgage Cadence
AppraisalWorks is on a mission to modernize appraisal management. Our partnership and integration with Mortgage Cadence strengthens our commitment to delivering the visibility and control lenders need to achieve exceptional customer service, By consolidating appraisal vendor and order management on AppraisalWorks, lenders gain greater efficiency, control and agility,said Ben Wiant, Vice President of AppraisalWorks.
AppraisalWorks® is a cloud-based appraisal management technology platform that enables banks, credit unions, loan servicers and mortgage lenders to order, manage, maintain, and analyze real estate appraisals and collateral valuations. Through its Community and Enterprise versions, AppraisalWorks improves process efficiency, ensures regulatory compliance, and facilitates collaboration among lenders, borrowers, processors, appraisers, and the quality control team – significantly improving loan turnaround time, reducing cost per loan, and enhancing the borrower experience. AppraisalWorks is patented under U.S. Patent 10,635,999.
About Mortgage Cadence
Mortgage Cadence delivers the industry’s most complete, modern, cloud-based digital lending platform designed to provide an exceptional user experience throughout the entire mortgage lending life cycle, across all channels and products. With a leading borrower point-of-sale through closing collaboration tools, the end-to-end platform is both complete and configurable offering an open-architecture designed to meet the needs of today’s lenders. The platform enables lenders to work more efficiently, leveraging automation and workflow tools that deliver an excellent borrower, sales and operational user experience.
BROKERAGE,REAL ESTATE INVESTMENT
Real | December 12, 2022
The Real Brokerage Inc. (“Real” or the “Company”) (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, today announced it has successfully completed its acquisition of LemonBrew Lending Corp. (“LemonBrew Lending”), a tech-enabled home loan platform.
The acquisition broadens Real’s product portfolio to include mortgage brokerage services and is a critical step in the Company’s mission to offer a seamless end-to-end home buying experience that removes pain points for both agents and their customers. Licensed as a mortgage brokerage in 20 states throughout the U.S., LemonBrew Lending provides the foundation for Real to offer consumers the ability to finance their home purchase with Real, removing the need to work with multiple service providers.
“LemonBrew Lending’s current mortgage capabilities and future lending potential, brings us one step closer to our strategy of providing consumers a frictionless home buying experience,”
- Tamir Poleg, Chairman and Chief Executive Officer of The Real Brokerage
The LemonBrew Lending team is excited to take the mortgage lending platform we have developed to the next level, and couldn't be happier that we get to do this in partnership with Real's best-in-class technology, said Samir Dedhia, Chief Executive Officer of LemonBrew Lending.
With Real’s earlier acquisition of Expetitle, a digital title and settlement company, now operating as Real Title, Real now has added mortgage and title capabilities to its growing brokerage platform in 2022.
Summary of the Acquisition
Pursuant to the terms of a share purchase agreement dated September 23, 2022 between the Company, LemonBrew Lending and LemonBrew Technologies Corp. (the “Seller”), the Company acquired 100% of the issued and outstanding equity interests of LemonBrew Lending from the Seller for an aggregate purchase price of $1,250,000 (the “Acquisition”). The purchase price was satisfied by (i) cash in the amount of $800,000 and (ii) the issuance of 351,837 common shares (the Consideration Shares) at a deemed issued price of $1.279 per share. The issued price of the Consideration Shares is equal to the product of $450,000 divided by the 5-day volume weighted average trading price of Real’s common shares on the NASDAQ immediately prior to the closing of the Acquisition.
The Consideration Shares are subject to a six-month hold in accordance with applicable securities laws and have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and are “restricted securities” within the meaning of Rule 144 of the U.S. Securities Act subject to restrictions to the effect that the Consideration Shares may not be reoffered or resold in the United States absent registration or an applicable exemption from the registration requirements.
In connection with the closing of the Acquisition, the Company entered into certain agreements with management and key employees of Lemonbrew Lending (the “Key Employee Agreements”). The Key Employment Agreements provide for certain performance-based milestone payments of $2,500,000 payable over 36 months following closing of the Acquisition, of which $2,000,000 with be payable in cash and $500,000 will be payable in restricted share units of the Company.
The Real Brokerage Inc. (TSX: REAX) (NASDAQ: REAX) is revolutionizing the residential real estate industry by pairing best-in-class technology with the trusted guidance of the agent-led experience. Real delivers a cloud-based platform to improve efficiencies and empower agents to provide a seamless end-to-end experience for home buyers and sellers. The company was founded in 2014 and serves 44 states, D.C., and three Canadian provinces with over 7,000 agents.
AGENT,REAL ESTATE ADVICE
RentSpree | December 14, 2022
RentSpree, the industry's premier end-to-end rental management software provider, partnered with CALIFORNIA ASSOCIATION OF REALTORS®' OnlineEd, LLC real estate school, to offer rental agent certification courses.
RentSpree will offer online courses focused on the rental market for those real estate agents seeking continuing education opportunities. RentSpree-led courses will be available on the site before the end of the year and will include:
Tenant Screening 101
Leasing Agent Strategies for Converting Renters To Buyers
Identifying Red Flags in Rental Applications
Agents will receive an official course completion certificate upon finishing the session.
"Agents are required to maintain their industry knowledge, latest standards, codes of conduct and best practices, RentSpree's mission is to help agents do their jobs. Supporting them in their continuing education feels like a natural extension to what we are already focused on doing."
-RentSpree Chief Executive Officer Michael Lucarelli
OnlineEd, LLC is an online school offering training in real estate, mortgage, insurance, and construction contracting. Headquartered in Portland, Oregon, OnlineEd has been offering online courses nationwide since 1998, partnering with reputable companies, schools, and associations nationwide.
Now that OnlineEd is part of the C.A.R. family, OnlineEd, REBS, and C.A.R. are in a position to join with key partners to support the success of REALTORS® and other students nationwide who seek online education in topics most relevant in today's market, Partnering with RentSpree provides an opportunity to offer courses on leasing agent tools and strategies that are needed in today's real estate environment,stated REBS Board Chairman, Jared Martin.
Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree is ranked 625th on Inc. 5000's fastest-growing private companies in 2022.