REAL ESTATE TECHNOLOGY
Equity Trust Company | August 26, 2022
Onbe, a leading corporate disbursements fintech company, and Equity Trust Company, a technology-enabled financial services company that empowers individual investors to diversify investment portfolios using alternative assets, announced their recent partnership to modernize how investors pay real estate expenses within their self-directed individual retirement account (IRA).
Expense Pass, managed by Onbe on behalf of Equity Trust, eliminates the need for traditional checks and ACH, and delivers a modern, agile disbursement program via virtual and physical cards, reducing the time to deliver funds for Equity Trust real estate investors. The Expense Pass virtual and physical cards offer property owners fast access to funds to improve their real estate properties or to pay property bills, including condo fees or utilities. Additionally, they can be linked to investors' mobile wallets and are accepted at retail stores across the country.
"We are excited to offer payment disbursement choices to our self-directed IRA investors that make managing their real estate investments easier, We're partnering with Onbe to ensure our real estate investors have access to the funds they need to pay real estate bills or to improve their properties – delivering these payments seamlessly and quickly."
-Rachel Cain, senior manager, client experience and product at Equity Trust
The Expense Pass can be used to pay a variety of expenses including HOA fees, utility bills, property taxes, property insurance, property repairs and renovations, or for property-related purchases at retailers. Real estate investors can request funds that will then be disbursed via virtual or physical cards, which can be linked to Apple Pay, Samsung Pay, Venmo, or PayPal and used to pay third parties like contractors. The cards can also be used anywhere a debit card is accepted, making the funds easily accessible.
Equity Trust's ground-breaking Expense Pass program is transforming how real estate investors access their funds to improve their properties and manage expenses, We're partnering with Equity Trust to deliver a seamless payment experience to their real estate property investors. The Expense Pass program cuts down the time it takes to access funds from up to a week to a day or two, giving real estate investors faster access to their funds,said Tracy Monson, chief product officer at Onbe.
Equity Trust and Onbe completed a successful pilot program and are offering the program to investors that hold real estate in an Equity Trust IRA. Equity Trust real estate investors can register through the myEQUITY online account management system and gain quicker access to their funds with a more convenient payment method.
About Equity Trust Company
Equity Trust Company is a financial services company that enables individual investors and financial professionals to diversify investment portfolios using alternative asset classes such as real estate, tax liens, private equity, cryptocurrency, and precious metals. Equity Trust Company evolved from a predecessor brokerage firm founded in 1974, to a directed custodian today with over 45 years of experience and more than $34 billion in assets.
Equity Trust Company does not provide investment, tax or legal advice concerning your investments and is not liable for any tax consequences for your use of the Prepaid Mastercard. Please contact your tax consultant or professional for any questions concerning your use of the Prepaid Mastercard and your account assets. Equity Trust Company account owners are in no way obligated to enroll in or use the Prepaid Mastercard. This option is available as a convenience only for those wishing to take advantage of this opportunity. Equity Trust Company is not affiliated with the card issuer/bank vendor. Please refer to the terms and conditions you receive with the Prepaid Mastercard concerning additional disclosures concerning the use of the card.
REAL ESTATE TECHNOLOGY,MORTGAGE AND LENDING
Amrock | September 14, 2022
Amrock, the nation's largest title insurance, property valuations and settlement services provider – and a part of Rocket Companies – today announced the introduction of proprietary technology to electronically close (eClose) mortgage transactions entirely from a mobile device. This new product represents the final step in Rocket Companies' creation of a seamless, end-to-end real estate experience clients can use to go from application to closing on the iPhone or Android phone they use every day.
Rocket Companies, through its Rocket Mortgage brand, offers a completely digital home loan experience for consumers, including the ability to apply, receive approval and lock their rate for a mortgage – all from their smart phone. Now, through Amrock's first-of-its-kind technology, clients can close on a mortgage by connecting with the closing agent or notary from a mobile device no matter where they may be in the world – a revolutionary and convenient new feature. This transformational innovation helps consumers complete the historically cumbersome final step in a home loan process from anywhere at any time.
"Our company has always been focused on meeting our clients wherever they may be, but we were limited by the industry's standards for closing mortgages. That was the driving force behind Amrock creating this technology, providing the ability to close mortgages for a spouse traveling for work, a military member serving away from home or countless other real-world scenarios, Rocket Mortgage pioneered getting a mortgage online from a smart phone – now, Amrock is providing the final piece of the puzzle for a complete mobile mortgage experience."
-Nicole Beattie, CEO of Amrock
Henry Winfield, an Amrock client based in Virginia, used the mobile technology earlier this year to close on a refinance while in North Carolina for work. The new feature enabled both he and his wife to video chat with the notary and digitally sign all necessary documents quickly and safely.
When my wife and I found out closing virtually from our smartphones was a possibility, we were delighted – it was perfect for our circumstance and we didn't have to delay the closing, The experience was quick, intuitive and secure – and we had access to knowledgeable experts who helped us every step of the way,said Winfield.
Amrock's mobile closing capability is part of the Rocket Platform through which clients can search for a home with Rocket Homes, get a home loan from Rocket Mortgage, eClose on their mortgage through Amrock via Remote Online Notarization (RON), In-Person Electronic Notarization (IPEN) or a Hybrid eClosing, and now, can close on their mortgage completely from a smart phone. Clients that prefer to keep some elements of their home loan journey non-electronic can still choose to do so.
Our mission at Rocket Companies is to simplify life's most complex moments so our clients can live their dream, and we've delivered yet again on our vision to create a seamless real estate experience by being the first-ever to revolutionize the closing process, In addition to new mobile capabilities, clients can now move from mortgage processing with Rocket Mortgage to closing with Amrock through a single sign-on feature – a seemingly small, yet significant example of how the Rocket Platform removes friction every step of the way for consumers,said Jay Farner, CEO of Rocket Companies.
Based on the volume of registered notes on the Mortgage Electronic Registration System (MERS), Amrock is currently responsible for the majority of eClosings throughout the country. Its clients can complete a mobile RON when refinancing a mortgage in nearly 60% of the U.S. – each state where RON eClosings are allowed by law. Amrock plans to roll out mobile RON capabilities for all mortgage transactions, including home purchases, by the end of 2022.
Amrock is the leading national provider of title insurance, property valuations and settlement services. The company delivers FinTech solutions to streamline the real estate and mortgage experience for lenders, consumers and real estate professionals. Amrock is a preferred provider to top retail mortgage lenders, with a wide range of clients throughout the residential and commercial real estate finance industries. Driven by thousands of professional partners and team members nationwide, Amrock is headquartered in the heart of downtown Detroit, Michigan with regional service centers in California, Pennsylvania and Texas and additional locations in several other states. For more information, please visit Amrock.com.
About Rocket Companies
Founded in 1985, Rocket Companies is a Detroit-based FinTech platform company consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Amrock, Rocket Auto, Rocket Loans, Rocket Money (formerly known as Truebill), Rocket Solar, Rocket Mortgage Canada (formerly known as Edison Financial), Lendesk, Core Digital Media, Rocket Central and Rock Connections.
Rocket Companies' mission is to be the best at creating certainty in life's most complex moments so that its clients can live their dreams. The Company helps clients achieve the dream of home ownership and financial freedom through industry-leading client experiences powered by its simple, fast and trusted digital solutions. Rocket Companies ranked #7 on Fortune's list of the "100 Best Companies to Work For" in 2022 and has placed in the top third of the list for 19 consecutive years.
REAL ESTATE TECHNOLOGY
PS Business Parks | July 16, 2022
PS Business Parks, Inc. (NYSE:PSB) (“PSB” or the “Company”) announced that, at a Special Meeting of Stockholders held earlier today, PSB stockholders voted to approve the acquisition of PSB by affiliates of Blackstone Real Estate (“Blackstone”).
“I am pleased to see that our stockholders approved this transformative transaction, which will provide compelling value to our stockholders and positions the company for collective success”
Stephen W. Wilson, President and Chief Executive Officer of PSB
Subject to the satisfaction or waiver of all of the conditions to the closing of the transaction in the merger agreement, the transaction is expected to be completed on or around July 20, 2022.
The final voting results will be reported in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission after certification by PSB’s inspector of elections.
Additionally, as previously announced, on July 8, 2022, as contemplated by the merger agreement, the PSB Board of Directors declared (i) a prorated quarterly cash dividend (the “pro rata dividend”) on PSB common stock and (ii) a cash dividend (the “closing cash dividend”) of $5.25 per share of PSB common stock, each payable immediately before the effective time of the merger of PSB’s operating partnership with an affiliate of Blackstone, to holders of record as of the close of business on the business day immediately preceding the closing date of the Transaction and contingent upon the approval of the merger agreement by PSB’s stockholders, the satisfaction or waiver of the other conditions to the Transaction and the merger agreement not having been terminated. The amount of the pro rata dividend is based upon PSB’s current quarterly dividend rate of $1.05 per share of PSB common stock and pro-rated for the number of days from and including July 1, 2022 through the day immediately prior to the closing date of the Transaction.
Based on the anticipated closing date of the Transaction of July 20, 2022, the pro rata dividend will equal $0.216848 per share of PSB common stock, and each of the pro rata dividend and the closing cash dividend will be payable immediately prior to the partnership merger effective time on July 20, 2022 to the holders of record as of the close of business on July 19, 2022.
If the Transaction is completed on July 20, 2022, PSB stockholders who hold their shares of common stock on the record date for the dividends and through the effective time of the Company merger will be entitled to receive an aggregate of $187.716848 per share in cash, consisting of (i) $187.50, representing the $5.25 closing cash dividend and the merger consideration of $187.50 per share as reduced by the $5.25 closing cash dividend plus (ii) the $0.216848 pro rata dividend.
If the closing date of the Transaction is delayed past July 20, 2022, holders of PSB’s common stock will not receive the pro rata dividend or the closing cash dividend on July 20, 2022, and in such case PSB will make a public announcement providing further updates with respect to these matters.
For additional information regarding the proposed transaction, please consult the definitive proxy statement filed by PSB with the U.S. Securities and Exchange Commission on June 8, 2022.
J.P. Morgan Securities LLC is acting as lead financial advisor to PSB and provided a fairness opinion to the PSB board of directors in connection with the transaction. Eastdil Secured is acting as real estate advisor to PSB and is also acting as a co-financial advisor to PSB. Wachtell, Lipton, Rosen & Katz is serving as PSB’s legal advisor.
About PS Business Parks
PS Business Parks, Inc., an S&P MidCap 400 company, is a REIT that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office space. Located primarily in major coastal markets, PS Business Parks’ 96 properties serve approximately 4,900 tenants in 27 million square feet of space as of March 31, 2022. The portfolio also includes 800 residential units (inclusive of units in-process).