Residential Skyscrapers Gaining Popularity at Accelerated Rate in U.S.

Yardi Matrix | November 21, 2019

According to new data from Yardi Matrix, the number of apartment skyscrapers in the U.S. are much more common today than they were three decades ago. From only 8 in the '90s to a skyrocketing 68 in the '10s, residential skyscrapers are fast becoming popular across the country. Between the '00s and the '10s, their number almost doubled. With demand for apartments strong across the country, combined with the scarcity and value of land sharply increasing, developers in urban areas are looking upwards in their quest to providing a healthy supply of residential units. Thirty years ago, in the '90s, the average apartment building in the U.S. had 3 floors, the following decade the average height was around 4 stories, and this decade, with a boost in high-rise construction, the average building height rose to 6 floors.

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Real Estate Technology, Real Estate Investment

MRI Software Acquires PropTech Services Leader Loci Solutions

PRNasia | July 17, 2023

MRI Software has acquired Loci Solutions Group Pty Limited, an Australian property technology consulting and outsourced managed services company serving commercial, industrial, and retail property markets across Asia Pacific. Loci Solutions is well-known as an MRI Certified Partner specialising in the implementation of property management systems (PMS) for property developers, managers, and owners/investors. It also provides value-add outsourced accounting and lease administration services, as well as concierge support. David Bowie, Senior Vice President and Managing Director for MRI Software in Asia Pacific, said, "I'm excited to officially welcome Nikki, Gwen, and the rest of the Loci team to MRI. This acquisition strengthens our MRI @Work™ capabilities and enables us to scale and better support our commercial clients in their business growth. We're particularly excited to add Loci's outsourced lease administration services to our portfolio, helping clients automate manual tasks, reduce costs, and accelerate time to value." "Loci has been one of our key partners for over 15 years, serving as our primary implementation partner for Property Management X (PMX) in APAC for most of this time. As we integrate Loci's capabilities into our solution suite, our clients will have a more consistent experience and further benefit from our combined PropTech expertise," he said. Loci co-founder to lead MRI @Work Professional Services and Support Loci CEO and co-founder, Nikki Steadman, will lead the APAC MRI @Work Professional Services and Support team, which supports some of Australia's largest and most complex commercial real estate portfolios. Speaking in her new capacity as Head of MRI Professional Services and Support for MRI @Work, Asia Pacific, Ms. Steadman says, "We've felt like an extension of the MRI family for the last 15 years, and it's an honour to be formalising our relationship. Creating a united team like this allows an even more integrated approach for our commercial clients. I am really excited about the depth and breadth of service and product we're able to offer together. It's my privilege to now lead the unified team as we work from beginning to end in a client's journey and success." Mr. Bowie says, "Rest assured, MRI remains committed to our core value of providing clients the ability to choose the service providers that best meet their business needs. We look forward to continuing to grow and enable our managed services and consulting partner ecosystem to meet client demands and deliver world class services with a sole focus of client success." The financial terms of the deal are confidential. About MRI Software MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI's open and connected, AI-first platform empowers owners, operators and occupiers in commercial and residential property organisations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than six million users worldwide. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realise their vision of building thriving communities and stronger businesses. For more information, please visit mrisoftware.com/au.

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Mortgage and Lending

RE/MAX and CCIM Institute Forge New Relationship to Empower Real Estate Professionals

PR Newswire | August 24, 2023

RE/MAX, LLC, one of the world's leading franchisors of real estate brokerage services, announces a groundbreaking relationship with the CCIM Institute, the premier provider of commercial real estate education. This collaboration, unveiled during the 2023 RE/MAX Broker Owner Conference, opens up new possibilities for growth and success for commercial brokers and residential agents interested in expanding their expertise. RE/MAX® affiliates can now access the comprehensive educational resources at discounted rates through RE/MAX University® and the CCIM platform. The courses range from foundational knowledge for beginner agents to advanced topics for seasoned brokers. RE/MAX provides a wide variety of educational opportunities that enable agents to expand their knowledge and stay cutting-edge. "At RE/MAX, we support the growth and development of our affiliates, and this relationship with CCIM is a testament to that dedication," said Shawna Gilbert, Senior Vice President of RE/MAX Global and Commercial. "We recognize the growing demand for expertise in commercial real estate, and through this alliance we offer our agents and brokers unparalleled access to valuable education and resources." With CCIM Institute's offerings integrated into RE/MAX University, learners can conveniently engage with the courses at their own pace and on their own time. Broker/Owners can track their agents' progress, fostering a culture of continuous learning and development within their offices. Aside from the new education CCIM Institute will provide, real estate professionals who are interested in commercial real estate can attend the 2024 RE/MAX Global Commercial Symposium from June 10 – 12 in Tampa, Florida. The annual event provides agents with insights from leaders in the commercial space and ample opportunities for networking. About the RE/MAX Network As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings with more than 140,000 agents in over 9,000 offices and a presence in more than 110 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network Hospitals® and other charities.

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Real Estate Technology, Mortgage and Lending

FirstClose™ Equity Now Integrated with Encompass® by ICE Mortgage Technology®

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." About FirstClose 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.

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