Mortgage Applications Rise as Rates Continue to Drop in U.S.

WORLD PROPERTY JOURNAL | June 10, 2019

According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending May 31, 2019, U.S. mortgage applications increased 1.5 percent from one week earlier. This week's results included an adjustment for the Memorial Day holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 1.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 10 percent compared with the previous week. The Refinance Index increased 6 percent from the previous week. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 14 percent compared with the previous week and was 0.5 percent higher than the same week one year ago. "Mortgage rates dropped to their lowest level since the first week of 2018, driven by increasing concerns regarding the ongoing trade tensions with China and Mexico," said Mike Fratantoni, MBA Senior Vice President and Chief Economist. "Some borrowers, particularly those with larger loans, jumped on the opportunity to refinance, bringing the index and average refinance loan size to their highest levels since early April. Additionally, refinances for FHA and VA loans jumped by 11 percent."

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REAL ESTATE INVESTMENT

MWest Holdings Acquires Newly Constructed Class-A Long Beach Apartment Community

MWest Holdings | February 28, 2022

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REAL ESTATE TECHNOLOGY

Broadmark Realty Capital Expands and Further Strengthens Board of Directors

Broadmark Realty Capital | April 26, 2022

Broadmark Realty Capital Inc., an internally managed secured real estate finance company, announced that it is strengthening its Board of Directors with the addition of a new independent director, Pinkie D. Mayfield, effective today. Ms. Mayfield’s addition increases the size of the Board of Directors to eight members, including six independent directors. We are very pleased to expand and further strengthen our Board of Directors. We welcome Pinkie and look forward to benefitting from her extensive experience in public relations, corporate affairs and investor relations. Pinkie will complement our already strong group of directors as we look to expand our business, execute our strategy to provide capital solutions for our customers, and maintain our commitment to our communities and the Company's stakeholders.” Dan Hirsch, Chairman of Broadmark’s Nominating and Corporate Governance Committee Ms. Mayfield has been Chief Communications Officer and Vice President of Corporate Affairs at Graham Holdings Company (formerly The Washington Post Company), a diversified conglomerate whose principal operations include education and media. In her current role since 2018, Ms. Mayfield is responsible for corporate affairs, public relations, communications and strategic initiatives. Since joining Graham Holdings in 1998, she has held a number of executive leadership positions. Prior to joining Graham Holdings, Ms. Mayfield was a Vice President and Trust Officer at NationsBank (now Bank of America) in the Investment Services Division. A director of Founders Bank, a Washington D.C.-based community bank, she has chaired the audit committee since joining the board in 2020. Ms. Mayfield also serves as treasurer of the board of directors of the District of Columbia College Access Program and a trustee of the Philip L. Graham Fund. Ms. Mayfield graduated magna cum laude with a BA in business administration from Trinity Washington University and earned an MBA from the University of Maryland University College. About Broadmark Realty Capital Broadmark Realty Capital Inc. is a specialty real estate finance company, providing financing solutions generally in the $2 to $50 million range across the entire debt capital stack for commercial and residential real estate opportunities throughout the United States. Broadmark is particularly well equipped to address complex financing requirements that require rapid response, investing across a variety of market conditions and economic cycles.

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BUYING/SELLING

Offerpad to Expand Into Five New Markets This Year, Bringing Its Convenient Home Buying and Selling Solutions to More Homeowners Across the Country

Offerpad | May 05, 2022

Offerpad, a leading tech-enabled platform for buying and selling residential real estate, revealed expansion plans that will bring the company’s top-rated1 solutions to residents in Cincinnati; Colorado Springs and Fort Collins, Colo.; Fort Myers, Fla.; and Fort Wayne, Ind. The expansion news comes on the heels of continued momentum with the company’s best quarter in Offerpad history. Earlier today the company reported first-quarter financial results announcing a year-over-year $1.1 billion revenue increase. At Offerpad, we do things differently. Bringing together technology with our local real estate expertise, we take buying and selling homes from stressful to seamless. Traditional real estate, especially in today’s competitive market, often leaves homeowners feeling out of control and uncertain. Our solutions provide buyers and sellers with the flexibility to act fast and take care of all their needs under one roof. Americans increasingly want more convenience and control over their transactions, and we’re excited to help more homeowners in these new markets.” Vaughn Bair, Offerpad Chief Real Estate Officer Offerpad is expected to complete its Fort Myers opening in the second quarter and plans to expand to Cincinnati and the additional three markets later this year. When these five markets open, buyers and sellers across 29 U.S. markets will have access to the company’s entire suite of solutions: Cash offers in just 24 hours with flexible closing dates, no showings or open houses, and free local moving services Custom listing solutions and dedicated local market expertise to help customers sell their home on the open market with the option to retain a cash offer as back up Home buying solutions that provide easy access to Offerpad’s inventory of homes for sale Access to home mortgage and title services Bundling selling, buying and financing solutions together to save thousands with Offerpad Bundle Rewards Offerpad is available in more than 1,700 cities and towns and 24 U.S. markets. For the remainder of 2022, Offerpad will focus on growing its footprint around regional hubs in the Midwest, Southeast and Southwest. Offerpad plans to begin hiring local real estate experts across all its new markets. Additionally, Offerpad plans to hire local home renovation vendors and develop partnerships with area homebuilders, real estate brokerages and agents. Offerpad currently offers a 3% referral fee to real estate agents who help a client sell to Offerpad. About Offerpad Offerpad’s mission is to deliver the best home buying and selling experience so you can spend less time ‘real estat-ing’ and more time living. From cash offers and flexible listing options to mortgages and buyer services, Offerpad has been helping homeowners since 2015. We pair our local expertise in residential real estate with proprietary technology to put you in control of the process and help find the right solution that fits your needs.

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REAL ESTATE TECHNOLOGY

REfresh Is Back - A Virtual Experience for Yardi Breeze Clients

Yardi Breeze | April 04, 2022

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Poly is the global communications company that powers authentic human connection and collaboration. Face to face, we sift and sort millions of verbal and non-verbal cues to glean meaning. Poly is finding new ways to inject these cues into audio and video communication to replicate the face to face experience.

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