BofA: Next generation of homebuyers want “good neighbors”

Well, there goes the neighborhood (in a good way)!

What’s driving home sales, higher home prices and bidding wars in many areas of the country? 

We know that low housing inventory and low-interest rates are often factors, but Bank of America’s 2021 Homebuyer Insights Report found that a sense of community and “good neighbors” are also key priorities for today’s homebuyer.

According to the survey of 2,000 adults who currently own a home or plan to in the future, half (51%) of younger buyers – those ages 18 to 43 – and nearly one third (32%) of older generations – ages 57 to 75 – say their community has become more important over the past year. 

So what’s a “good neighbor”? Specifically, people want neighbors who share similar interests (73%) and are active in the community (70%). 

Along with a desire for more space and smart home technology, individuals are looking for a sense of connectedness and belonging when it comes to where they live.

“Over the last year, people have had plenty of time at home to reassess their priorities and goals, including how their living space and surroundings fit into their lives,” said AJ Barkley, SVP, Neighborhood Lending and Retail Sales East Executive, Consumer Lending at Bank of America. 

“We know homeownership remains as important as ever, especially for younger generations looking for that sense of community,” Barkley added. “We’re helping them take the next steps no matter where they are on their homebuying journey.”

So for all the real estate agents out there, don’t just sell the home, sell the neighborhood!

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SimpleNexus now supports RON, with some help from Notarize

Hey everyone, by the way, SimpleNexus eClose now supports RON, enabling lenders to efficiently conduct fully digital eClosings, the company said in an email to Rise&Shred (Johnna, you’re the BEST!)

The RON option is the result of the collaboration efforts between SimpleNexus and Notarize. 

RONs serve a small, but important role… the ability to close in a fully remote fashion. COVID-19 lockdowns increased demand for the product, which means RON is now considered a vital option for lenders, settlement agents and notaries to offer to their borrowers. 

 

“Remote online notarization is rewiring the closing experience for the digital era, making it simple, more efficient, and secure to close from anywhere, any time,” said Pat Kinsel, Notarize Co-Founder and CEO. 

“In all market conditions, consumers are clamoring for the technology that streamlines closing, and Notarize is thrilled to be on the SimpleNexus eClose platform to close that ‘last mile’ of the transaction to make full eClosings a reality,” 

With the addition of RON to SimpleNexus eClose, lenders can provide borrowers with a fully digital, single sign-on homebuying experience from application to closing. Currently, 32 U.S. states allow full eClosings in which all loan closing documents are eSigned and remotely notarized. RON bills have been introduced in several other states and at the Federal level.

Plus there’s the added benefit on the securitization front, according to the president of SimpleNexus.

“In addition to improved borrower experience, full eClose offers lenders substantial return on innovation with improved operational efficiency, greater data integrity and faster delivery of loans to the secondary market,” said SimpleNexus President Cathleen Schreiner Gates.

Also, did you know?

• SimpleNexus connects 300 mortgage lenders to its 34,000 active LO users.

• Those LOs connect with more than 3 million borrowers and 141,000 real estate partners.

• Those partners produce 13 million mortgages totaling more than $3 trillion in volume.

Good to know, right? And, knowing is half the battle.

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Two big-time board members on the move

Appraisal software company Reggora announced the appointment of Jonathan Corr to its Board of Directors. And Sagent, a modernizing mortgage and consumer loan servicing fintech company also appointed Fannie Mae veteran Andrew Bon Salle to its board of directors.

Corr brings more than 25 years of technology leadership experience to the Reggora Board. Most recently, Corr spent 18 years with LOS giant Ellie Mae, departing as the President and CEO after the company was acquired by ICE MortgageTechnology. 

Corr helped grow the company from $10M to $1B in revenue during his time at Ellie Mae. 

“Reggora is uniquely positioned to bring meaningful change to the appraisal industry,” said Corr in a statement. “Reggora is taking a unique approach to solving a historic challenge in the mortgage loan process, and I am proud to join in the mission to deliver consistent two-day appraisal turn times.”

As a member of the Board of Directors, Corr will work closely with the leadership team, particularly co-founders Brian Zitin and Will Denslow. He has already contributed behind the scenes to provide strategic direction in Reggora's product development roadmap, and he will continue to be involved in Reggora's strategic innovation and in guiding the company to make smart decisions as it scales.

As Executive Vice President of Single-Family Business at Fannie Mae, Bon Salle managed its $3 trillion credit portfolio, oversaw engagement with customers and industry stakeholders and supervised all single-family capital markets activities. 

At Sagent, he’ll drive strategic vision, execution and deal-making that rethinks American mortgage servicing and grows market share, the company said.

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