SFRhub.com Partnering With Altisource

SFRhub.com has signed a Memorandum of Understanding with Altisource, with the goal of creating an online marketplace for SFR and BFR properties. The collaboration is intended to give SFRhub.com, a real estate investment platform specializing in single-family residential (SFR) and Build-For-Rent (BFR) investment portfolios, a “one-stop” platform for investors to buy and sell homes. Altisource, a data and residential real estate services provider, will supply information and services to the platform. “SFRhub.com’s collaboration with Altisource will provide SFR/BFR investors with the first-to-market, ‘one-stop’ solution to expertly buy and sell homes in one of CRE’s most fast-paced and hottest asset investment segments,” said Jeff Cline, executive director and principal of SFRhub.com.  “We believe this multi-platform collaboration is truly one of the…

Criticism Continues as UWM’s Ishbia Increases Commitment to MSU Athletes

By KIMBERLEY HAAS Mat Ishbia is helping to privately fund a new contract for the Michigan State University football coach, who was the punchline of many jokes on social media last weekend after his team lost to Ohio State in a blowout game. The Detroit News confirmed from a source close to negotiations last week that coach Mel Tucker and officials at Michigan State University were closing in on a new 10-year, $95 million contract that would make him one of the highest-paid coaches in college football. That agreement was made possible by financial commitments from Ishbia and Shift Digital CEO Steve St. Andre. After the embarrassing 56-7 loss to the Ohio State Buckeyes on Saturday, Sports Illustrated reported some Michigan…

Lawsuit Claims Zillow Purposely Mislead Investors With Public Statements

Zillow and some of its top executives are being sued for allegedly making misleading claims in advance of the closure of its iBuying arm, Zillow Offers. Zillow shareholder Dibikar Barua filed a class-action lawsuit against the company in federal court in Seattle alleging that Zillow failed to tell shareholders it was struggling to accurately predict home prices. “Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects,” the suit reads. It claims that Zillow did not disclose the “significant unpredictability in forecasting home prices” the company was struggling to overcome or its inventory backlog, both of which would have signaled to investors that…

nCino Acquires SimpleNexus For $1.2B

Fintech company nCino, Inc. is expanding its mortgage market reach by acquiring SimpleNexus for $1.2 billion in stocks and cash. SimpleNexus, a digital mortgage platform, was involved in more than one in seven mortgage originations in the US during the first nine months of 2021. It provides services for more than 300 mortgage companies and 41,000 loan originators across the country. “Just as nCino has transformed the process for commercial, small business and retail lending, treasury management and account opening, SimpleNexus has streamlined the many stages of the homeownership process into a single, seamless journey,” said Pierre Naudé, Chief Executive Officer of nCino. “Their innovative solution and deep subject matter expertise in consumer front-end technology will extend our capabilities to…

Analysts See Airbnb As A Major Player In 2022 Housing Market

Airbnb is predicted to increase its inventory by 25% in 2022, giving it huge leverage to impact the residential real estate market next year, according to analyst Chris Linsell. During a presentation at the 2021 REALTORS® Conference & Expo, Linsell, senior real estate writer for TheClose.com, said Airbnb’s expansion will likely negatively impact housing affordability and inventory. “Airbnb (is) not just selling their product to consumers, they are selling to the providers of the product. They are selling twice without holding their own inventory. This unique model opens up an incredible level of scalability,” he said. “Many of those housing units are going to come from the residential real estate market.” He noted that the impact on residential housing could…

Nicole Beattie Named Amrock CEO

Amrock, a title insurance and property valuations provider, announced its CEO Brian Hughes will retire at the end of this month. Nicole Beattie, Executive VP of Mortgage Servicing at Rocket Mortgage will assume the role on November 19. “I would like to congratulate Brian on Amrock’s success. His leadership has solidified the company’s position at the top of the industry and paved a clear path of innovation for years to come,” said Beattie.  “I’m excited to build on the company’s momentum, continuing to create technology solutions that improve the mortgage closing experience for our lender partners and the clients they serve.” Beattie spent 18 years with Rocket Companies, the last four as EVP of Rocket Mortgage’s servicing team, managing a…

Rocket Exceeds Revenue Expectations in Q3

Rocket Companies released its Q3 2021 earnings report, which showed its earnings bested expectations of analysts, despite a serious dip in refinancing activity. Analysts expected Rocket to close out the quarter at 48 cents per share, but the company came out on top at 57 cents per share, an adjusted net income of $1.14 billion. Its adjusted revenue reached $3.2 billion, well above consensus estimates of $2.96 billion. The company’s total revenue rose 96% from Q3 2019. “We had an excellent third quarter, as we executed on our mission to remove friction from life’s complex moments. Our core mortgage business exceeded the high end of guidance for closed loan volume and gain-on-sale margin while achieving record purchase volume,” Rocket CEO…

Zillow Offers Goes Up In Smoke

Zillow is closing down its iBuying arm, Zillow Offers, citing “unpredictability in forecasting home prices.” Zillow had previously announced it would not buy more homes in 2021, and instead turn its focus to renovating and selling its backstock of inventory. “We’re operating within a labor and supply-constrained economy inside a competitive real estate market, especially in the construction, renovation and closing spaces,” Chief Operating Officer Jeremy Wacksman said of the move. “We have not been exempted from these market and capacity issues.” But Zillow CEO Rich Barton later acknowledged Zillow’s failure was its inability to predict home-price appreciation. Now, two weeks later, it is shuttering altogether. The company dropped the news as part of its third-quarter earnings report. Zillow Offers lost $381 million last…

Rocket Mortgage Partners With Salesforce

Rocket Mortgage announced a new partnership with Salesforce to make its origination technology available as an end-to-end “mortgage-as-a-service” product. The service will be available to lenders with licensed mortgage loan officers through Salesforce Financial Services Cloud. “We recognize the important and personal role local banks and credit unions play with so many Americans – they have a trusted relationship with their customers,” said Jay Farner, Vice Chairman and CEO of Rocket Companies. “Financial institutions can now combine those relationships they’ve already established while leveraging Rocket Mortgage’s transformational platform powered by Rocket technology.” Rocket Mortgage will handle loan processing, allowing loan officers to use the company’s technology as their point-of-sale and loan origination system. In some cases, officers will be able…

Digital Mortgage Startup Maxwell Raises Additional $52.5 Million

Denver-based startup Maxwell, an online platform for mortgage loan officers and small lenders, raised $52.5 million in funding. The cash injection includes $28.5 million in equity funding from Wells Fargo and venture firm Fin VC. Maxwell announced the funding on their Facebook page. The additional funding comes on top of the $16 million it raised in its Series B round seven months ago. The money will be used to advance their tech, as well as hire sales, marketing, engineering, and product staff. The company’s goal is to change “lender operations and borrower expectations” by making mortgage applications, processing, and underwriting more efficient. “We’re really focused on modernizing the mortgage market, particularly for small and mid-sized lenders serving America’s communities,” Maxwell…