tim

tim

Affordable Beach Communities Top the List of Metros with the Highest In-Migration According to the 2020’s Hottest Cities for Homebuyers Report from CoreLogic

Nearly half of the top 15 metros with highest in-migration activity were in Florida while California’s coastal metros had some of the highest out-migration activity

 

IRVINE, Calif., August 4, 2021CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today reveals its analysis of homebuyer migration trends in 2020. According to its 2020’s Hottest Cities for Homebuyers report, more homebuyers moved to affordable, coastal metro areas in Florida like Lakeland and Tampa, as many moved away from large coastal areas like New York, Los Angeles and San Francisco.

The report noted that a mix of events during last year’s pandemic that included flexible work policies, low federal interest rates and increased need for financial savings led to a mass migration away from crowded, expensive metro areas. “The pandemic created a perfect recipe for consistently employed Americans,” said Archana Pradhan, CoreLogic’s principal economist. “If it had been any other mix of events, for example, if low housing inventory was coupled with job inflexibility, we wouldn’t have had such a large group of homebuying consumers feeling empowered to make bold moves in their living situations.”

Top Metros for 2020 Residential Migration

Top 5 Out-Migration Metros

Top 5 In-Migration Metros

New York-Newark-Jersey City, NY-NJ-PA

Riverside-San Bernardino-Ontario, CA

Los Angeles-Long Beach-Anaheim, CA

Lakeland-Winter Haven, FL 

San Francisco-Oakland-Berkeley, CA 

Myrtle Beach-Conway-North Myrtle Beach, SC-NC 

San Jose-Sunnyvale-Santa Clara, CA 

Las Vegas-Henderson-Paradise, NV

Washington-Arlington-Alexandria, DC-VA-MD-WV

Tampa-St. Petersburg-Clearwater, FL

 

*For the full Top 15 Metros list, download the report.

 The metros that topped the list of highest in-migration activity had similar draws for homebuyers. The report notes that these top metros offer more affordability because of lower costs-per-square-foot, lower property taxes, and no state income taxes. Additionally, warmer, sunnier climates with strong outdoor lifestyle amenities were common in the top 15 metros for in-migration.

Residential Migration Insights

The busiest months for relocation were between April 2020 and December 2020, according to the report. Home loan applications for purchases rose 11% in 2020 compared to 2019. An April 2021 CoreLogic consumer homebuyer study showed an increase in confidence in purchasing power, as well. Ninety percent of U.S. homeowners and renters surveyed said they were somewhat or extremely likely to qualify for a mortgage. Bank loans (38%) and savings (81%) are the primary sources respondents noted they would use to purchase a home. A strong 84% of consumers noted they had been able to save more income to purchase a home due to the pandemic and stay-at-home orders, with nearly half saving 11% or more of their income.

Agent Technology Insights

The report notes that technology played a major role in 2020 homebuying activity. Easy access to virtual meeting spaces, 3D and premium imagery and online customer experiences contributed to the willingness of homebuyers to move to farther away ZIP codes and even across state lines. Scott Little, Executive, Real Estate Solutions at CoreLogic, says agent adoption of its digital marketing tools and online homebuying services rose sharply in 2020. “Agents have benefited from CoreLogic’s integrated digital platforms and marketing services that enable faster, more intuitive ways for their clients to find and sell their dream homes,” Little said. With CoreLogic, agents can provide their clients with everything they need to know about the properties, communities, schools, and local service professionals in areas that were miles away, making big moves across longer distances easier.

“More than half of the homes we sold were to buyers who’d never physically set foot on the property,” said Deneka Waddell, REALTOR®, Holmes Realty Group. “We’ve seen a steady increase in adoption of digital tools over the years, but 2020 really poured fuel on the fire. If you aren’t marketing listings using the latest technology, there’s no way you can compete.”

Residential migration hasn’t slowed, and CoreLogic’s economists and real estate professionals expect to see this activity continue in 2021. To learn more about these residential migration trends, download the full 2020’s Hottest Cities for Homebuyers report here. 

Read more...

Black Knight Enhances Groundbreaking, Consumer-Facing Servicing Digital Solution Via Integrations With Company’s Technology Ecosystem and Beyond

-        Servicing Digital is a consumer-facing web and mobile solution that allows mortgage servicers to give customized information to their customers about their homes and             mortgages, as well as a wide variety of self-service capabilities

-        Servicing Digital helps cultivate deeper, more fruitful and long-lasting customer relationships by providing a direct communications channel with the servicer, as well as valuable information about the consumer’s home, neighborhood and loan 

-        Integrations provide automated valuations, detailed refinance pricing, support for loss mitigation and bankruptcy, and connections to mortgage insurance companies 

JACKSONVILLE, Fla. – Aug. 4, 2021 – Today, Black Knight, Inc. (NYSE:BKI), a leading provider of software, data and analytics to the mortgage and consumer loan, real estate and capital markets verticals, announced it has enhanced its innovative Servicing Digital solution by integrating it to several of the company’s other products, including its loss mitigation, automated valuation model (AVM), and product, pricing and eligibility (PPE) solutions.

Servicing Digital, an interactive, consumer-facing web and mobile solution, provides Black Knight servicing clients’ customers with timely, customized information about their mortgages and homes, as well as a wide variety of self-service capabilities. The new integrations add features and enhance capabilities that benefit both customers and servicers, while providing consumers with a more transparent and consistent mortgage experience. 

“From the beginning, Black Knight’s vision for Servicing Digital has been to help servicers provide consumers with a one-stop shop for all tasks related to their mortgage and home throughout the servicing journey,” said Joe Nackashi, president of Black Knight. “In just two years, we’ve seen significant demand for our Servicing Digital solution from new and existing servicing clients – a testament to the fact that today’s consumers are hungry for digital capabilities that complement their busy lives.”

Integrated AVMs from Black Knight’s Collateral Analytics allow consumers to track the current value of their home within Servicing Digital, leveraging the same models used by lenders to underwrite loans, calculate refinancing opportunities and evaluate portfolios. 

Black Knight has also added an integration with its Optimal Blue PPE – the most widely used product and pricing engine in the mortgage industry – to give consumers access to personalized refinance pricing and eligibility from the convenience of any device, at any time, in any location. This gives servicers a mechanism to automatically share detailed information with consumers, helping to deepen customer relationships and provide recapture opportunities to improve retention.

Black Knight has also integrated Servicing Digital with its Loss Mitigation solution, which lets customers initiate requests for assistance or modifications through an advanced self-service prompt within the app as a digital alternative to calling customer service. The integration results in significant efficiencies, particularly in light of the large volumes of post-forbearance workout plans servicers will be facing in the coming months. Likewise, a direct integration with Black Knight’s Bankruptcy solution enables customers in bankruptcy to access current loan information and send secure messages to their servicers.

Leveraging a robust, API-forward approach to innovation, Black Knight has also enabled connections to insurance marketplaces and home project management services, giving customers the power to browse and select homeowner’s insurance policies directly within Servicing Digital.

“The power of Black Knight is that we are able to bring many of our solutions together to create a better experience for the customer and create efficiencies for servicers,” said Nackashi. “With retention rates near historic lows, a growing number of servicers are realizing that delivering a superior customer experience is instrumental to success. Black Knight remains committed to delivering integrated solutions, such as Servicing Digital, that help servicers exceed their customers’ expectations.”

Read more...

National Integrity Title Agency Unveils AI “Superhero.”

Conversational AI tech, “Robin,” holds conversations with clients to collect information, field questions

 

June 8, 2021  McKinney, TX — Marlton, N.J.-based National Integrity Title Agency, a full-service settlement services and title insurance company, has deployed “Robin,” conversational AI-powered technology designed to manage routine and recurring conversations with clients without the need for human involvement.

“Robin” is a custom-branded version of “Alanna,” developed by the McKinney, TX-based firm alanna.ai. The technology helps title agencies collect information, field routine questions and engage in recurring conversations with REALTORS, homebuyers and sellers via SMS text or web chat.

“Exceptional client service is our mission,” said George E. Dufield, Sr., CEO and Co-Owner of National Integrity Title Agency. “Robin handles the typical questions or information requests that staffers need to manage hundreds of times a month, allowing our team to focus on smoother, faster closings. Our clients are satisfied with their conversations with Robin, and our staff is free to spend more time and focus on things like customer interaction on more complex issues or, simply doing what it takes to produce a trouble-free closing.”

“Title agents have told us again and again that, especially at the end of the month, they struggle to actually get closings done because they are inundated with recurring—yet important—calls and emails with questions like ‘When is my closing scheduled?’ or ‘What do I need to bring with me?’ said alanna.ai President Hoyt Mann. “These are important questions, and important to exceptional customer service, but we’ve found that when people can get the information they’re seeking 24/7 via text or web chat and their inquiry is satisfied completely, they’re perfectly happy interacting with a conversational AI assistant instead of a person. And they’re even more satisfied when closings happen as quickly as they possibly can because the title agency is not spending its time on the phone or sending emails. In that sense, Robin is a customer service superhero.” 

Read more...

FOLLOW US

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.