The first permitted 3D-printed house hit the market last week. The property is located in Riverhead, New York, a town on the north shore of Long Island, and was printed on site with Autonomous Robotic Construction System (ARCS) technology by SQ4D Inc., a Patchogue, New York-based construction technology company that specializes in 3D home printers for building residential homes and commercial properties.

The world’s first permitted 3D printed house for sale, built by SQ4D.

It’s the first 3D-printed home slated to receive a certificate of occupancy and it’s listed on MLS for sale as new construction for $299,999, according to a statement by the company. You can see interior and exterior pics on Zillow, and SQ4D has a cool video of a building being constructed using a 3D printer on the homepage of its website (scroll down to the bottom of the page).

3D homes have been all the rage for a while. In 2018, Austin-based 3D printing pioneer and start-up ICON rocked the South by Southwest Festival with a prototype 3D-printed home that was created in under 24 hours.

Then last year, ICON partnered with homeless nonprofit Mobile Loaves & Fishes to provide 3D-printed homes for a 51-acre Austin community providing affordable, permanent housing for people coming out of chronic homelessness.

As though that’s not enough, ICON is now reaching for the moon. Literally. The company is partnering with NASA to bring 3D-printed structures to the moon.

The lunar structures will include launch and landing pads, roads and buildings, which could possibly evolve into the first outer space colony. Of course, the team will have to tackle a few logistical building challenges first, not the least of which include: lack of gravity; weeks without sunlight; and lack of atmospheric pressure — which has the unfortunate side effect of turning water, a key ingredient in the company’s building material, into gas.

And you thought the mortgage industry had tough problems to tackle…

In mortgage news this week:

  • Waterstone shifts to 70% hybrid closings in 3 months using Snapdocs
  • BNTouch adds MLS alert feature
  • Equifax launches a set of mortgage origination, support tools
  • Sales Boomerang issues beta release of Prescriptive Scenarios

Waterstone shifts to 70% hybrid closings in 3 months using Snapdocs

Snapdocs reports that Pewaukee, Wisconsin-based mortgage lender Waterstone Mortgage Corporation moved 70% of its closings to hybrid loan closings using the mortgage-lending platform, Snapdocs — in just three months.  

Waterstone moved from doing zero hybrid eClosings in 2019, to using Snapdocs’s hybrid closings for up to 70% of its loans in 2020. The move also enabled Waterstone, using Snapdocs to manage all eClosings, to support a more than 40% year-over-year mortgage volume increase in 2020, according to the company website.

Founded in 2000, Waterstone is a subsidiary of WaterStone Bank SSB owned by Waterstone Financial, Inc. active in 48 states that reportedly set a record of nearly $3 billion in annual loan origination volume in 2019.

In addition to rolling out hybrid closings, in November 2020, Waterstone announced it also started to incorporate eNotes and full Remote Online Notary (RON) eClosings that allow customers to conduct the entire closing appointment virtually, beginning with eSigning documents and completing the appointment with the notary via webcam.

Snapdocs provides over 130,000 real estate professionals a way to adopt digital closings and create a single, scalable process online, powering more than 13% of all U.S. residential mortgages in the last 12 months, according to the company website.

Companies like Waterstone that had strategies in place prior to COVID-19 now are at the forefront, with faster closings and streamlined operations, showing glimpses of the future of mortgage lending, showcasing “the critical role technology plays in streamlining home-buying today and in the future,” said Aaron King, founder and CEO of Snapdocs.

Waterstone’s current digital lending efforts are part of a strategic 18-month initiative the company launched in early 2020 to digitize its mortgage lending operations, according to a company statement. “Moving to hybrid as the default option, enabling borrowers to preview closing documents and eSign eligible documents prior to closing appointments” was the initial step.

BNTouch adds MLS alert feature

BNTouch, Inc. has introduced big-data module “Listed Properties” watch alerts to its integrative platform for mortgage lenders and independent loan officers. The Portland, Oregon-based fintech announced the new addition to its signature client relationship management (CRM)mortgage platform now is available to all BNTouch users.

The new feature monitors the multiple listing service (MLS) real estate market in real time and automatically alerts mortgage professionals based on their profile. It delivers relevant up-to-date intelligence about their local real estate market, according to a company statement, once MLS information that matches the specific requirements in the user’s CRM mortgages database.

It takes a few clicks for LOs to access information, connect with the agents of listed properties, share data with partners, track new borrowing opportunities for their clients, and grow their professional networks.

The “Listed Properties” watch alert module offers subscribers automatic MLS updates through alert emails and in their CRM, said Yuri Polukeev, BNTouch president, and further expands the fintech’s more than 30 digital marketing and point of sale (POS) tools.

Equifax launches a set of mortgage origination, support tools

Equifax Inc. has enhanced its Mortgage Complete products Mortgage Complete and Mortgage Compete Duo for co-borrowers, tailored as a set of tools specifically for US mortgage lenders. The products are designed to improve mortgage-loan origination speed, quality and customer satisfaction, and enable automated verifications that allow loan officers to move a loan more quickly through to closing.

The set provides in a single order digital delivery of borrower income verification, re-verifications of income, employment and Internal Revenue Service (IRS) tax transcript fulfillment documents that are critical to the mortgage origination process, the company said in a statement.

Mortgage Complete reportedly reduces loan-processing costs by improving cycle time and pull-through for mortgage bankers and brokers. It features verifications provided by The Work Number database, which streamlines critical, loan data, verification delivery, that in turn expedites loan acceptance and underwriting for lenders. 

The Work Number has more than 51 million active records added since 2016, including data from thousands of small and medium size businesses and independent contractors (1099s). The database allows credentialed lenders to quickly, and securely tap into more than 111 million active records from more than 1 million employer contributors, according to the company website.

Sales Boomerang issues beta release of Prescriptive Scenarios

Sales Boomerang announced the beta release of Prescriptive Scenarios, a product line of ‘smart’ loan scenarios designed to identify the ideal loan for each borrower.

The beta release includes three categories of Prescriptive Scenarios:

  • Rate-and-Term Scenarios — triggered when (a) a lender could refinance the borrower into a new loan with a better rate, better loan terms, or both; and(b) the borrower is credit-qualified for the lender’s available conventional, FHA Streamline or VA IRRRL refi programs.
  • Cash-Out Scenarios — triggered when (a) a borrower has enough equity in their home to draw out cash for reasons such as making home improvements or paying down another debt; and (b) the borrower is credit-qualified for the lender’s available conventional, FHA or VA cash-out refi programs.
  • FHA Mortgage Insurance (MI) Removal Scenarios — triggered when (a) a borrower with an FHA loan has 80% or greater equity in their home; and (b) the borrower is credit-qualified for the lender’s available refi programs.

Lenders who wish to be among the first to try Prescriptive Scenarios can email Beta participants will receive fully actionable alerts at significantly reduced pricing. Space is limited.

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