Industry Briefs July 31, 2023

LenderLogix Q2 Homebuyer Intelligence Report Shows Slight Increase in Activity

LenderLogix, Buffalo, N.Y., released its Homebuyer Intelligence Report for the second quarter, which covers data collected during the pre-approval and borrower application process.

It found that during the quarter, borrowers generated 58,927 preapproval letters through the company’s QuickQual platform, up 11% from Q1.

The average preapproval letter loan amount was up by 4% to $302,836. The average sales price was up 5% to $348,348. The average downpayment was 13%, compared with 12.4% in Q1.

Conventional loans were the most popular type for preapproval, at 71%.

However, the average number of days between pre-approval and loan submission increased to 89.3 days, compared with 71 days in Q1.

Snapdocs Launches Connected Closings

Snapdocs, Covina, Calif., announced it launched Connected Closings, which provides an integration between the Snapdocs Digital Closing and Notary Scheduling platforms.

It will help reduce closing times, eliminates some manual tasks and allows borrowers to sign their documents prior to the closing time.

It also helps reduce back-and-forth communication with seamless data exchanges, automatic document sharing among all parties and real-time updates of the signing appointment, notary search and closing documents.

Down Payment Resource Issues Q2 HPI

Down Payment Resource, Atlanta, issued its Q2 2023 Homeownership Program Index, revealing a second consecutive quarterly uptick of 0.5% in the number of homebuyer assistance programs (to 2,373) available to help people finance homes.

In its analysis, the firm found a growth in programs that expand inventory options, a growth in the number of agencies administering the programs and that municipalities administer the plurality of homebuyer assistance programs.

Guaranteed Rate Introduces OneDown Mortgage

Guaranteed Rate, Chicago, introduced OneDown, a mortgage loan that features down payment options as low as 1%, as well as an additional 2% contribution toward that down payment (or up to $2,000, whichever is lower.)

It also offers borrowers a $1,000 contribution toward lender fees.

OneDown is available for transactions involving single-family residences, including condos. It’s particularly intended for first-time buyers or those with an area median income under 80%.