June 2024

RealtyBid, Increased Regulatory Reviews & the Latest on VASP

For more than 20 years, Covius’ online auction platform, RealtyBid, has had one focus: bringing buyers and sellers together. Today, RealtyBid has become the go-to for real estate buying opportunities and an unsurpassed disposition strategy for sellers. In this issue, we share how RealtyBid’s recently enhanced functionality, including new search, mapping and data features, is further upgrading the user experience.

We also have regulatory insights from Covius SVP of Compliance Solutions Jennifer Keys, as she analyzes how state regulators are ramping up their scrutiny of servicers and shares methods to stay out of their crosshairs.

Pete Pannes
Chief Business Officer

New Look, Enhanced Features, Same Dedicated Team of Experts

With support from a knowledgeable and experienced staff, RealtyBid’s technology makes real estate transactions less cumbersome and more cost effective for both bidders and sellers. This month, RealtyBid rolled out all new enhancements and features that significantly streamline and upgrade the user experience for all parties.

Service 1st Launches Hybrid AVM for Commercial Properties

Service 1st, a Covius Solution, is now offering an advanced hybrid automated valuation model (AVM) for commercial properties. The new AVM combines the property and comparable research from Service 1st’s panel of skilled commercial appraisers with an advanced market-derived algorithm developed by Vueterix to simulate the findings of a traditional commercial real estate appraisal. In testing, the new AVM, which is priced at roughly 10% of the cost of a commercial appraisal, regularly produced values within a 5% variance of full appraisals. “This is the perfect product for the current market conditions within the commercial real estate sector,” said Mark Cassidy, Chief Valuation Officer at Service 1st. “The combination of affordability and accuracy will allow buyers and their representatives to ‘test drive’ deal values without investing $3,000 or $4,000 in a full appraisal…”

Home Equity Issuance Could Easily Double this Year

In a recent interview with Home Equity Lending News at the MBA’s Secondary & Capital Markets Conference, Covius Chief Business Officer Pete Pannes said the recent pace of issuance has led him to believe that home equity issuance could easily double or triple last year’s volume. So far this year, HELN has tracked 27 securitizations for $6.9 billion that included closed-end second mortgages, home-equity lines of credit and home-equity investments. Year-to-date activity has already surpassed last year’s full-year volume of 23 deals for $5.4 billion.

Yes, States Are Stepping Up Their Scrutiny of Servicers

Last year the Conference of State Bank Supervisors (CSBS) increased the number of mortgage company exams it conducted by more than 40%. CSBS also announced it entered into an information sharing arrangement with the FHFA to share audit findings for nonbank lenders. These are just two examples of regulators stepping up their scrutiny of servicers. As the economic landscape changes, state regulators will be further increasing the frequency of their exams. Learn how servicers can prepare for the increase in exams and regulatory challenges in Jennifer Keys’ latest article.

How Big Can Home Equity Securitizations Get?

According to a recent National Mortgage News article featuring input from Covius Chief Business Officer Pete Pannes, “a confluence of events over the past few years, including rising interest rates, a dearth of refinances and surging property values are driving some consumers to borrow against home equity.” Read more to see what Pannes and other experts have to say about the current market and the outlook for home equity investments.

Are You Ready for the VA’s New Servicing Purchase Program?

Did you know Covius’ HOA services can help servicers comply with the VA’s new Servicing Purchase Program (VASP)? This new modification program requires servicers to identify outstanding HOA dues and assessments and include these in the payoff before offering the borrowers a VASP Modification. Covius’ HOA Services identify which properties belong to an HOA, where there are delinquencies, what the fees are, payment frequency, balance owed and all available documentation. Covius removes the uncertainty so you can begin offering assistance to borrowers immediately. Servicers are required to start offering these modifications by October 1st. Will you be ready?

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