zavvie Collaborates with Luminate in This
Effort to Aid First-Time Home Buyers
BOULDER,
Colo., July 17, 2024 /PRNewswire/ -- More homes
are being purchased today with cash — nearly one in three — than at
any time in the last decade, according to the National Association
of Realtors, adding to the enormous challenges first-time buyers
face in today's market.
Continued increases in average housing prices, pending
home-buying commission changes, and a lack of affordable housing
inventory add to the hurdles. "Even if first-time buyers have the
down payment and they qualify for a mortgage, they have not been
able to compete against all-cash buyers," said Josh Mettle is Division President of NEO
Home Loans. "But over the last year, we found a way to change the
game by giving first-time buyers and others the ability to make
cash offers," he added.
Over the last 12 months, Luminate Home Loans and its NEO
Home Loan division, leaders of the modern mortgage movement with
more than 400 loan officers in offices across the country,
have teamed with zavvie, an award-winning real estate software
technology company used by thousands of loan officers nationwide,
to turn hundreds of home buyers, including first-time buyers, into
cash buyers.
Loan officers at Luminate Home Loans and NEO Home Loans can
equip qualified first-time buyer clients with pre-approved cash
offers, helping buyers "win the deal," according to company
officials at Luminate and NEO. Traditional mortgages, FHA, and
VA loans are all obtainable through this new program.
"Finally, some good news for first-time buyers," said
Jerry Kaplan, SVP of Capital Markets
at Luminate Home Loans. "By leveraging zavvie
AI-powered technology, more home buyers – including first-time
buyers – who work with us have been making a cash offer and winning
the deal," he added.
Luminate and NEO Home Loan officers have significantly increased
their deal flow and capture rate using the zavvie cash offers
program over the last 12 months.
For example, NEO Home Loan officer Katrinka Condie based in Utah, helped her client make an all-cash offer
using Luminate Power Buyer to secure the offer. The buyer had lost
multiple offers before finally winning with an all-cash offer.
"There was little to no chance she would be a homeowner today
without this cash program," said Condie. "And there is no better
feeling than helping a buyer get their offer accepted. With an
all-cash offer, we can help more people purchase the homes they
want faster than ever," she added.
The home buyer told Condie that "it gave me more confidence that
I could buy the home I wanted," instead of sitting on the sidelines
waiting for the market to change.
Luminate and NEO are serving 49 states and continuing to
expand. Home buyers from Washington
state to California,
South Dakota to Texas, and New
Hampshire to Florida, and
more have been accessing zavvie's newest technology platform, with
the ability to onboard new loan officers faster than ever.
Industry research shows that a typical buyer using a standard
home loan must make multiple offers on homes before acquiring one.
However, buyers using a cash offer program such as Luminate Power
Buyer average slightly over one offer submitted before
securing an accepted offer.
"Luminate Home Loans and NEO Home loans rapidly have become one
of the top cash offers lenders in our newest AI-powered platform by
helping solve one of the biggest challenges qualified first-time
and other traditional buyers face everywhere with their new cash
offer program," said Lane Hornung,
co-founder and CEO of zavvie. "That's why Luminate and NEO are
leading the modern mortgage movement — through innovation like this
that helps reimagine how mortgages can empower homeownership and
create generational wealth."
By leveraging AI technology, zavvie-powered cash offers can
be approved as fast as one hour. The zavvie platform is intuitive
and easy for loan offices to navigate and is accessible to more
than 7,500 loan officers in all 50 states and the District of Columbia, as well as more than
75,000 agents on its platform and more than 700,000 real estate
professionals able to access zavvie through partnership
integrations.
About Luminate Home Loans and Neo Home Loans
Luminate
Home Loans is a national mortgage lending company that has
been in business since 1998. Luminate's mission is to improve
communities and empower people to build lasting wealth through
homeownership, financial services, and education. Luminate's
headquarters are located in Minneapolis and online at goluminate.com.
NEO Home Loans, a registered DBA of Luminate Home Loans Inc., is
online at neohomeloans.com.
About zavvie
zavvie is a software technology company
whose AI-powered mortgage platform enables lenders to add liquidity
to transactions, unlocking deals and increasing loan volume. By
selling both zavvie's HomeFAI and white-labeled Cash
Advantage suite, mortgage companies are able to capture a
larger share of wallet while diversifying their revenue
streams. Loan officers nationwide leverage zavvie's
software technology to serve their clients better, giving everyone
access to an evolving real estate marketplace. Discover more at
zavvie.com.
Media contacts:
|
Kevin Hawkins |
zavvie
|
Lindsay Winterquist |
Director of Marketing
|
|
206-866-1220 |
kevin@wavgroup.com
|
612-383-2244 |
Lindsay.Winterquist@goluminate.com
|
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SOURCE zavvie