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December 2023 ยป thefivestar.com 27 December 2023 I N D U S T R Y U P D A T E benefits of a 1031 Exchange. While still subject to the same identification and exchange periods as a traditional 1031 Exchange, a Reverse 1031 Exchange with Bridge Loan allows investors to ride the wave of continuous rent collection with- out the burden of mortgage payments. Additionally, it provides investors with the breathing room to make any property improvements and to get the best price possible for their old property. NEWREZ, KELLER WILLIAMS BERGEN COUNTY PARTNERS LAUNCH NEW JOINT VENTURE LENDER N ewrez LLC unveiled the launch of a new joint venture mortgage company, Carnegie Mortgage Partners, LLC, in partnership with Keller Williams Bergen County Partners. This partnership brings homeowners in the state of New Jersey a vast network of real estate agents that can offer a mortgage product suite from Newrez and Newrez Ventures. "The joint venture value proposition is a commitment of excellence in custom- er service not only to its clients but its referring partners as well," said Margaret Bernabei, President of Carnegie Mort- gage Partners. "I am thrilled to be part of such an incredible enterprise between two partners who are experts in their industries and understand how to grow and succeed in this model." Specializing in residential purchase mortgage lending, Carnegie Mortgage Partners is headquartered in Ridgewood, New Jersey, and will focus on serving borrowers across the state. "We are excited to partner with Newrez because their vision and, more importantly, their values fit nicely with our own," said Al Donohue, Operating Principal of Keller Williams Bergen County Partners. "We feel that bringing mortgage operations in-house will allow us to provide a one-stop-shop that will provide an enhanced experience for our agents and their clients." This latest joint venture partner- ship marks another major milestone in Newrez Ventures' commitment to bringing affordable housing to borrowers nationwide, following the recent addition of Onward Home Mortgage to their Joint Venture network. "Carnegie Mortgage Partners' unwav- ering commitment to continued growth and exceeding customer expectations aligns seamlessly with the Newrez way," said Randy Vanden Houten, SVP Joint Venture & Retail Lending at Newrez. "We look forward to working with such a strong and experienced partner." JETTY EXTENDS THE POSITIVE RENT PAYMENT PILOT WITH FANNIE MAE J etty announced the extension of its work with Fannie Mae to give rent- ers more opportunities to establish or improve their credit history with Jetty Credit, a service that reports rent pay- ments to all three credit bureaus. As part of the extension and to encourage adoption of Fannie Mae's Positive Rent Payment pilot, Fannie Mae is offering more multifamily property owner-operators the opportunity to participate through December 2024 by collecting and disseminating rent pay- ment data for a 12-month period. The program, which launched in late 2022, aims to alleviate the financial challenges renters face and position them for a brighter financial future by rewarding consistent and on-time rent payments. It also strives to make rent reporting more widely available at Multifamily properties. "Jetty Credit gives renters the oppor- tunity to build and improve credit for the rent they're already paying," said Mike Rudoy, Jetty's Co-Founder and CEO. "Working with Fannie Mae to offer Jetty Credit as a part of our existing financial platform has allowed us to reach a wider audience of renters, and we're delighted to extend our partnership." Alongside the Fannie Mae pilot, Jetty will continue to offer Jetty Credit across its entire partner network, as well as the broader property ecosystem. CBC MORTGAGE AGENCY REDUCES INTEREST RATES ON DOWN PAYMENT ASSISTANCE SECOND MORTGAGES C BC Mortgage Agency (CBCMA) announced it is reducing its interest rate on repayable second mortgages used for its down payment assis- tance (DPA) program. For underserved and first-time homebuyers, the rate reduction will minimize the dual impact of signifi- cantly higher first mortgage interest rates and increased home prices to help create more homeownership opportunities. The rate reduction aligns with the company's mission to support families on their journey to homeownership. Lower- ing the cost of owning a home, especially on financing costs, can make a difference for many borrowers, especially those in low- to moderate-income communities. "We looked hard and long at how we could help solve the affordability problem in housing, which is locking many would-be homebuyers out of the market," said CBCMA President Miki Adams. "Among the measures within our control is the note rate on our portfolio seconds. By meaningfully reducing our rate, more borrowers stand a better chance at qualifying." Down payment assistance is essen- tial for many families, and CBCMA's programs offer an alternative to those who do not have access to other forms of assistance, such as gifts from relatives. "Homebuyers who are borderline eligible may find that even a small cut in their monthly housing payments is enough to shift from being renters to owners, opening the door to wealth ac- cumulation through home equity," said CBCMA's COO, Steve Stein. Ultimately, the company hopes to facilitate more homeownership opportu- nities nationwide by lowering the interest rate on second mortgages.